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Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks

Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks

Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks
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Summary

Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended sharply lower Monday dragged by selling in metals and banking stocks. Broader markets underperformed the frontliners as the Nifty Midcap100 plunged 2.16 percent and the Smallcap100 index ending 1.73 percent lower. Barring Nifty FMCG, all other sectoral indices ended in the red with the Nifty Metal and Nifty Nifty PSU Bank indices falling the most followed by realty, auto, financial services, pharma and energy indices.

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Sept 20, 2021 4:50 PM

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

The correction was overdue for a quite long time now, this may be the beginning of it. Let’s see how things pan out going forward. For a time being, we would certainly not be in a hurry to buy these dips; because this may not be a similar corrective move that we have been witnessing of late.

As far as levels are concerned, 17,550 – 17,630 are to be treated as stiff hurdles; whereas on the flip side, we have entered a key support zone of 17,450 – 17,250. A violation of the lower range would lead to extended correction in the market which in our sense is likely in the coming days. Still, all eyes would be on the banking as well as midcap space, because they are the ones who are likely to set the tone for the remainder of participants.

Sept 20, 2021 4:40 PM

Navneet Damani, Head of Commodities & Currencies Research, Motilal Oswal Financial Services

Metals have been under pressure today on buzz over Chinese firm Evergrande facing financial trouble and speculation over default on debt payment, which has led to a selloff in most risky assets. Metals complex has been roaring since the start of the year and looked quite overheated given the change in stance from Fed over its bond purchase programme and weaker data coming out of China over the last couple of months. Some metals have doubled from lows hit in 2020 and could find it difficult to sustain such highs, given the rapidly changing macros and spread of the virus once again. The market may have found its reason for a cool off / correction and we remain cautious on most metals in the short term. Medium-term picture still looks promising, but the weak hands will have to find their way out in the short run.

Sept 20, 2021 4:35 PM

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

The spot rupee touched a high of 73.82 against the dollar, last seen in early September on the back of weakness in the Chinese currency due to stress in the property sector. Weakness in stocks added to the upward pressure but exporter selling and corporate flows pushed the pair back down to 73.62 levels at the time of writing. Near term range remains between 73.40 and 74.00 levels. In case of a clear breakout above 74.00 levels, our view will turn decisively bullish in USDINR.

Sept 20, 2021 4:34 PM

Rupee At Close | The Indian rupee fell by 26 paise to close at 73.74 against the US dollar tracking a strong American currency in the overseas market and muted trend in domestic equities. The local currency opened at 73.82 and finally settled for the day at 73.74 a dollar, down 26 paise over its previous close of 73.48.

Sept 20, 2021 4:32 PM

Ajit Mishra, VP - Research, Religare Broking

The market started the week on a feeble note and lost nearly a percent, pressurized by weak global cues. The decline shows nervousness ahead of the US Fed meet and we may further slide in the Nifty towards the major support around the 17,150-17,250 zone. We recommend keeping a cautious approach and limiting naked leveraged positions. Among the sectors, metal looks weakest while selective stocks from the defensive pack like IT and FMCG are still holding strong. Participants should plan their positions accordingly.

Sept 20, 2021 4:23 PM

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

A sharp profit booking has triggered in the market and Monday's confirmation of short term top reversal pattern is likely to drag Nifty down to 17,200-17,150 levels in the next few sessions. Any attempt of upside bounce from here could find strong resistance at 17,625 levels. However, a move below 17,150 is likely to open more broad-based weaknesses in the near term.

Sept 20, 2021 4:20 PM

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Global equity markets witnessed steep corrections and Indian markets also followed suit as there was wide-spread selling, especially in banking, metals and realty stocks. After a sharp rally in recent sessions, the markets could see some bouts of volatility in the near future. Benchmark Nifty has formed a strong reversal formation which clearly indicates high chances of a further correction from current levels. The texture of the market is weak and downward momentum could continue in the short run.

For the next few trading sessions, the 17,525 level could be the sacrosanct resistance level for the traders, and trading below the same we can expect further price correction up to 17,300-17,250 levels, whereas trading above 17,525 may trigger a quick pullback rally up to 17,625-17,675 levels. Contra traders can take a long bet near the 17,250 support level with a strict 50 points stop loss.

