Closing Bell: Nifty below 26,200, Sensex down 264 pts; bank, realty major drag

Market Close | Sensex, Nifty end lower

Indian benchmark indices ended lower on September 27 with Nifty around 26,150. At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty took a breather after a few days of continuous gains. The sentiment remains strong as the index continues to stay above important moving averages. This strength is likely to persist as long as it remains above 25,900.

On the higher end, a fresh round of rally may begin above 26,300. If the Nifty moves above 26,300, it could potentially rise towards 26,600.

Amol Athawale, VP-Technical Research, Kotak Securities:

In the last week, the benchmark indices continued positive momentum, the Nifty ends 1.5 percent higher while the Sensex was up by 1030 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but Metal and Auto indices outperformed. Metal index rallied 7 percent and Auto index was up by 4.5 percent. During the week, after a positive consolidation market successfully cleared 26000/85000 resistance mark and post breakout positive momentum intensified.

Technically, a bullish candle on weekly charts and uptrend continuation formation on daily and intraday charts indicating further uptrend from the current levels. We are of the view that, the current market texture is bullish but buying on dips and sell on rallies would be the ideal strategy for the short-term traders. For the traders now, 26100/85300 and 26000/85000 would act as a key support zones while 26400-26500/85900-86300 would act as a crucial resistance areas for the bulls. However, below 26000/85000 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

For Bank Nifty the medium term texture is bullish but due to temporary overbought conditions, we could see range bound activity in the near future. For traders now, 53500 and 53100 would be the key support zones while 54500-54800 could be the profit booking areas for the bulls. However, below 53100 uptrend would be vulnerable.

Vinod Nair, Head of Research, Geojit Financial Services

Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels. The Chinese market saw sharp gains amidst mixed Asian sentiments, given economic stimulus and attractive valuation. Metals stocks saw a resurgence, while the Pharma and IT sectors saw an uptick on account of weakness in INR. Meanwhile, investors are looking forward to the Q2 earnings report, anticipating improvement in earnings outlook.

Shrikant Chouhan, Head of Equity Research, Kotak Securities

Equity markets were in a uptrend this week with all the major indices posting gains. The Nifty-50 and the Sensex-30 index moved more than 1% this week, as Asian markets rallied on the back of broad economic support undertaken by China. BSE Midcap and BSE Smallcap indices were also higher, but underperformed the larger index. On a sectoral basis, most of the indices saw healthy gains with BSE Metals, BSE Oil & Gas and BSE Auto being the major outperformers.

Crude oil price remained under pressure with Brent crude hovering closer to $70 per barrel mark. China’s equity market saw a sharp rally this week amid China’s central bank announcing measures to stimulate their economy. In the US, the market participant will now focus on the core personal consumption expenditures price index data.

Prashanth Tapse, Senior VP (Research), Mehta Equities

After benchmark indices scaled fresh all-time highs in initial trades, investors turned cautious ahead of the key US inflation data and resorted to profit taking in banking, realty and power stocks which saw markets snap 2-day gains. Weak Asian market cues too weighed on the sentiment. However, as the market undertone has been bullish amid robust fund flows, gains in metals, oil & gas and auto shares helped indices erase some of its losses to close off their lows.

Market This Week

#1 Market ends higher for 3rd straight week, frontline indices up over 1% each

#2 Broader markets undeform Sensex & Nifty, Midcap Index & Nifty Bank see minor gains

#3 All sectoral indices end with gains, metal index rise 7 percent, Nifty auto up 5 percent

Currency Check | Rupee closes lower at 83.70

Indian rupee ended lower at 83.70 per dollar on Friday versus Thursday's close of 83.64.

Market Close | Nifty below 26,200, Sensex down 264 pts; bank, realty major drag

Indian benchmark indices ended lower on September 27 with Nifty below 26,200.

At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179. About 1900 shares advanced, 1878 shares declined, and 111 shares unchanged.

Power Grid Corp, Bharti Airtel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank were among the top losers on the Nifty, while gainers were BPCL, Cipla, Sun Pharma, Coal India and Reliance Industries.

Mixed trend saw on the sectoral front with auto, metal, IT, pharma, oil & gas up 0.3-2.5 percent, while realty, power, bank, media, FMCG, telecom indices down 0.3-1 percent.

BSE Midcap and Smallcap indices ended on flat note.

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