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September 23, 2022 / 04:40 PM IST

Closing Bell: Nifty ends below 17,400, Sensex falls 1,020 pts; power, realty, banks worst hit

All the sectoral indices ended in the red with capital goods, power, realty, bank down 2-3% each.

  • IndexPricesChangeChange%
    Sensex57,426.921,016.96 +1.80%
    Nifty 5017,094.35276.25 +1.64%
    Nifty Bank38,631.95984.20 +2.61%
    Nifty 50 17,094.35 276.25 (1.64%)
    Fri, Sep 30, 2022
    Biggest GainerPricesChangeChange%
    Hindalco390.5519.35 +5.21%
    Biggest LoserPricesChangeChange%
    Asian Paints3,342.45-42.35 -1.25%
    Best SectorPricesChangeChange%
    Nifty PSU Bank2995.0087.65 +3.01%
    Worst SectorPricesChangeChange%
    Nifty FMCG44405.6549.40 +0.11%

  • September 23, 2022 / 04:34 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities

    Nifty has fallen sharply after an indecisive candle on the daily chart. The sharp fall has led the index below the crucial short-term moving average. 

    The momentum oscillator on the daily timeframe is in a bearish crossover. The trend looks negative, which may take the Nifty towards 17000 over the short term. On the higher end, it has resistance at 17500.

  • September 23, 2022 / 04:27 PM IST

    Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities:

    With the latest round of interest rate tinkering by the US central bank, investors have turned risk averse and are dumping shares at will. Traders are also worried about the escalation in Russia-Ukraine conflict, which is prompting them to exit equities and park funds in safe haven dollar assets. 

    Technically, the Nifty has formed a lower top formation on daily charts and long bearish candle on daily charts which is broadly negative. 

    For positional traders 17500-17600 levels could act as a crucial resistance zone. On the flip side, the 50-day SMA or 17250 would be the important support level. If the index closes below the 50-day SMA, it could retest the level of 17150 and could retreat further till the 200-day SMA or 17000.

  • September 23, 2022 / 04:24 PM IST

    Ajit Mishra, VP - Research, Religare Broking

    Markets plunged sharply lower and lost over one and a half percent, pressurised by weak global cues. The Nifty index remained under pressure from the beginning and finally settled around the day’s low to close at 17,327.35 levels. 

    The selling pressure was widespread wherein banking, energy and realty were among the top losers. In line with the move, the broader indices too ended deep in red and lost over 2% each.

    Markets are finally witnessing pressure after showing resilience for quite some time and indications are pointing towards further decline. The Nifty index has the next crucial support at the 17,100 zone. Since most sectors are trading in tandem with the benchmark, it’s prudent to maintain short positions also. Investors, on the other hand, should utilise this phase to accumulate quality stocks in a staggered manner. 

  • September 23, 2022 / 04:22 PM IST

    Santosh Meena, Head of Research, Swastika Investmart:

    Indian equity markets witnessed a sharp fall on weekend due to weak global cues. We were outperforming but the level of 112 in the dollar index and the level of 82 in USDINR spooked the market sentiments. FIIs have started selling again in the Indian equity market therefore we are seeing selling pressure in large-cap stocks. Global markets are nervous after the 75 basis rate hike and hawkish commentary by the US Fed. 

    Technically, Nifty witnessed closing below 50-DMA with a breakdown of a bearish head and shoulder formation that may lead to further weakness. On the downside, 17150 is an immediate support level while 200-DMA of 17000 is a sacrosanct support level. On the upside, 20-DMA of 17700 is a critical hurdle. We are heading into expiry week on a weaker note as the Nifty slipped below the put base of 17500 where 17000 is the next base. 

    The leader of the rally, Bank Nifty witnessed the breakdown of upsloping channel formation with a closing below 20-DMA. On the downside, 38750 will be the next important support level while 40250 will be the critical hurdle on the upside

  • September 23, 2022 / 04:06 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Indian benchmark indices made a gap down opening and closed in red for the third consecutive session. Nifty50 closed at 17327.30 (-1.72%) and Sensex closed at 58098.92 (-1.73%). Among sectors Selling was visible in Banks, Financials, Capital goods, Reality whereas Nifty pharma closed in green. 

