Sensex, Nifty 50 fall for 3rd consecutive session— 10 key highlights from Indian stock market today

Stock market today: The Indian stock market ended lower on Tuesday, September 23, with frontline indices, the Sensex and the Nifty 50, extending losses to their third consecutive session as concerns over an H-1B visa fee hike and uncertainty over India-US trade talks continued weighing on sentiment. However, expectations of favourable growth-inflation dynamics amid GST reforms, a normal monsoon, and interest rate cuts limited losses for the markets.

The Sensex closed at 82,102.10, down 58 points, or 0.07 per cent, while the Nifty 50 settled at 25,169.50, down 33 points, or 0.13 per cent. The mid and small-cap segments underperformed as the BSE Midcap and Smallcap indices fell 0.29 per cent and 0.35 per cent, respectively.

The overall market capitalisation of BSE-listed firms stood at below ₹464 lakh crore from slightly over ₹465 lakh crore in the previous session, making investors poorer by over ₹1 lakh crore in a single session.

Indian stock market: 10 key highlights from the day

1. Why have the Sensex, Nifty 50 been falling for three consecutive sessions?

Domestic market sentiment has turned weak due to lingering uncertainty over the India-US trade talks. While both nations remain engaged in reaching a deal, US President Donald Trump's surprise H-1B visa fee hike has raised concerns that a collapse of trade talks could result in more aggressive similar moves from the US administration.

"The Indian stock market witnessed a highly volatile session on Tuesday as a steep hike in H-1B visa fees kept investor sentiment cautious, prompting a flat-to-weak opening. Nifty initially faced selling pressure from the 25,250 zone and slipped to an intraday low of 25,100, where it found strong support. From there, the index staged a sharp recovery to touch the day’s high, reflecting strong buying interest at lower levels," Ashika Institutional Equities observed.

2. Top losers in the Nifty 50 index

As many as 31 stocks ended in the red in the Nifty 50 index, Tech Mahindra (down 2.16 per cent), Trent (down 2.11 per cent), and SBI Life Insurance Company (down 2 per cent) being the top losers.

3. Top gainers in the Nifty 50 index today

Shares of IndusInd Bank (up 2.82 per cent), Axis Bank (up 2.24 per cent), and Bajaj Finance (up 1.93 per cent) ended as the top gainers in the Nifty index.

4. Sectoral indices today

Nifty FMCG, Realty, and IT indices ended as the top losers, falling up to a per cent. On the other hand, Nifty PSU Bank and Metal indices rose by a per cent each.

Nifty Bank index rose by 0.41 per cent, while the Financial Services index ended 0.12 per cent higher.

"Sector-wise, autos, metals, and financials gained on signs of robust festive demand post-GST cuts, while FMCG and realty stocks came under pressure from profit booking," said Vinod Nair, Head of Research, Geojit Investments Limited.

5. Most active stocks in terms of volume

Vodafone Idea (128.6 crore shares), Adani Power (19.25 crore shares), and YES Bank (8.24 crore shares) were the most active stocks in terms of volume on the NSE.

6. 12 stocks jump over 15% on BSE

Banaras Beads, Emkay Global Financial Services, Brand Concepts, and Risa International were among the 12 stocks that jumped over 15 per cent on the BSE.

7. Advance-decline ratio

Out of 4,311 stocks traded on the BSE, 1,797 advanced, while 2,354 declined. Some 160 stocks remained unchanged.

8. 173 stocks hit 52-week highs

Despite weak market sentiment, as many as 173 stocks, including Maruti Suzuki India, Tata Steel, Adani Power, Bajaj Finance, Canara Bank, Eicher Motors, and JSW Steel, hit their 52-week highs in intraday trade on the BSE.

9. Over 60 stocks hit 52-week lows

SpiceJet, Symphony, Praj Industries, Pidilite Industries, and Crompton Greaves Consumer Electricals were among the 66 stocks that hit their 52-week lows on the BSE.

10. Nifty 50 technical outlook

Shrikant Chouhan, the head of equity research at Kotak Securities, believes that the intraday market texture is volatile and non-directional. Hence, he suggests that level-based trading would be the ideal strategy for day traders.

On the higher side, a break above 25,250 is likely to maintain bullish momentum. Above this level, the index could move up to 25,350-25,380, said Chouhan.

On the flip side, a decline below 25,100 may accelerate further, and the index could slip to 25,000-24,950, Chouhan said.

According to Bajaj Broking, the Nifty 50 formed a second consecutive high wave candle with a lower high and lower low in the daily chart.

The brokerage firm expects the index to extend the same and trade in the range of 25,500–25,000 in the coming sessions. The immediate support base is at 25,100–24,900, which coincides with the confluence of the 20- and 50-day exponential moving averages (EMA).

"We maintain the overall positive bias and believe the ongoing corrective pullback presents a tactical buying opportunity within the broader uptrend. On the upside, the index faces immediate resistance at the 25,500–25,600 zone," said the brokerage firm.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.