Indian benchmark indices Sensex and Nifty look poised to snap their three-day winning streak on September 19, despite largely positive global sentiment. As of 7:10 am, GIFT Nifty was quoting around 25,471, down 43 points or 0.17 percent, pointing to a muted start for Dalal Street.
Yesterday, markets had extended their winning run for a third consecutive session, with the Nifty closing firmly above the 25,400 mark — its highest level since July 9. The upmove came after the US Federal Reserve delivered a 25-basis-point rate cut, bringing the benchmark range down to 4–4.25 percent, while also signalling two more reductions this year.
Sectoral trends were mixed, with Pharma, Healthcare, and IT leading the advance, while Media, PSU Banks, Realty, and Oil & Gas ended in the red.
Momentum in the broader market remained intact. The Nifty Midcap 100 gained 0.38 percent and the Nifty Smallcap 100 advanced 0.29 percent, stretching their winning streak to 10 straight sessions.
Flows also provided tailwinds, as Foreign Institutional Investors (FIIs) turned net buyers after recent selling bouts, clocking inflows worth Rs 411.70 crore. Domestic Institutional Investors (DIIs) added to the positive momentum with net purchases of Rs 3,344.18 crore.
Adding comfort to risk appetite, India VIX slipped below 9.88, marking one of the calmest sessions in recent months and encouraging investors to take on more risk.
Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that momentum indicators remain supportive. The Relative Strength Index (RSI 14) stood at 68.37, reflecting strong buying interest, but its closeness to the overbought zone signals the risk of a near-term pullback if demand cools.
He highlighted that the 25,450–25,500 zone remains a stiff resistance, and a clear breakout above could pave the way towards 25,600. On the downside, immediate support lies in the 25,270–25,300 range, with a breach below potentially dragging the index back to 25,100.
Meanwhile, global cues remain strong. Asian markets traded higher this morning. Japan’s Nikkei 225 rose 1.19 percent to a fresh record high for the second straight day ahead of the Bank of Japan’s rate decision, while the Topix gained 0.84 percent. Australia’s S&P/ASX 200 advanced 0.77 percent, while South Korea’s Kospi and Kosdaq opened flat.
Overnight in the US, equities closed in the green, led by smaller stocks, as the Federal Reserve signalled the start of its easing cycle. The S&P 500 gained 0.48 percent, the Nasdaq Composite jumped 0.94 percent, and the Dow Jones added 124 points.
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