The Nifty50 broke below its crucial short-term support at 50-DMA, placed at 17,340 on Monday. It bounced back from its long-term support placed at 200-DMA at 16,993.
The index finally closed 311 points lower at 17,016, while the S&P BSE Sensex plunged by 953 points to close at 57,145. It formed a bearish candle on the daily charts.
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Wall Street opens lower on rate-hike, recession fears
Wall Street’s main indexes opened lower on Monday as investors worried that the Federal Reserve’s aggressive push to curb inflation may tip the country’s economy into recession.The Dow Jones Industrial Average fell 53.57 points, or 0.18%, at the open to 29,536.84.The S&P 500 opened lower by 10.51 points, or 0.28%, at 3,682.72, while the Nasdaq Composite dropped 34.54 points, or 0.32%, to 10,833.38 at the opening bell.
Investors lose Rs 13.30 lakh cr in four days of market crash
Equity investors’ wealth has tumbled by over Rs 13.30 lakh crore in four days of market plunge amid a sharp sell-off in global markets. Falling for the fourth straight day, the 30-share BSE Sensex tanked 953.70 points or 1.64 per cent to settle at 57,145.22. During the day, it plummeted 1,060.68 points or 1.82 per cent to 57,038.24.In four days, the BSE benchmark has slumped 2,574.52 points or 4.31 per cent.The market capitalisation of BSE-listed firms tumbled Rs 13,30,753.42 crore in four sessions to reach Rs 2,70,11,460.11 crore.”Domestic equities have corrected by more than 4 per cent over the last four trading sessions as global uncertainties dominate market sentiments. A short bounce or reversal can be seen following this intense selling.
Tech View: Nifty50 breaks below 50-DMA;
The global rout in equities pushed benchmark indices below crucial support levels. Indian markets closed in the red for the fourth consecutive day in a row, weighed down by a rise in US Dollar as a result of monetary tightening and the possibility of a global recession.The Nifty50 broke below its crucial short-term support at 50-DMA, placed at 17,340 on Monday. It bounced back from its long-term support placed at 200-DMA at 16,993.The index finally closed 311 points lower at 17,016, while the S&P BSE Sensex plunged by 953 points to close at 57,145. It formed a bearish candle on the daily charts.“The bearish bias in the market was present for a few days and had picked up momentum post the US Fed decision. The recession fears in the US and European countries, the Russia-Ukraine war, and the political uncertainty in China have further increased and cast a cloud of uncertainty in the global economy,” Sandeep Bhardwaj, CEO, IIFL Securities, said.
Gold gains Rs 138; Silver jumps Rs 224
Gold prices in the national capital rose by Rs 138 to Rs 49,786 per 10 grams on Monday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,648 per 10 grams.Silver also jumped by Rs 224 to Rs 56,514 per kilogram from Rs 56,290 per kg in the previous trade.In the international market, gold was quoting lower at USD 1,639 per ounce, while silver was trading flat at USD 18.67 per ounce.
The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.
– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
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 39,500-40000 zone and the next support is seen at the 38,000 level
– 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 INR, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations
– Vinod Nair, Head of Research at Geojit Financial Services.
Film exhibition company PVR Cinemas will invest up to Rs 350 crore to open 100 new screens in FY23, a top official said on Monday. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR’s chief executive Gautam Dutta told PTI over the phone.
Price as on 26 Sep, 2022 03:40 PM, Click on company names for their live prices.
INDIAN RUPEE ENDS AT RECORD CLOSING LOW, FALLS FOR FOURTH STRAIGHT DAY
IT only sector that ends with gains on NSE
CLOSING BELL: Sensex ends with deep cuts for 4th session, falls 954 points; Nifty holds 17,000; Adani Ports, Maruti crack 6% each
We expect rupee to trade on a negative note as deteriorating global risk sentiments may put downside pressure on Rupee. Weak global markets may lead of safe haven flows towards US Dollar. However, sharp fall in crude oil prices may prevent sharp downside in Rupee. Investors may remain cautious ahead of RBI’s monetary policy meeting towards the end of the month. RBI is expected to rise interest rates by 50 bps. USDINR spot price is expected to trade in a range of Rs 80.50 to Rs 82.50 in next couple of sessions.
– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
These stocks hit 52-week lows on NSE
No proposal of Power Grid buying PFC’s stake in REC: Media reports
Price as on 26 Sep, 2022 02:39 PM, Click on company names for their live prices.
Market View: Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities
We recommend investors avoid riskier bets this week as volatility is likely to continue in the near term. Further, the market is eyeing the upcoming earning season & the festival demand, which will likely drive the market fundamentals. We recommend investors to use this volatility in the coming days in a phased manner to build a position with a view of 12-18 months in quality companies where earnings visibility is very high. In this context, domestic-oriented themes like Banks, FMCG, Hospitals, Domestic Industrials, and Discretionary consumption are well placed over export plus cyclical-oriented themes.
These are the top Nifty50 performers even as index trades over 1% lower
WAPCOS files DRHP with Sebi for IPO; govt to sell 3.25 crore shares
State-run enterprise WAPCOS filed a draft red herring prospectus (DRHP) to launch an initial public offering (IPO) with the capital markets regulator Sebi. WAPCOS is a wholly-owned public sector enterprise engaged in engineering consultancy and construction under the control of the Ministry of Jal Shakti, Government of India.
PSU Bank stocks trade with cuts! PNB, Indian Bank top losers
Price as on 26 Sep, 2022 01:26 PM, Click on company names for their live prices.
Coforge, Infosys among top gainers from IT pack
Price as on 26 Sep, 2022 01:07 PM, Click on company names for their live prices.
What’s behind the freefall in pound?
#MarketsWithETNOW | Pound slumps! The currency depreciates 6% against the rupee in two days, @Sharad9Dubey brings u… https://t.co/QfNBymexIB
— ET NOW (@ETNOWlive) 1664174939000
Sensex off day’s low, still down nearly 800 points
Balaji Amines says commercial production begins at newly set up Solapur Plant
Price as on 26 Sep, 2022 12:07 PM, Click on company names for their live prices.
Brent slips below $85 per barrel for first time since Jan
BRENT CRUDE FUTURES FALL MORE THAN $1 TO $85.12/BBL
Shares of Sterlite Technologies dropped almost 7 per cent during the early trade on Monday after the company’s key managerial personnel tendered resignation. The telecommunications service provider announced that Mihir Modi has tendered his resignation from the chief financial officer (CFO) and key managerial personnel position. Modi will be relieved from his duties with effect from the close of business hours of Friday, 14 October 2022, the company informed in an exchange filing.
Price as on 26 Sep, 2022 11:53 AM, Click on company names for their live prices.
Metal stocks badly hit amid market crash. Hind Copper plunges the most
Price as on 26 Sep, 2022 11:47 AM, Click on company names for their live prices.
TOP SENSEX DRAGS IN MORNING SESSION
Rupee falls…
Read More: Stock Market Highlights: Nifty50 breaks below 50-DMA – The Economic Times