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Taking Stock: Market breaks 4-day losing streak; ends with mild gains

On the sectoral front, realty index rose 1.5 percent and bank index was up 0.3 percent, while Information Technology index fell 0.7 percent and capital goods index was down 0.3 percent

September 25, 2023 / 16:10 IST
Gainers & Losers

The Indian benchmark indices broke a four-day losing streak to end on a flat note in a highly volatile session on September 25.

At close, the Sensex was up 14.54 points or 0.02 percent at 66,023.69, and the Nifty was up 0.30 points at 19,674.55.

On the back of mixed global cues, the market started on a negative note and remained in the red. However, afternoon session showed recovery as the Nifty50 went near to 19,750 but last-hour selling erased all the gains to close on a flat note.

Bajaj Finance, Tata Consumer Products, Apollo Hospitals, Bajaj Finserv and Coal India were among the top gainers on the Nifty, while losers included Hindalco Industries, SBI Life Insurance, Hero MotoCorp, Infosys and Dr Reddy's Laboratories.

On the sectoral front, realty index rose 1.5 percent and bank index was up 0.3 percent, while Information Technology index fell 0.7 percent and capital goods index was down 0.3 percent.

The BSE midcap index rose 0.40 percent, while the Smallcap index ended on a flat note.

A long build-up was seen in Multi Commodity Exchange of India, Balrampur Chini Mills and The Ramco Cements, while a short build-up was seen in SBI Life Insurance Company, Glenmark Pharma and ICICI Lombard General Insurance Company.

Among individual stocks, a volume spike of more than 2,000 percent was seen in Zee Entertainment Enterprises, BHEL and Balrampur Chini Mills.

IndexPricesChangeChange%
Sensex85,632.68446.21 +0.52%
Nifty 5026,192.15139.50 +0.54%
Nifty Bank59,347.70131.65 +0.22%
Nifty 50 26,192.15 139.50 (0.54%)
Thu, Nov 20, 2025
Biggest GainerPricesChangeChange%
Eicher Motors7,125.50229.00 +3.32%
Biggest LoserPricesChangeChange%
Asian Paints2,859.80-33.90 -1.17%
Best SectorPricesChangeChange%
Nifty Infra9692.3054.90 +0.57%
Worst SectorPricesChangeChange%
Nifty PSU Bank8500.35-76.05 -0.89%

Wonderla Holidays, Union Bank Of India, South Indian Bank, Balkrishna Industries, Lokesh Machines, Jyoti, Maruti Suzuki India, Tata Consumer Products, JK Tyre & Industries, Bajaj Healthcare, Multi Commodity Exchange Of India, among others, touched their 52-week high on the BSE.

Click to View Full List

Outlook for September 26

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty opened on a flat note and witnessed a volatile day to trade. Nifty witnessed wild swings in both directions ultimately closed absolutely flat and thus forming a doji pattern on the daily charts. Doji pattern indicates indecision among market participants regarding the direction. It is trading right in the support zone 19600 – 19650 and considering the sharp decline in the past few trading sessions a pullback appears highly probable.

On the hourly momentum indicator we can observe a positive divergence and also a positive crossover which also suggests that a pullback is likely. The pullback can be till 19820 – 19880 where key hourly moving averages and the gap area formed on 21st September is placed. In terms of levels, 19600 – 19620 is the crucial support zone while 19820 – 19880 shall act as an immediate hurdle zone.

Bank Nifty has witnessed a pullback from the 78.6% fiboancci retracement level (44400) and also closed with decent gains. We expect a pullback in the Bank Nifty as well. On the upside the pullback is likely towards 45000 – 45200. On the hourly charts the momentum indicator has a positive crossover which is a buy signal and the positive divergence suggest that the momentum on the downside is weakening.

Rupak De, Senior Technical analyst at LKP Securities:

The index remained volatile before closing with a doji pattern on the daily timeframe. This suggests a possible pause in the prevailing bearish trend. From here, the market might consolidate a bit before starting a new trend. Support on the lower end is pegged at 19,600; a fall below 19,600 might initiate fresh shorts. On the higher end, resistance is placed at 19,755.

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

Markets snapped 4-session losses to eke out modest gains on selective buying in a lacklustre trading session. While markets were volatile in early trades, sluggish European and other Asian indices saw local gauges end on a flat note. Fresh uptick in US treasury yields is making investors jittery as FIIs continue to offload shares in local equities.

Technically, on daily charts the Nifty has formed a Doji candlestick formation, which is indicating incisiveness between the bulls and bears. However, a quick pullback rally is not ruled out from the current levels.

For the bulls, the 50-day SMA or 19600 would act as a key support zone. Above which, the market could move up till 19800-19850. On the flip side, a fresh sell off is possible only after the dismissal of 19600, below which the index could slip till 19525-19500.

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.

Rakesh Patil
first published: Sep 25, 2023 03:47 pm

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