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Sensex and Nifty closed in the red on Friday, taking a breather after hitting seven consecutive sessions of fresh record highs, dragged down by heavyweight financial stocks and investors’ profit-booking. The indices rose for third straight week. The BSE Sensex declined 264 points or 0.31%, settling at 85,571. The broader NSE Nifty dropped 37 points or 0.14%, ending at 26,178.

Bharat Petroleum Corporation (BPCL) soared approximately 7%, reaching a new all-time high of Rs 370.50 on the BSE and the NSE, amid strong trading volumes in the stock. Throughout the day, nearly 3 crore shares exchanged hands on both the exchanges combined and the company’s total market capitalisation stands at Rs 1.6 lakh crore.

Manas Agrawal of Bernstein Societe Generale Group, says the last three days have been very volatile for PB Fintech. So, clarity on offline expansion front will be helpful. Bernstein has written a note where it talks about the key questions for the management. Essentially, what is the business plan? It is good for the consumer and probably good for hospitals and insurers and therefore good for Policybazaar, but then at what cost does all of this come up, that is the key question at this point in time in my mind. ET Now: Just going by the fact that the offline healthcare foray is something that PB Fintech has been looking at for the past many years in terms of this new foray, how are you looking at this backward integration with hospitals as to what it could potentially mean? Manas Agrawal: Media broke the story, and the company has not denied it. Yashish has spoken about it in the previous concalls as well. So, it seems like they want to do this. Now, how they go about doing this is the question, is it going to be capital intensive or it will be a partnership of sorts, it seems like that is the big question that is weighing on the stock because people bought into the story for PB Fintech for its strong growth, its capital light business model.

Varun Beverages Ltd. traded 1.72 per cent lower in Friday's session at 01:53PM (IST). The stock opened at Rs 623.85 and has touched an intraday high and low of Rs 625.95 and Rs 614.85, respectively, during the session so far. The stock quoted a 52-week high of Rs 682.84 and a 52-week low of 331.28. About 87,288 shares changed hands on the counter so far.

US Fed has finally cut its interest by 50 bps. Our analysis showcases that since the turn of the century the US has witnessed 3 instances of a pivot of 50 bps rate cut, which were driven by the need to reduce a recession. Excluding COVID, US markets corrected as much 24% to 28% one year post the first cut. Indian markets too followed suit, correcting 15% to 30% during these two instances. However, this time US GDP is still growing at around 2% and fears of recession are lower. Theoretically, falling interest rates in the longer run should revive demand, increase capex and lower cost of capital and increase valuations and earnings of markets, especially if the economy is growing. India in our eyes falls under this basket of “growing economies with stable corporate earnings drivers”. Surge in domestic liquidity led to belief the equities could delink from the world and US markets at least shunting any significant falls.

HDFC Asset Management Company Ltd. fell 1.35 per cent to Rs 4461.6 in Friday's session as of 01:59PM (IST) even as the equity benchmark Sensex traded 138.76 points lower at 85697.36. Earlier in the day, the stock witnessed a gap down start to the session. The stock quoted a 52-week high price of Rs 4544.5 and a 52-week low of Rs 2565.0 on NSE. Around 3073 shares changed hands on the counter till 01:59PM (IST).

Zomato Ltd. fell 0.95 per cent to Rs 281.15 in Friday's trade as of 01:13PM (IST) even as the benchmark Nifty ruled at 26182.6, down 33.46 points. The scrip had closed at Rs 283.85 in the previous session. The stock quoted a 52-week low of Rs 98.55 and a high of Rs 298.2. The company quoted a market-cap of Rs 248744.45 crore on the BSE.

<a rel=«dofollow» href=«https://economictimes.indiatimes.com/divi» s-laboratories-ltd. data-ga-onclick=«Inarticle articleshow link click#Markets#href» target="_blank">Divi's Laboratories Ltd. slipped 0.14 per cent to Rs 5371.15 in Friday's trade as of 01:08PM (IST). The stock hit a high price of Rs 5400.3 and low of Rs 5315.8 during the session.

KRN Heat Exchanger was subscribed 93 times so far on Day 3, driven by a massive demand from the non-institutional investors. As of 12:30 pm, the issue was subscribed by a whopping 256 times by the NIIs while the retail category had subscribed the issue by 73.6 times. Meanwhile, the portion reserved for the qualified institutional buyers (QIBs) was subscribed 8.26 times.