Sept 20, 2021 4:13 PM

Manish Shah, Founder, Niftytriggers.com

Nifty settled lower for the day and it was a bearish start to the week. In a departure from the usual practice of Nifty recovering from the lows of the day this time Nifty did bounce back from the lows. But this time, Nifty could not sustain higher levels as sellers trounced the buying interest during the early part of the day.  In terms of the magnitude; the last two days saw a big decline as Nifty dropped from the high at 17,792 and more than 400 points in two days. This is one of the largest two-day declines in the last couple of months.

The MACD is still in a buy more and +DMI is above –DMI. The underlying trend is still intact but we have to be careful as Nifty may be getting a prolonged corrective decline. It is going to be a bit tricky navigating the markets for the next couple of days. Support in Nifty is at 17,240 and a break below 17,240 and we could see a decline towards 17,050 points. For the rally to continue Nifty needs to move above 17,580-17,600.

Sept 20, 2021 3:58 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed the continuation in the correction and an attempt to hold the level above the Nifty50 Index level of 17,500. The market suggests that 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is unable to sustain the level of 17,450-17,500, the market witnesses further correction to the levels of 17,250-17,300.

Sept 20, 2021 3:51 PM

Market At Close | FMCG majors (HUL, ITC, Nestle & Britannia) gain in a weak trading session

Sept 20, 2021 3:49 PM

Market At Close | Metals see deep cuts on weak demand sentiment in China; Nifty Metals slips 7% to record the biggest 1-day fall in since May 2020

Sept 20, 2021 3:49 PM

Market At Close | Market closes at day’s low amid weak global cues ahead of FOMC meet; Broader markets underperform benchmarks, Midcap Index & Nifty Bank slip 2% each

Sept 20, 2021 3:48 PM

Market At Close | Here are the highlights of today's trading session

-Market Closes At day’s Low Amid Weak Global Cues Ahead Of FOMC Meet

-Broader Mkts Underperform Benchmarks, Midcap Index & Nifty Bank Slip 2% Each

-Sensex Slips 585 Points To 58,431 & Nifty 219 Points To 17,366

-Nifty Bank Falls 737 Points To 37,075 & Midcap Index 645 Points To 29,255

-Metals See Deep Cuts On Weak Demand Sentiment In China

-Nifty Metals Slips 7% To Record The Biggest 1-day Fall In Since May 2020

-41 Of 50 Nifty Stocks Close In The Red; Metals Top Losers

-FMCG Majors (HUL, ITC, Nestle & Britannia) Gain In A Weak Trading Session

-Except FMCG, All Sectoral Indices Close In The Red; Nifty Metal Top Losing Index

-Volatility Index, India VIX Surges 14% To Record Biggest 1-day Gains In 5 Months

-Tata Steel Erases Gains Of Last 2 Months, Closes With A Cuts Of 10%

-Tata Steel, JSW, Hindalco, UPL, BPCL, IndusInd, SBI Top Index Losers

-JSPL, Nalco, SAIL, NMDC, PI Ind, IndiaMART Top Midcap Losers

-Indian Hotels, GMR, PVR, ICICI Lombard, Marico, Godrej Prop Top Midcap Gainers

-Market Breadth Favours Declines; Advance-Decline Ratio At 1:4

Sept 20, 2021 3:39 PM

Closing Bell | The Indian equity benchmark indices ended sharply lower Monday dragged by selling in metals and banking stocks. The Sensex plunged 524.96 points, or 0.89 percent, to end at 58,490.93, while the Nifty closed 188.25 points, or 1.07 percent, lower at 17,396.90. Broader markets underperformed the frontliners as the Nifty Midcap100 plunged 2.16 percent and the Smallcap100 index ending 1.73 percent lower.

Barring Nifty FMCG, all other sectoral indices ended in the red with the Nifty Metal and Nifty Nifty PSU Bank indices falling the most followed by realty, auto, financial services, pharma and energy indices. Tata Steel, JSW Steel, Hindalco Industries, UPL and BPCL were the top Nifty50 losers, while Hinustan Unilever, Bajaj Finserv, ITC, Nestle India and HCL Technologies were the top index gainers. Read here

Sept 20, 2021 3:38 PM