Taking Stock: Market extends fall; Nifty below 25,150, Sensex down 297 pts

All the sectoral indices ended in the red with pharma, consumer durables, metal, media, PSU Bank index down 1-1.5%.

Dr Reddy's Laboratories, Bajaj Finance, Bharat Electronics, TCS, Trent were among major losers on the Nifty, while gainers included Max Healthcare, Apollo Hospitals, Tech Mahindra, Wipro and ICICI Bank.

Also Read: FIIs pare stakes in Adani Group firms, offload shares worth over Rs 7,000 crore in September quarter

In stock-specific action, Landmark Cars shares jumped 9% after Q2 consolidated revenue up 30%, Just Dial shares dipped nearly 5% as Q2 profit slipped 22%, Anand Rathi Wealth share price added 7% after Q2 consolidated profit rose 31%.

Coral Laboratories shares rose 3% on capacity expansion plan, Kernex Microsystems (India) shares surged 10% on RDSO approval for Kavach System, RBL Bank share hit 52-week high on report of Emirates NBD likely to acquire more than 51% stake in the company, Highway Infrastructure slipped 3% despite LoA from NHAI of Rs 25 crore.

More than 150 stocks touched their 52-week high on the BSE, including Anand Rathi, MCX India, HBL Engineering, RBL Bank, L&T Finance, Muthoot Finance, Eternal, Bajaj Finance, among others. Click to View More

New Listing

Shares of LG Electronics India settled with 48 percent gain at Rs 1,689.40 after making bumper stock market debut with 50 percent premium over its IPO price on the National Stock Exchange (NSE), following a 54.02 times subscription to its issue between October 7-9 in the primary market.

Outlook for October 15

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty remained under the bears’ grip as call writers stayed strong at the 25,300 level in the morning, leading to a decline below 25,100. On the daily chart, a bearish engulfing pattern indicates growing pessimism among traders. Besides, a lower-bottom formation is visible on the daily timeframe.

The current setup points to short-term weakness, with immediate support placed at 25,000, while resistance is seen at 25,200–25,300.

Ajit Mishra – SVP, Research, Religare Broking

Markets opened on a positive note but failed to sustain early gains, ending marginally lower as trade-related concerns overshadowed favorable domestic cues. The Nifty slipped about 0.2%, settling at 25,145.50, after briefly retesting the 25,300 mark. Most sectors came under pressure, with metal, pharma, and realty emerging as the top losers, while select names from financials and private banks provided some support. The broader indices also faced selling pressure, with mid- and small-cap indices losing nearly a percent each.

The decline was largely driven by renewed worries over U.S.–China trade tensions and weak global cues, which offset optimism from strong IPO listings and improving IT earnings. While LG Electronics India’s stellar market debut captured investor attention, its strength couldn’t lift overall sentiment.

Technically, the Nifty is approaching its first key support at the 20-DEMA, near 25,050, with resilience in banking majors keeping hopes of a recovery alive. However, a decisive break below this support could trigger a deeper correction toward 24,800. Amid the volatility, we continue to maintain a tactical “buy on dips” approach, focusing on stocks showing relative strength or limited decline for long trade opportunities.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a narrow range bound action on Monday, Nifty slipped into weakness amidst choppy movement on Tuesday and closed the day lower by 81 points. After opening with a positive note, the market was not able to sustain the early gains and started to show weakness from the highs in the early to mid-part of the session. A recovery attempt was seen towards the end and Nifty closed the day off the lows.

A long bear candle was formed on the daily chart with minor lower shadow. Tuesday's negative candle has engulfed the small positive candle of Tuesday. This is not a good indication and signals some more consolidation or minor weakness in the short term. Daily 10 and 20 period EMA has acted as a support for the market on Tuesday. The next lower supports to be watched around 25000-24900 levels.

Disclaimer: The views and investment tips expressed by 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 decision.