Info Edge (India) Ltd. gained 1.81 per cent to Rs 8085.95 in Friday's trade as of 10:10AM (IST). It hit a high of Rs 8155.6 and low of Rs 8013.1 during the session. The stock quoted a 52-week high price of Rs 8259.95 and a low of Rs 3973.15. The return on equity for the stock stood at 1.91 per cent. About 1,613 shares have changed hands on the counter so far.

Magadh Sugar & Energy Ltd.(up 6.26%), KM Sugar Mills Ltd.(up 5.80%), Avadh Sugar & Energy Ltd.(up 5.73%), Bajaj Hindusthan Sugar Ltd.(up 5.60%), Balrampur Chini Mills Ltd.(up 5.32%), Mawana Sugars Ltd.(up 5.15%), Shree Renuka Sugars Ltd.(up 4.99%), Dalmia Bharat Sugar and Industries Ltd.(up 4.60%), Simbhaoli Sugars Ltd.(up 4.50%) and KCP Sugar & Industries Corporation Ltd.(up 4.44%) were among the top gainers.

MOIL Ltd.(up 1.61%), NMDC Ltd.(up 1.45%), Coal India Ltd.(up 1.02%), Ashapura Minechem Ltd.(up 0.95%), Aro Granite Industries Ltd.(up 0.86%), KIOCL Ltd.(up 0.83%), Madhav Marbles & Granites Ltd.(up 0.79%), Sandur Manganese & Iron Ores Ltd.(up 0.45%), The Orissa Minerals Development Company Ltd.(up 0.33%) and Lexus Granito(India)Ltd.(up 0.20%) were among the top gainers.

Rahul Jain, Vice President, Dolat Capital, says would prefer to look at the earning commentary that Indian IT companies would provide over the next couple of weeks as they deliver their Q2 results and that would make a better sense rather than reading too much into Accenture commentary. From a purely business point of view, things are definitely better than what it was 12 months ago. Accenture in many ways is tracked very closely in India to try and get a sense of where the IT sector is headed. What do these earnings tell you about the overall sector? Rahul Jain: The guidance itself is a very wide number and when you get this kind of a guidance, you always feel like at the lower end it is a bad number, at top and it is a respectful number. These kinds of numbers are always very difficult to take a clear bet on. The wide band with such a lower number will make you think that the company itself is very indecisive about it. So, it does not add to any comfort or discomfort as such. We would rather look at the earning commentary that an Indian IT company would provide over the next couple of weeks as they deliver their Q2 results and that would make a better sense to us, I guess, rather than reading too much into this one.

Vedanta Ltd. rose 2.55 per cent to Rs 514.65 in Friday's trade. It hit an intraday high of Rs 515.85 and low of Rs 506.05, respectively, during the day. The stock quoted a 52-week high price of Rs 515.85 and low of Rs 207.85.

Reliance Power shares hit the 5% upper circuit and a new 52-week high at Rs 46.36 once again today, marking a 46.6% rise over the last 8 consecutive trading sessions. The smallcap stock has been on a continuous upward trend during this period. The recent rally followed the company’s board approving the issuance of up to 46.2 crore equity shares and/or warrants worth Rs 1,525 crore through a preferential allotment on Monday.

SME IPO of HVAX Technologies will open for subscription today and close on October 1. The company aims to raise Rs 34 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.

dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while China's spree of stimulus measures kept risk-sensitive currencies aloft. Data on Thursday suggested the U.S. labour market remained fairly healthy, while other reports showed corporate profits increased at a more robust pace than initially thought in the second quarter, highlighting an upbeat economic outlook.

SD Retail will debut on the NSE SME platform on Friday. Ahead of the listing, the company's shares are trading with a GMP of Rs 20 in the grey market. This indicates a likely listing premium of 15%, compared with an issue price of Rs 131 at the upper end.

BikeWo GreenTech will debut on the NSE SME platform on Friday. Ahead of the listing, the company's shares are trading with a GMP of Rs 7 in the grey market. This indicates a likely listing premium of 11%, compared with an issue price of Rs 69 at the upper end.

Phoenix Overseas will debut on the NSE SME platform on Friday. Ahead of the listing, the company's shares are trading with a GMP of Rs 15 in the grey market. This indicates a likely listing premium of 23%, compared with an issue price of Rs 64 at the upper end.

«There is some softening globally, but India is performing very well on the macros. The balance sheets are very clean for corporates. Banks have the ability to lend,» says Ajay Bagga, Market Expert. What do you make of the momentum of the market, there is no stopping it at all? Ajay Bagga: Yes, flows are very strong and we see that domestic flows are absorbing. Even the little FII selling that is still coming through, we are seeing that absorption happening.