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Business News/ Markets / Stock Markets/  Market Closing Bell: Indices decline on F&O expiry day; Sensex sheds 500 points, Nifty dips to 19,500-mark
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Market Closing Bell: Indices decline on F&O expiry day; Sensex sheds 500 points, Nifty dips to 19,500-mark

Market Closing Bell: The Nifty 50 closed at 19,523.55, down 192.90 points, or 0.98 per cent. The 30-share BSE Sensex closed lower at 517.54 points, or 0.78 per cent, at 65,601.15.

Bombay Stock Exchange (BSE) at Dalal Street, Mumbai (MINT_PRINT)Premium
Bombay Stock Exchange (BSE) at Dalal Street, Mumbai (MINT_PRINT)

Stock Market Today: Domestic equity benchmarks Sensex and Nifty gave up initial gains and settled lower by one per cent on Thursday, September 28, tracking volatility on the monthly F&O expiry and dragged by weak global cues. A massive sell-off in information technology (IT) stocks and select heavyweights including Reliance Industries, ITC, and Infosys also dented market sentiments.

The frontline indices however, had opened in a positive territory driven by strength in metals and bank stocks. But global cues such as high crude oil prices, rising US bond yields and a stronger US dollar limited further gains. These indicators have been weighing on the global equity markets since the US Federal Reserve struck a hawkish tone earlier in the month.

Crude prices, which rose 3 per cent overnight is hurting India, the world's third-largest importer, which is also reeling under lower-than-expected monsoon rains, triggering inflation risks.

On the macro front, India's current account deficit (CAD) widened to $9.2 billion during the June quarter (Q1 FY24), from $1.3 billion in the previous quarter (Q4 FY23) owing to a higher trade deficit, lower surplus in net services, and a drop in private transfer receipts, the Reserve Bank of India (RBI) data showed on Thursday.

The RBI's Monetary Policy Committee (MPC) will meet on October 4-6 to decide on interest rates and policy stance. Most analysts and economists expect the RBI will continue to maintain a pause on interest rates.

Upon market opening, the Nifty 50 was up 0.1 per cent at 19,742 points, while the S&P BSE Sensex rose 0.16 per cent to 66,240 points. The indices soon came under pressure on sell-off in IT index and fast-moving consumer goods (FMCG) stocks. The Nifty 50 finally closed at 19,523.55, down 192.90 points, or 0.98 per cent. The 30-share BSE Sensex closed lower at 517.54 points, or 0.78 per cent, at 65,601.15.

The market capitalisation of BSE-listed firms fell by 2,95,144.09 crore to 3,16,65,937.80 crore. Broader indices also faced the heat today. The SBE Midcap declined 1.19 per cent to 31,923.84, while the BSE Smallcap lost 0.34 per cent to settle at 37,347.57. The volatility index - India VIX, spiked sharply to 13 levels, last seen in May 2023 before settling at 12.8 levels. 

The rupee edged up 2 paise to settle at 83.20 (provisional) against the US currency in a restricted trade on Thursday, supported by the correction in crude oil prices and the greenback. Foreign fund outflows and losses in local equities, however, restricted the rupee’s gains, according to forex dealers.

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Top Nifty 50 gainers today

Larsen & Toubro, Bharti Airtel, Power Grid and Axis Bank were among the gainers on both benchmarks. The top gainers of Nifty 50 gainers were: Larsen & Toubro (2.04%), Bharti Airtel (1.17%), Oil & Natural Gas Corp (ONGC) (0.51%), Coal India (0.46%), and Power Grid Corp (0.43%).

Top Nifty 50 losers today

Tech Mahindra was the biggest drag in the Sensex pack, falling 4.59 per cent, followed by Asian Paints which declined 3.97 per cent. The top Nifty 50 losers were: Tech Mahindra (-4.16%), Asian Paints (-3.69%), LTIMindtree (-3.02%), Mahindra & Mahindra (-2.19%), and Wipro (-2.08%).

Sectoral Indices Today
Almost all sectoral indexes closed in the red, with IT stocks leading losses with a 2.2 per cent fall, followed by a 1.9 per cent drop in FMCG and a 1.2 per cent slide in autos. Telecommunication and capital goods were the gainers.

Experts' views on markets

Commenting on today's market performance Vinod Nair, Head of Research at Geojit Financial Services said, "The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the 90 USD level, it will be a threat to inflation and boil the operational margins. 

‘’Globally, US GDP data and the FED chief speech will be watched carefully, which will set the future trend. Currently, the combination of higher interest rates and US bond yields are influencing FIIs to stay in the selling mode,'' added Nair.

‘’Global sentiments have been dampened over sharp rise in Brent crude price which touched almost $98/barrel and US 10 year bond yields continuing to hover above 4.5 per cent (16 year highs). Also concerns over the likelihood of interest rates remaining higher for a longer has been adding to the global overhang,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

‘’Going ahead, the weakness in the market is likely to extend till the worry over the elevated oil prices and higher interest rates remains, posing a risk to the earnings growth trajectory,'' added Khemka.

Technical views on Nifty 50

Rupak De, Senior Technical Analyst at LKP Securities observes that the Nifty 50 has experienced a significant correction as it was unable to maintain levels above 19,750. 

‘’On the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies. Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600,'' said De.

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Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at
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Updated: 28 Sep 2023, 03:34 PM IST
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