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Share Market News Today Updates, 26 September 2022: Sensex and Nifty extended their fall for the fourth straight session today. Indian equity benchmarks on Monday plunged sharply, extending their fall for the fourth straight session, tracking a weaker trend in the Asian markets amid global growth fears. Asian stocks traded lower amid renewed worries over economic growth on the back of high-interest rate environment.
S&P Futures fell 0.57 per cent, Nasdaq futures slipped 0.31 per cent and Dow Futures cracked 0.61 per cent.
Last week, the United States and half a dozen other countries raised interest rates, signalling that they would continue to raise borrowing costs to fight inflation. The Reserve Bank of India (RBI) would deliver its monetary policy decision later in the week.
The benchmark BSE Sensex crashed 954 points or 1.64 per cent to close at 57,145 today, while the broader NSE Nifty moved 311 points or 1.80 per cent lower to settle at 17,016.
Here are the share market Live Updates:
"Nifty remained volatile with a predominant negative bias throughout the day before ending 1.80 per cent lower. The index fell below the previous consolidation low on the daily chart. However, it has found support at the long-term moving average, 200 DMA, which may act as the 'line of polarity' for the short-term. The momentum indicator is in bearish crossover and falling. The trend for the short-term looks negative; however, further selling pressure may be seen only below 17,950, where the 200 DMA is currently placed. On the higher end, immediate resistance is visible at 17,300-17,350," said Rupak De, Senior Technical Analyst at LKP Securities.
"The Bank Nifty index continued its downward momentum and remained under selling pressure throughout the day. The index has breached its important support levels and pull-back rallies should be utilized to initiate fresh short positions. The higher-end resistance is visible at the 39,500-40,000 zone and the next support is seen at the 38,000 level," said Kunal Shah, Senior Technical Analyst at LKP Securities.
"The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening Indian rupee, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1 year, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations," said Vinod Nair, Head of Research at Geojit Financial Services.
The overall market breadth stood negative as 657 shares advanced while 2,927 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 270.06 lakh crore and investors lost over Rs 6.5 lakh crore around in today's market rout. Around Rs 11.5 lakh crore of investor wealth has been wiped out in just two trading sessions.
On the stock-specific front, Adani Ports was the top Nifty loser as the stock cracked 6.35 per cent to close at Rs 855.80. Tata Motors, Hindalco, Maruti and Eicher Motors were also among the laggards. In contrast, HCL Tech, Infosys, Asian Paints, Divi's Lab and TCS among the top gainers.
14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Auto, Nifty Metal and Nifty Oil & Gas underperformed the NSE platform by falling as much as 3.81 per cent, 4.13 per cent and 3.24 per cent, respectively. However, Nifty IT settled 0.57 per cent higher.
Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 dropped 3.11 per cent and small-cap fell 3.41 per cent.
Sensex dives 954 points or 1.64 per cent to close at 57,145, Nifty moves 311 points or 1.80 per cent lower to settle at 17,016
Sensex dives 986 points or 1.70 per cent to trade at 57,113, Nifty moves 320 points or 1.84 per cent down to trade at 17,008
Sensex plunges 728 points or 1.25 per cent to trade at 57,371, Nifty moves 235 points or 1.35 per cent to trade at 17,093
Sensex falls 509 points or 0.88 per cent to trade at 57,590, Nifty moves 170 points or 0.98 per cent lower to trade at 17,157
Sub-index Nifty IT was trading 1.05 per cent higher at 26,870.85
Sensex tanks 732 points or 1.26 per cent to trade at 57,367, Nifty moves 249 points or 1.44 per cent down to trade at 17,078
Brokerage Ventura Securities is positive on a couple of Gautam Adani-led Adani group firms with an upside of up to 80 per cent in the next 24 months. Shares of the company have already been buzzing on Dalal Street due to multibagger returns in the past three years. (Read more)
Shares of Tata Motors slipped over 7 per cent today in line with broader markets amid negative global cues. Bank of England saying last week that Britain's economy was now in recession, weakened sentiment around the Tata Motors stock today. (Read more)
Sensex crashes 1,035 points or 1.78 per cent to trade at 57,064, Nifty moves 346 points or 2 per cent down to trade at 16,981
Sensex slumps 920 points or 1.58 per cent to trade at 57,179, Nifty moves 309 points or 1.78 per cent to trade at 17,018
Shares of Mahindra & Mahindra Financial Services were down as much as 7.66 per cent to trade at Rs 179.55.
Shares of Harsha Engineers International made a stellar debut today, listing at 36.36 per cent premium to their IPO issue price. The company listed at Rs 450 (up 36.36 per cent) on the NSE against the IPO issue price of Rs 330. Market cap of the firm rose to Rs 4,097 crore. Total 24.56 lakh shares of the firm changed hands amounting to a turnover of Rs 110.55 crore on the NSE. (Read more)
"On the technical front, Nifty ended the week on a negative note extended losses for the second consecutive week in a row, on the daily time frame it ended with a long bearish candle which sums up to a possible reversal in the market. However, on an overall basis, the market continues to remain consolidative amidst the broader range of 16,900-18,000 and one needs to recall that secondary corrections are a part of the bull market. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2 per cent of the entire rally from 15,183 to 18,096 comes around 16,990 followed by a 50 per cent correction at 16,650 remains. During the day index is likely to open with a gap down, tracking weak global cues. Formation of lower high-lower low signifies corrective bias. Hence, use intraday pullback towards 17,400-17,500 for creating a short position for the target of 16,900," said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.
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