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Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3 day winning run

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 snapped a three-day winning run to suffer sharp losses on Tuesday, though recovered more than half of intraday losses. Losses in financial and IT shares pulled the market lower however gains in oil & gas and power stocks provided some support. Real estate stocks -- which have surged in the recent past -- also dropped, with the Nifty Realty index falling nearly three percent.

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Sept 28, 2021 4:31 PM

Expect buying to emerge from lows in next 1-2 sessions: Nagaraj Shetti of HDFC Securities 

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said the Nifty50 index formed a long negative candle on the daily timeframe with a long lower shadow, indicating broad-based profit booking from recent highs. "The near-term trend is still positive and one may expect buying to emerge from the lows in the next 1-2 sessions. Immediate support to be watched is placed at 17,650-17,575 levels," he said.

 
Sept 28, 2021 4:26 PM

Rupee could trade in 73.70-74.70 range in near term with slightly upward bias: Kotak Securities' Anindya Banerjee 

Anindya Banerjee, DVP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities, said the rupee could trade within a range of 73.70-74.70 with a slightly upward bias in the near term.

"Brent crude is trading at the highest level since October 2018 and US Treasury yields are at the highest levels since June 2021. Both Fed turning hawkish and rising oil prices are pushing yields higher. Higher yields and higher oil prices are a double negative for the rupee that can trigger outflows," he said. 

Sept 28, 2021 4:21 PM

Nifty50 has immedate support at 17,700, followed by 17,625 -17,550 levels: Rahul Sharma of Equity99 

Rahul Sharma, Co-Founder of Equity99, expects the market to fall further due to weak global clues, banking, metal and automobile sectors to be in focus going forward. "Going ahead, 17,700 will act as immediate support (for Nifty), followed by 17,625 -17,550 levels. On the upside, levels of 17,825, 17,850 and 17,950 will act as hurdles," he said.

Support for Bank Nifty is placed at 37,650 followed by 37,500 -37,350 levels, and hurdles at 38,200, followed by 38,350, Sharma said.

Sept 28, 2021 4:18 PM

Sebi board approves amendments to delisting norms: Sources

Capital market regulator Sebi's board approved amendments to delisting norms, sources told CNBC-TV18. The regulator approved the Social Stock Exchange framework as well as regulations around superior voting rights (SR) shares, they said.

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
Sept 28, 2021 4:14 PM

'Buy' on steel stocks if SAIL, Tata Steel hit new lows: Sushil Kedia 

Sushil Kedia, Founder of Kedianomics, said he will be bullish on steel stocks if SAIL and Tata Steel hit decline further from last week's lows. "The Australian dollar has started to strengthen and iron ore charts have bottomed out, which are the confidence builders,” said Kedia.

Speaking on the pharmaceuticals space, he said a number of largecap stocks are now signs that this will be the next sector to go up. "Smallcap pharma never gave sell or profit taking signals, so we continue to hum along on them,” he said.

Sept 28, 2021 4:11 PM

: Kotak Securities' Shrikant Chouhan

The Nifty50 index has formed a bearish candle on the daily chart, suggesting further weakness from current levels, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities. However, as long as the index is trading above the 20-day simple moving average, the uptrend texture is intact, he said.

"We are of the view that the market has completed one leg of correction and now the 20-day simple moving average and 17,600 -17,550 levels would act as a sacrosanct support zone. For the day traders, intraday resistance is expected at 17,800-17,840 levels. On the flipside, strong intraday support is in the 17,600-17,550 zone. The texture of the market is volatile and will remain volatile till the monthly F&O expiry. Buying near a strong support level would be an ideal strategy for the traders," he said.

Sept 28, 2021 4:05 PM

PSE index put up stellar show, smart upmove in power stocks: LKP Securities' S Ranganathan

S Ranganathan, Head of Research at LKP Securities, said the PSE index put up a stellar show with power stocks making a smart upmove. "Despite the smart pullback from intraday lows, declines were higher than advances in the broader market," he said.

Sept 28, 2021 3:59 PM

Rupee ends at 74.05 against dollar

The rupee weakened to end at 74.05 against the US dollar on Tuesday, as against its previous close of 73.84. 

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
Sept 28, 2021 3:57 PM

Rupee ends at 74.05 against dollar

The rupee weakened to end at 74.05 against the US dollar on Tuesday, as against its previous close of 73.84. 

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
Sept 28, 2021 3:56 PM

Market At Close | Power Grid, CIL, NTPC top gainers; Bharti Airtel, Tech Mahindra, Bajaj Finance top laggards

Sept 28, 2021 3:54 PM

Market At Close | Nifty Bank drops 0.6% to 37,945, bounces back from day's low 

Here are key highlights of today's session: 

--Market closes in red but sharply off lows; Sensex off 622 points from low, Nifty off 172.5 pts

--Banks lead recovery in last hour of trade, Nifty Bank 629.8 points off day's low

--Bharti Airtel falls over 3% as Reliance Jio announces cashback on some prepaid plans

--PSU companies gain; Nifty CPSE up 3%

--Top 5 Nifty gainers from PSU space: Power Grid, CIL, NTPC, IOC, BPCL 

--IT stocks fall for 2nd straight day; Nifty IT slipping down 2%

--Reliance Industries closes 1% higher after hitting record high of Rs 2,565

--Future Group stocks surge on NCLT order, Future Retail up 10%, Future Consumer 14%

--Market breadth favours declines with advance-decline ratio at 2:3

--Realty stocks see profit booking, Godrej Properties, DLF slip 2% each

--IndiGo falls nearly 3% after downgrade by Goldman Sachs

Sept 28, 2021 3:47 PM

Closing Bell | Sensex down 410 points, Nifty slips below 17,750

The Sensex index ended 410.3 points or 0.7 percent lower at 59,667.6 and the broader Nifty50 benchmark slid 106.5 points or 0.6 percent to settle at 17,748.6. Losses in financial and IT stocks dragged the market lower, though gains in energy shares lent some support. (Read more on how the market fared at the close)

Sept 28, 2021 3:41 PM

Rise in US yields, crude oil rate, China crisis key headwind to global markets: Vinod Nair 

Vinod Nair, Head of Research at Geojit Financial Services, said the rise in US bond yields and crude oil prices along with the China crisis acted as key headwinds to the ongoing rally in global markets. "Following negative global cues and profit booking in IT and realty sectors, the domestic market hit rough weather. It, however, witnessed a rebound towards the closing," he said.

Sept 28, 2021 3:34 PM

Financial, IT sectors biggest drags on Nifty50; oil & gas space provides support

Stock Market Highlights: Sensex ends 410 points lower, Nifty slips below 17,750 as market halts 3-day winning run
Sept 28, 2021 3:29 PM

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