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September 26, 2022 / 04:15 PM IST

Closing Bell: Nifty ends around 17,000, Sensex falls 953 pts; all sectors in red barring IT

Except Information Technology (IT) all other sectoral indices ended in the red.

  • IndexPricesChangeChange%
    Sensex62,293.6420.96 +0.03%
    Nifty 5018,512.7528.65 +0.15%
    Nifty Bank42,983.95-91.45 -0.21%
    Nifty 50 18,512.75 28.65 (0.15%)
    Fri, Nov 25, 2022
    Biggest GainerPricesChangeChange%
    HDFC Life586.6014.05 +2.45%
    Biggest LoserPricesChangeChange%
    Nestle19,529.35-206.10 -1.04%
    Best SectorPricesChangeChange%
    Nifty Midcap 10031587.70298.40 +0.95%
    Worst SectorPricesChangeChange%
    Nifty FMCG44102.60-139.20 -0.31%

  • September 26, 2022 / 04:23 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    The Nifty has been in a short term correction mode for the last couple of weeks. On September 26, it had a gap down opening on account of the global cues & had a follow through selling as well. On the way down, it breached the August swing low of 17166. The selling pressure was absorbed near the 200 DMA. 

    The index also has a support from a gap area of 16947-17018, which was formed in July on the daily chart. The index attempted an intraday bounce thereon however couldn’t have a sustainable recovery. On the higher side, 17200 is acting as a near term hurdle. On the flip side, if the Nifty breaches the gap area, then it can continue to slide till 16800.

  • September 26, 2022 / 04:17 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets slumped sharply lower and lost nearly 2%, in continuation of Friday’s decline. Weak global cues weighed the sentiment in the early trades, leading to a gap-down start, followed by volatile swings till the end. 

    Finally, the Nifty index settled closer to the day’s low to close at 17,016 levels. The selling pressure was widespread and all the sectoral indices, barring IT, ended deep in the red. The broader indices also traded in tandem with the trend and lost over 3% each.

    With no respite on the global front and a resumption of selling from foreign investors, we expect markets to remain under pressure and test the 16,800-16,900 zone in Nifty. Select pockets from FMCG, pharma and IT are showing resilience while the majority are reeling under pressure. Participants should align their positions accordingly.

  • September 26, 2022 / 04:10 PM IST

    Om Mehra, Technical Associate at Choice Broking:

    The Indian market takes another step lower, chasing the global nod. Investors remained nervous as the RBI may follow the lead of global counterparts, including the US Federal Reserve, and raise interest rates on Friday to tame stubborn inflation. The rupee fell 0.68 percent against the US dollar on Monday, reaching a new low of 81.66.

    In the short-term, markets can remain volatile following the global macroeconomic uncertainty and rising interest rates. Nifty has breached psychological 17000 levels, as 17250-17320 will now act as immediate resistance, whereas support is placed around the 16800 levels. 

  • September 26, 2022 / 04:07 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. 

    With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. 

    However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.

  • September 26, 2022 / 04:05 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services.

    The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers.

    Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations.

  • September 26, 2022 / 03:55 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Benchmark Indices closed in Red with Nifty 50 closing -1.8% down and Sensex closing -1.64% down today due to negative global macros. 

    Dollar Index above 113 and US 10Y bond yield at 3.7% may lead to some FPI outflow. Selling pressure was witnessed in all the sectors except IT sector. Nifty Metal closed -4.13% down, Nifty Realty closed -4.25% down, Nifty IT closed +0.57% up today. 

    Harsha Engineers made a strong debut as the company listed with 36% premium over the issue price and closed +47% up at 486.

    We believe investors should avoid taking riskier positions in the near term as the volatility is likely to continue for some time. 

    Investors should rather use this volatility to accumulate good quality stocks with strong growth visibility and solid fundamentals

    On the technical front immediate support and resistance in Nifty 50 are 16800 and 17400 respectively. Immediate support and resistance in Bank Nifty are 38000 and 39500 respectively.

