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What is the story about?
The equity benchmark indices BSE Sensex and NSE Nifty closed in the red on Wednesday (August 12) after recovering sharply from the day's lows. The BSE Sensex fell 188 points to 77,967, while the Nifty50 declined 36 points to 24,436.
The Nifty Bank gained 440 points to 57,886, closing at the day's high, while the Nifty Midcap index rose 180 points to 64,024. The Midcap Index ended lower but continued to outperform the benchmark indices.
What drove the market recovery?
Financial stocks led the recovery during the session, with the Nifty Bank ending at the day's high. Public sector banks continued to see buying, with Punjab National Bank (PNB) and Union Bank rising up to 4%.
ALSO READ | Dr Agarwal Healthcare shares worth ₹2,065 crore change hands in block deal; Stock falls 6%
Telecom stocks also moved higher following reports related to selective tariff hikes by Bharti Airtel, with Vodafone Idea gaining 3%.
Which stocks fell today?
Tata group stocks came under pressure after N Chandrasekaran sought no reappointment after his term ends. Tata Consultancy Services (TCS), Tata Steel, Tata Motors Passenger Vehicles and Tata Consumer Products were among the top Nifty losers.
Hospital stocks declined following reports related to capping of charges, with Max Healthcare Institute and Fortis Healthcare falling 3-5%. PI Industries dropped 9% following its weak first-quarter earnings and cautious outlook.
Which stocks gained?
Hindalco Industries and National Aluminium Company (NALCO) gained 3-8% after Norsk Hydro cut alumina output. Multi Commodity Exchange of India (MCX) rose 3% after the Securities and Exchange Board of India's paper on foreign portfolio investors in commodity derivatives.
ALSO READ | Hi-Tech Pipes shares fall 7% after Q1 profit slips; revenue jumps 79%
Bosch extended its gaining streak and rose another 3% following positive commentary. Life Insurance Corporation of India (LIC) gained another 3%, building on Monday's gains.
Market breadth remained in favour of declines, with the advance-decline ratio at 3:4. Overall, the benchmarks ended lower, but the recovery from the day's lows and strength in financial stocks helped limit the decline, with the Nifty holding above the 24,400 mark.
From the Sensex basket, Hindalco Industries Ltd, Hindustan Aeronautics Ltd, State Bank of India, Jio Financial Services Ltd, Kotak Mahindra Bank Ltd and Nestle India Ltd were the major gainers.
ALSO READ | Skipper sticks to FY27 growth guidance despite weak June quarter
Tata Consultancy Services Ltd, Max Healthcare Institute Ltd, Tata Consumer Products Ltd, Apollo Hospitals Enterprise Ltd, Tata Motors Passenger Vehicles Ltd and Tata Steel Ltd were the biggest laggards.
Pankaj Tibrewal, Founder and CIO, IKIGAI Asset Manager, on the Tata Group, said, "N Chandra has been a leader whom I have admired and have great respect for him as a leader. I think Chandra, for me, as a person who is also trying to build an institution, always represented a rare combination of humility, execution and ambition.
And whenever I have met him, the way he has approached life and the humility part is something which has always stayed with me. And don't forget, leadership at scale is never easy. You are not only managing businesses; you are managing and balancing legacy, stakeholders, capital allocation, culture and expectations attached to an institution like Tata.
ALSO READ | Tenneco Clean Air India shares fall 5% as ₹1,699 crore block deal changes hands
So, obviously, it does come as a big surprise from an investor lens; I would speak about, and obviously, our sense is that I won't speculate on the boardroom matters. But my enduring takeaway is that institutions are always bigger than individuals, but an exceptional individual like Chandra always leaves a legacy behind. And I'm sure, from where he took over to where he's leaving, I think the organisation's strength is far higher.
And always, great leadership, I have always learned, is not only occupying the chair forever; it's always something which you leave behind when you are vacating that chair. And I think he has left a very, very strong legacy, a legacy in the form of capital allocation, thinking beyond what is in front of you, and the way when we meet Tata Group companies, it comes across as very, very good."