    Indian markets are reacting to the rate hikes by various central banks which led the dollar index to 112 levels and USD INR touched record low of 81.2.

    On the technical front, the key resistance levels for Nifty50 are 17500 and on the downside 17150 can act as strong support. Key resistance and support levels for Bank Nifty are 40000 and 39000 respectively.

  • September 23, 2022 / 04:04 PM IST

    Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:

    Negative global cues and FIIs turning heavy sellers, impacted investor’s sentiments on the last day of the week. US Fed’s aggressive stance has increased recessionary fears on global front and created nervousness on domestic markets as well. 

    Nifty was showing signs of weakness from its opening and broke its crucial support of 17,400 levels. India VIX rose sharply by 9.2% to 20.5 levels, indicating that volatility may remain high going forward. 

    India would continue to take cues from global front as well as upcoming RBI meeting which is also expected to hike interest rates in line with US Federal Reserve.  

    Nifty opened gap down and witnessed another day of intense selling to close near day’s low. All sectorial indices, including broader market under performed with Realty, PSU Bank down by more than 3%.

  • September 23, 2022 / 03:52 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. 

    With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. 

    The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles.

  • September 23, 2022 / 03:48 PM IST

    Divam Sharma, smallcase manager & Co founder, Green Portfolio:

    The monetary policy will continue to diverge for the RBI. Inflation prints in the US and EU are running at 400% above their target, whereas in India the divergence is only 16% above our upper band. RBI will give relatively more priority to upholding economic growth instead of solely focusing on the price levels because the RBI can afford to. We expect a 40-50bps increase in the policy rates in the coming meeting.

  • September 23, 2022 / 03:32 PM IST

    Rupee Close:

    Indian rupee closed 13 paise lower at 80.99 per dollar on Friday against previous close of 80.86

  • September 23, 2022 / 03:30 PM IST

    Market Close: Benchmark indices ended in the red for the third straight session on September 23 amid selling across the sectors.

    At Close, the Sensex was down 1,020.80 points or 1.73% at 58,098.92, and the Nifty was down 302.50 points or 1.72% at 17,327.30. About 959 shares have advanced, 2417 shares declined, and 106 shares are unchanged.

    Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports and SBI were among the top losers on the Nifty.

    However, gainers included Divis Laboratories, Sun Pharma, Tata Steel, Cipla and ITC.

    All the sectoral indices ended in the red with capital goods, power, realty, bank down 2-3% each.

    BSE Midcap and Smallcap indices shed 2 percent each.

  • September 23, 2022 / 03:25 PM IST

    Zydus Lifesciences to pick 11.86% stake in AMP Energy Green Nine

    Zydus Lifesciences has entered into share purchase, subscription and shareholder’s agreement (SPSSA) to acquire upto 11.86% stake in AMP Energy Green Nine. With this, it will set up captive wind solar hybrid power project in Gujarat. 

    Zydus Lifesciences was quoting at Rs 356.70, down Rs 6.25, or 1.72 percent.

  • September 23, 2022 / 03:20 PM IST

    Goldman Sachs View On One 97 Communications (Paytm) 

    Research firm Goldman Sachs has kept buy rating on the stock with a target at Rs 1,100 per share.

    Goldman Sachs have steadily raised FY24 revenues estimate by 13% and expect elevated growth in high margin segments to lead to faster profitability.

    It recognise that lock-in expiry in November 2022 may represent an overhang on stock and expect Paytm to deliver 50% revenue growth for next few quarters.

    Broking house expect company to continue its transition from payments-only business to fin services portfolio, reported CNBC-TV18.

    One 97 Communications (Paytm) was quoting at Rs 693.35, up Rs 8.75, or 1.28 percent.

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