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Live: Nifty to consolidate ahead of fed outcome? Torrent, Tata Motors in focus| RR kabel lists today

Indian equity market saw some sizeable profit booking on September 18, after rising consistently since the start of current month to hit a historic high last Friday. The overall sentiment may remain positive as long as the Nifty50 holds 20,000-19,900 levels, which experts feel is expected to be a crucial support area. On the higher side, 20,220 is going to be an immediate resistance as breaking of the same can take the Nifty50 towards 20,300-20,500 levels in coming sessions. The BSE Sensex declined 242 points to 67,597, while the Nifty50 slipped 59 points to 20,133 and formed bearish candlestick pattern minor upper shadow on the daily timeframe. The broader markets also saw profit taking with the Nifty Midcap 100 and Smallcap 100 indices falling 0.4 percent and 0.5 percent respectively on weak breadth. About two shares declined for every rising share on the NSE. Traders are likely to remain cautious ahead of US Fed rate decision later tonight. The central bank is expected to hold interest rates this time around. This morning global cues are subdued ahead of US Fed’s interest rate decision. GIFT Nifty is signalling a gap down start, adjusted for yesterday’s holiday. Stocks in the spotlight are Torrent Pharma, Tata Motors and Biocon. Should you flock to FMCG and paint stocks amid subdued demand and a resurgence in crude prices? Catch Nandita Khemka in conversation with Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher and Preeyam Tolia, Senior Research Analyst - FMCG, Axis Securities

first published: Sep 20, 2023 08:32 am