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Sep 22, 2020 03:42 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex declines 300 points, Nifty settles near 11,150; mid & smallcaps underperform

Among the sectoral indices, BSE IT and Teck ended in the green, bucking the trend. On the flip side, Realty, Oil & Gas, Capital Goods and Industrials lost 2 percent.

  • September 22, 2020 04:04 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services

    Indian indices witnessed another day of volatility, with indices losing ground in the latter half of the trading day, as the broader markets also underperformed. 

    Global cues were also mixed with Asian markets in the red, while European markets have opened in the green. 

    Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe. 

    This uncertainty hit the Indian markets also, which have been driven by liquidity and the expectation that the economy and earnings would be back on track soon. 

    Markets seem to be consolidating and taking stock of the situation. Investors are advised to stay cautious.

  • September 22, 2020 03:47 PM IST

    Closing Bell

  • September 22, 2020 03:41 PM IST

    Market closing: Sensex closed 300 points, or 0.79 percent, lower at 37,734.08 while Nifty ended at 11,153.65 with a loss of 97 points or 0.86 percent.

    BSE Midcap and Smallcap indices closed 1.70 percent and 1.61 percent lower, respectively.

     Market closing:  Sensex closed 300 points, or 0.79 percent, lower at 37,734.08 while Nifty ended at 11,153.65 with a loss of 97 points or 0.86 percent. 

 BSE Midcap and Smallcap indices closed 1.70 percent and 1.61 percent lower, respectively.
  • September 22, 2020 03:15 PM IST

    NSE & SGX progress on NSE IFSC-SGX Connect

  • September 22, 2020 03:12 PM IST

    Sensex gainers & losers

     Sensex gainers & losers
  • September 22, 2020 03:01 PM IST

    Lupin gets USFDA approval for  Divalproex tablets

    Pharma major Lupin Limited today announced the launch of Divalproex Sodium Extended-Release (ER) Tablets USP, 250 mg and 500 mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier. 

    The product will be manufactured at Lupin’s Nagpur facility in India, the company said in a regulatory filing.

    As per Lupin, Divalproex Sodium ER Tablets USP, 250 mg and 500 mg, is the generic equivalent of Depakote® ExtendedRelease (ER) Tablets, 250 mg and 500 mg, of AbbVie Inc., indicated for: 

    1. Acute treatment of manic or mixed episodes associated with bipolar disorder, with or without psychotic features.

    2. Monotherapy and adjunctive therapy of complex partial seizures and simple and complex absence seizures; adjunctive therapy in patients with multiple seizure types that include absence seizures.

    3. Prophylaxis of migraine headaches.

  • September 22, 2020 02:52 PM IST

    Market update: Equity benchmarks remain in the red with bank and financials as top drags as investors' risk appetite is hit by concerns over rising COVID-19 cases. 

    Sensex was 0.84 percent down at 37,713.73 while Nifty was 0.91 percent down at 11,147.85 at 14:50 hours. BSE Midcap and Smallcap indices were 1.68 percent and 1.79 percent down, respectively, at that time. 

  • September 22, 2020 02:42 PM IST

    Shrikant Chouhan, Executive Vice President- Equity Technical Research at Kotak Securities

    Concerns over the rising pandemic across the globe continued to weigh down the Indian market that witnessed a vertical fall on Tuesday. 

    The Nifty50 index broke all the important support levels and hit a low of 11,084.65 in intraday trade.  

    On Monday, the Nifty50 index closed below the support of 50-days SMA at 11,250.55, while today it is acting as resistance.  

    The benchmark index failed to surpass the same. Our market is in consolidation mode and needs to correct a minimum of up to 11,000 or 10,900 levels. 

    On a weekly basis, Fibonacci support zone is between 10,950 and 10,850 levels. 

    Some index heavyweights such as HUL, HDFC twins, Bajaj twins and Reliance Industries are holding on and are sustaining above support levels; any correction in these heavyweights could trigger further weakness in the market.  

    We feel the ongoing correction is an opportunity to accumulate strong companies with a medium-term view.  

    The strategy should be to reduce weak long positions if Nifty bounces to 11,300/11,350. On the other side, buying is advisable if Nifty corrects to sub 11,000 levels. 

    We are specifically bullish of pharmaceuticals, technology and auto stocks with a medium-term view.

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