Sensex slips over 200 pts, Nifty takes a breather after 3-day rally; Adani Group stocks shine

India VIX continued to hover below the 10 mark, reflecting muted volatility

Indian benchmark indices Sensex and Nifty opened on a subdued note on September 19, halting their three-day winning run amid mixed global cues. The breather comes after a strong 1.5 percent gain earlier in the week.

Around morning, the Sensex had slipped 240.08 points, or 0.29 percent, to 82,773.88, while the Nifty was lower by 54.30 points, or 0.21 percent, at 25,369.30. Market breadth was evenly balanced with 1,277 stocks advancing, 1,249 declining, and 167 unchanged.

Catch all the market action on our LIVE blog

India VIX continued to hover below the 10 mark, reflecting muted volatility and measured optimism, as traders refrained from aggressive hedging despite intraday swings. Broader markets traded mixed, with the Nifty Midcap 100 managing slim gains while the Nifty Smallcap 100 slipped into negative territory.

Auto, banking, and IT counters came under pressure, whereas PSU banks, realty, and oil & gas stocks attracted fresh buying.

Adani Group stocks, however, were the morning’s highlight. Shares of Adani Enterprises, Adani Power, Adani Green Energy, and Adani Total Gas surged up to 10 percent after SEBI cleared the conglomerate and Gautam Adani of stock manipulation allegations raised by Hindenburg Research.

Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, said that as long as the Nifty holds above the 25,200–25,300 support zone, buyers are likely to stay active. On the upside, a breakout above 25,500 could open the path towards 26,000. While minor profit-taking may emerge at elevated levels, the broader setup still favours a buy-on-dips approach, he added.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the market construct remains conducive for an uptrend as short covering is underway and could intensify. He added that optimism is also supported by reports of a potential US-India trade deal involving removal of penal tariffs and lower reciprocal duties. Against this backdrop, foreign institutional investors have pared their selling and even turned marginal buyers, reinforcing resilience in the market.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.