  • September 26, 2022 / 03:53 PM IST

    Alok Jain, smallcase manager & Founder, Weekend Investing

    India has been in a relatively sweet spot despite the hawkish environment but in sympathy has to increase rates to avoid capital outflow. 

    The Reserve Bank has also sacrificed nearly 20% of the reserves in trying to defend the rupee but when the liquidity flows out of Emerging markets nothing really can stop the flow. 

    The risk now is a currency contagion with the USD strengthening on a daily basis.

  • September 26, 2022 / 03:52 PM IST

    Vineet Bagri, Managing Partner- TrustPlutus Wealth:

    It seems that Indian markets are now catching up with global markets which have been soft for a month now. The sell-off which began last Friday continues today with the mid/small cap stocks particularly taking it on the chin. With today’s fall the Nifty return CYTD 2022 has turned negative.

    The only sector holding out is the IT sector which is in the green due to the tailwind of a depreciating rupee which is at an all-time low of ~Rs.81.50

    Investors are cautious on the outlook for equity markets globally due to the increasing assertiveness of global central banks on implementing interest rate hikes to tame rising prices. Thus central banks are likely to prioritise inflation control vis a vis economic growth thus raising the risks of a global recession.

    On the positive side we have crude below ~$85/bl, but the benefit of the same gets negated partly due to the strengthening dollar. India is currently in a better position with a pickup in credit growth to ~15% and an uptick in tax collection.

    India's economy is in far better shape than others as regards growth prospects over the next 12 months. High frequency indicators too are stable. Nonetheless we could see further cuts in the Indian market over the next few days considering the hawkishness being displayed by global central banks and a weakening currency. 

    The selloff in the pound, unrelenting rise in the dollar index, weakening rupee and the impending RBI meet in the latter part of this week should keep markets on the tenterhooks. Nonetheless, we continue to believe in the relative outperformance/strength of Indian markets vs emerging/developed economies. We believe one needs to look beyond these current worries and use the bouts of volatility to invest in steady compounding stocks which are in secular businesses.

  • September 26, 2022 / 03:33 PM IST

    Rupee Close:

    Indian rupee ended at fresh record closing low at 81.62. After hitting intraday low of 81.66, it closed 63 paise lower at 81.62 per dollar against previous close of 80.99.

  • September 26, 2022 / 03:31 PM IST

    Market Close: Indian benchmark indices ended lower for the fourth consecutive session on September 26 with Nifty closing near 17,000 amid selling across the sectors barring IT.

    At Close, the Sensex was down 953.70 points or 1.64% at 57,145.22, and the Nifty was down 311 points or 1.79% at 17,016.30. About 630 shares have advanced, 2860 shares declined, and 120 shares are unchanged.

    Tata Motors, Adani Ports, Hindalco Industries, Maruti Suzuki and Eicher Motors were among the top losers on the Nifty. Gainers included HCL Technologies, Infosys, Asian Paints, Divis Labs and UltraTech Cement.

    Except Information Technology (IT) all other sectoral indices ended in the red.

    BSE Midcap and Smallcap indices shed 2-3 percent.

  • September 26, 2022 / 03:22 PM IST

    Tube Investments of India acquires Moshine Electronics

    Tube Investments of India has acquired Moshine Electronics for Rs 7.38 crore. It has bought 20,66,628 equity shares or 76% stake in Moshine, and with this, Moshine has become a subsidiary of the company.

    Tube Investments of India was quoting at Rs 2,685.15, down Rs 85.60, or 3.09 percent.

  • September 26, 2022 / 03:19 PM IST

    Forbes & Company approved Scheme of Arrangement between Company and Forbes Precision Tools and Machine Parts

    The Board of Directors of Forbes & Company at their Board Meeting held on September 26, 2022 have, approved the Scheme of Arrangement 
    between Forbes & Company Limited and Forbes Precision Tools and Machine Parts Limited and their respective shareholders.