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Business News/ Markets / Stock Markets/  Market closing bell: Nifty 50 ends below 19,750, Sensex falls over 550 points, investors lose nearly 3 lakh crore
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Market closing bell: Nifty 50 ends below 19,750, Sensex falls over 550 points, investors lose nearly ₹3 lakh crore

Nifty 50 closed with a loss of 159 points, or 0.80 per cent, at 19,742.35 while the Sensex ended at 66,230.24, down 571 points, or 0.85 per cent.

Nifty 50 fell by almost a per cent in intraday trade on Thursday. (Agencies)Premium
Nifty 50 fell by almost a per cent in intraday trade on Thursday. (Agencies)

The domestic market saw an all-round selloff on Thursday which made benchmarks Nifty 50 and Sensex end in the negative territory for the third consecutive session. Weak global cues continued weighing on domestic market sentiment.

Major European markets, including France's CAC, Germany's DAX and the UK's FTSE fell up to a per cent ahead of the Bank of England interest rate decision.

Last night, the US Fed kept interest rates unchanged but signalled that it will go for one rate hike by the end of this year. It also indicated that rates will stay higher for a longer period which seems to have spooked markets. 

Read more: Mint Explainer: What the Fed’s ‘hawkish pause’ means for markets

Also read: US Fed Meeting Highlights: At 5.25%-5.5%, FOMC holds rates unchanged at 22-year high-mark

Following a hawkish Fed, the US dollar and Treasury yields rose, putting pressure on the stock market. As per Reuters, the dollar hit its strongest since March.

Nifty 50 today

Nifty 50 opened at 19,840.55 against the previous close of 19,901.40 and fell by almost a per cent to hit the intraday low of 19,709.95. On the other hand, Sensex declined 672 points to hit its intraday low of 66,128.71 today.

Nifty 50 closed with a loss of 159 points, or 0.80 per cent, at 19,742.35 while the Sensex ended at 66,230.24, down 571 points, or 0.85 per cent.

Mid and smallcaps underperformed the benchmarks as the BSE Midcap index fell 0.99 per cent and the Smallcap index ended with a loss of 0.98 per cent.

The overall market capitalisation of the firms listed on BSE dropped to nearly 317.9 lakh crore from 320.5 lakh crore in the previous session, making investors poorer by about 2.6 lakh crore in a single day.

Top Nifty 50 gainers and losers today

As many as 34 stocks ended with losses in the Nifty 50 index while the remaining 16 ended with gains.

Shares of Mahindra and Mahindra, with a loss of 2.88 per cent, closed as the top losers, followed by the shares of ICICI Bank (down 2.81 per cent) and Cipla (down 2.47 per cent).

On the other hand, shares of Adani Ports (up 1.74 per cent), Tech Mahindra (up 1.43 per cent) and Dr. Reddy's Laboratories (up 1.10 per cent) ended as the top gainers in the index.

Sectoral indices today

Barring the Nifty Media index which ended flat, all sectoral indices closed with losses. Nifty PSU Bank fell 2.28 per cent, ending as the top sectoral loser.

Nifty Auto (down 1.69 per cent), Nifty Bank (down 1.68 per cent), Nifty Private Bank (down 1.53 per cent), Nifty Financial Services (down 1.44 per cent), Nifty Realty (down 1.21 per cent) and Nifty Pharma (down 0.99 per cent) closed with significant losses.

Experts' views on markets

"Domestic market declined following a hawkish stance by the Fed chair and prolonged high interest rate trajectory which is not positive for a slowing global economy. PSU banks and mid and small-caps were the worst hit due to stretched valuations and concern over moderation in yields. Rising oil prices and erratic rainfall further led investors to stay cautious in the market," said Vinod Nair, Head of Research at Geojit Financial Services.

“Bearish sentiment across the global equities led to selling in the domestic market for the third straight session as investors fretted over the US Fed statement indicating one more rate hike later this year. Other negative catalysts like lingering overseas fund outflows, rising US Dollar index and treasury yields, and higher crude oil prices are making investors jittery," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Technical views on Nifty 50

Chouhan observed that the Nifty has completed one leg of correction, and for the bulls now, 19,700 would be the key level to watch out for.

"If the index succeeds in trading above the same, then we could expect one relief rally, and above 19,700 the market could rally till 19,825-19,875. On the flip side, fresh selling is possible only after the dismissal of 19,700 and below the same, the index could slip to 19,650-19,600," said Chouhan.

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said that on the daily charts, the Nifty is in the process of retracing the rise it witnessed from 19,223 to 20,222.

"It has now reached the zone of 19,720 – 19,680 where support in the form of the 20-day moving average and the 50 per cent Fibonacci retracement level is placed. We expect Nifty to hold on to this support and provide a pullback," said Gedia.

"The daily momentum indicator today has provided a negative crossover which is a sell signal and is now in sync with the price action. In terms of levels, 19,680 – 19,604 is the crucial support zone while 19,850 – 19,900 should act as an immediate hurdle zone," Gedia said.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.


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Published: 21 Sep 2023, 03:33 PM IST
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