The Nifty Bank gained 440 points to 57,886, closing at the day's high, while the Nifty Midcap index rose 180 points to 64,024. The Midcap Index ended lower but continued to outperform the benchmark indices.
What drove the market recovery?
Financial stocks led the recovery during the session, with the Nifty Bank ending at the day's high. Public sector banks continued to see buying, with Punjab National Bank (PNB) and Union Bank rising up to 4%.
ALSO READ | Dr Agarwal Healthcare shares worth ₹2,065 crore change hands in block deal; Stock falls 6%
Telecom stocks also moved higher following reports related to selective tariff hikes by Bharti Airtel, with Vodafone Idea gaining 3%.
Which stocks fell today?
Tata group stocks came under pressure after N Chandrasekaran sought no reappointment after his term ends. Tata Consultancy Services (TCS), Tata Steel, Tata Motors Passenger Vehicles and Tata Consumer Products were among the top Nifty losers.
Hospital stocks declined following reports related to capping of charges, with Max Healthcare Institute and Fortis Healthcare falling 3-5%. PI Industries dropped 9% following its weak first-quarter earnings and cautious outlook.
Which stocks gained?
Hindalco Industries and National Aluminium Company (NALCO) gained 3-8% after Norsk Hydro cut alumina output. Multi Commodity Exchange of India (MCX) rose 3% after the Securities and Exchange Board of India's paper on foreign portfolio investors in commodity derivatives.
ALSO READ | Hi-Tech Pipes shares fall 7% after Q1 profit slips; revenue jumps 79%
Bosch extended its gaining streak and rose another 3% following positive commentary. Life Insurance Corporation of India (LIC) gained another 3%, building on Monday's gains.
Market breadth remained in favour of declines, with the advance-decline ratio at 3:4. Overall, the benchmarks ended lower, but the recovery from the day's lows and strength in financial stocks helped limit the decline, with the Nifty holding above the 24,400 mark.
From the Sensex basket, Hindalco Industries Ltd, Hindustan Aeronautics Ltd, State Bank of India, Jio Financial Services Ltd, Kotak Mahindra Bank Ltd and Nestle India Ltd were the major gainers.
ALSO READ | Skipper sticks to FY27 growth guidance despite weak June quarter
Tata Consultancy Services Ltd, Max Healthcare Institute Ltd, Tata Consumer Products Ltd, Apollo Hospitals Enterprise Ltd, Tata Motors Passenger Vehicles Ltd and Tata Steel Ltd were the biggest laggards.
Pankaj Tibrewal, Founder and CIO, IKIGAI Asset Manager, on the Tata Group, said, "N Chandra has been a leader whom I have admired and have great respect for him as a leader. I think Chandra, for me, as a person who is also trying to build an institution, always represented a rare combination of humility, execution and ambition.
And whenever I have met him, the way he has approached life and the humility part is something which has always stayed with me. And don't forget, leadership at scale is never easy. You are not only managing businesses; you are managing and balancing legacy, stakeholders, capital allocation, culture and expectations attached to an institution like Tata.
ALSO READ | Tenneco Clean Air India shares fall 5% as ₹1,699 crore block deal changes hands
So, obviously, it does come as a big surprise from an investor lens; I would speak about, and obviously, our sense is that I won't speculate on the boardroom matters. But my enduring takeaway is that institutions are always bigger than individuals, but an exceptional individual like Chandra always leaves a legacy behind. And I'm sure, from where he took over to where he's leaving, I think the organisation's strength is far higher.
And always, great leadership, I have always learned, is not only occupying the chair forever; it's always something which you leave behind when you are vacating that chair. And I think he has left a very, very strong legacy, a legacy in the form of capital allocation, thinking beyond what is in front of you, and the way when we meet Tata Group companies, it comes across as very, very good."
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