Sensex, Nifty snap 4-day losing run; Bajaj Fin gains 4.5%, IT stocks weigh

Closing Bell on September 25, 2023: The broader markets ended with steady gains with the BSE MidCap index advancing 0.46 per cent, and the BSE SmallCap 0.12 per cent

SI Reporter New Delhi

Stock market highlights: Equity markets were volatile on Monday as they entered the week of the monthly F&O expiry. The S&P BSE Sensex oscillated 462 points during the day, before closing 15 points higher at 66,024 levels.

The Nifty50, on the other hand, ended unchanged at 19,676.

15 of the 30 Sensex stocks, and 25 of the 50 Nifty stocks ended in the negative zone led by Hindalco, SBI Life, Infosys, HDFC Life, Hero MotoCorp, Dr Reddy's Labs, Wipro, HCL Tech, LTIMindtree, M&M, and SBI.

The losses in the large-caps were countered by gains in Bajaj twins, Apollo Hospitals, Tata Consumer Products, Coal India, Asian Paints, Kotak Bank, and Grasim.

Meanwhile, the broader markets ended with steady gains with the BSE MidCap index advancing 0.46 per cent, and the BSE SmallCap 0.12 per cent.

Among sectors, the Nifty Realty index jumped 1.5 per cent, while the Nifty IT index fell 0.78 per cent.

3:59 PM

Tech View :: 'Nifty may see pullback rally till 19,880'

Nifty50
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 19,600 – 19,650, 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 suggests that a pullback is likely. The pullback can be till 19,820 – 19,880 where key hourly moving averages and the gap area formed on 21st September is placed. In terms of levels, 19,600 – 19,620 is the crucial support zone while 19,820 – 19,880 shall act as an immediate hurdle zone.

Bank Nifty

Bank Nifty has witnessed a pullback from the 78.6% fiboancci retracement level (44,400) and alco closed with decent gains. We expect a pullback in the Bank Nifty as well. 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

3:56 PM

Comment :: 'Investors are shifting away from stocks tied to global economy'

The day presented a mixed picture in the market, with sectors such as Realty, Banking, and Consumer Durables performing well while IT and Pharma struggled. Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy. Concerns loomed over a potential global economic slowdown due to the prolonged period of high interest rates. While the domestic market is witnessing good registration and consumption demand ahead of the festival season, India's entry into JP Morgan's Emerging Markets Government Bond Index is benefiting the financial sector in anticipation of a reduction in funding costs.

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

3:53 PM