Smallcaps shine in weak market; PSB, IT shares slip, FMCG, defence gain

Closing Bell on September 26, 2023: The BSE Sensex closed at 65,945 levels, down 78 points, while the Nifty50 shut shop at 19,665, down 10 points

Closing Bell: Lack of directional cues left markets listless on Tuesday with the benchmark BSE Sensex and Nifty50 ending on a flat note.

The 30-pack BSE benchmark closed at 65,945 levels, down 78 points, while the 50-pack NSE benchmark shut shop at 19,665, down 10 points. 

In the broader markets, the BSE MidCap and SmallCap indices ended mixed as the former slipped  0.09 per cent and the latter gained 0.33 per cent.

Sectorally, the Nifty PSU Bank, IT, and Bank indices were the top laggards, falling between 0.3 per cent and 0.6 per cent. On the upside, the Nifty FMCG index added 0.5 per cent. 

Buzzing stocks:

Eicher Motors: Shares of Eicher Motors, the listed parent company of Royal Enfield, and TVS Motor Company were in focus and rallied up to 4 per cent on the BSE in Tuesday's intra-day trade after overseas brokerage firm Jefferies said it prefer these two stocks over Bajaj Auto and Hero MotoCorp in two-wheelers (2W) segment. READ MORE

GVK Power: The stock price of GVK Power & Infrastructure was locked in the 5% upper circuit for the eight day, trading at its highest level since September 2018 on the BSE. READ MORE

Primary market action

JSW Infrastructure: The IPO of the JSW Group company was subscribed 1.6 times till 3:30 PM on the second day of the issue, led by retail investors (3.9x subscription), NII (2.5x), and QIB (46 per cent).

Updater Services: This IPO saw a slow start with the issue getting subscribed just 14 per cent thus far on day 2. Retail portion is subscribed 62 per cent, while NII subscription is at 10 per cent.

4:05 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty consolidated within the range (19,734 – 19,601) of the previous trading session, and thus formed an Inside bar pattern which makes the extremes of the range crucial levels to watch out for. A breach of this range on either side shall lead to a move in that direction. We are expecting this range to break on the upside. A pullback is expected till 19,773 – 19,800 where 40 hourly moving averages is placed. Above that, it can stretch higher till 19,880 – 19,900 which is the gap area formed on 21st September. On the flipside, a breach below 19,600 can lead to a fall till 19,440.

 

Bank Nifty

Bank Nifty also consolidated within a narrow range today and closed in the red, down 140 points. Considering the oversold nature of the Bank Nifty, we are expecting a pullback over the next few trading sessions. On the upside, the pullback is likely towards 45,000 – 45,200. 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.

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

4:01 PM

Comment :: What all happened in the markets today?

Trading remained flat as headwinds from the global market and continued selling by FIIs kept domestic investors under vigil. While bargain hunting was visible in small-cap stocks due to the recent correction and favourable valuation compared to large and mid-caps, IT indices slid due to the fear of one more rate hike by the FED and a consequent reduction in spending.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:59 PM

Comment :: 'Tone remains bearish, avoid aggressive positions'

The marginal rebound on the global front combined with oversold positions is capping the downside however the tone is still bearish. A decisive move above 19750, which coincides with 20 EMA, may prompt some recovery. Amid all, we reiterate our view to stay stock-specific and avoid aggressive positions.

Views by:  Ajit Mishra, SVP - Technical Research, Religare Broking

3:56 PM

Currency check :: Rupee ends at 83.23/$ against Monday’s close of 83.15/$

3:55 PM

IPO Update :: Updater Services issue fails to garner interest

3:53 PM

IPO Update :: JSW Infra issue subscribed 1.6x thus far on day 2

3:50 PM

Market Check :: Top losers on the BSE today

3:48 PM

Market Check :: Top gainers on the BSE today

3:47 PM

Broader markets :: BSE SmallCap index ends in green

3:45 PM

Sectoral trends :: Auto, FMCG, Realty, Metal indices eke out gains

3:43 PM

Sensex Heatmap :: IT, pvt bank stocks weigh on the index

3:41 PM

Closing Bell :: Nifty slips again after 1-day hiatus

3:40 PM

Closing Bell :: Sensex ends 78 points lower

3:27 PM

Defense shares in focus; Cochin Shipyard, Garden Reach, MTAR gain up to 14%

Ratings agency Icra expects business opportunities worth Rs 2.75 trillion to open up for Indian defence entities during FY24 and FY25 READ MORE

3:10 PM

ALERT :: USFDA delegation visits Choutuppal, Telangana, Unit, says Divi's Labs