Stock Market Highlights 23 Sept 2022: Bears in command! Nifty ends near 17,300, Sensex declines over 1000 points; PSU Bank falls 4%

Stock Market Outlook: Triggers that led to sharp fall

Indian equity markets witnessed a sharp fall on weekend due to weak global cues. We were outperforming but the level of 112 in the dollar index and the level of 82 in  USDINR spooked the market sentiments.  FIIs have started selling again in the Indian equity market therefore we are seeing selling pressure in large-cap stocks. Global markets are nervous after the 75 basis rate hike and hawkish commentary by the US Fed. Technically, Nifty witnessed closing below 50-DMA with a breakdown of a bearish head and shoulder formation that may lead to further weakness. On the downside, 17150 is an immediate support level while 200-DMA of 17000 is a sacrosanct support level. On the upside, 20-DMA of 17700 is a critical hurdle.   We are heading into expiry weak on a weaker note as the Nifty slipped below the put base of 17500 where 17000 is the next base. The leader of the rally, Banknifty witnessed the breakdown of upsloping channel formation with a closing below 20-DMA. On the downside, 38750 will be the next important support level while 40250 will be the critical hurdle on the upside.

Santosh Meena, Head of Research, Swastika Investmart Ltd. on Market

Bank Nifty activated sell-on-rise mode

The Bank Nifty index last week witnessed extreme selling pressure from the higher levels after the key event of the US FED. The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.

Kunal Shah, Senior Technical Analyst at LKP Securities. 
 

Fall in liquidity in banking system, weak currency, premium valuation triggered fall 

A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles- Vinod Nair, Head of Research at Geojit Financial Services.

Check gainers and losers today 

Among stocks, pharma shares gained in a weak market Divis Laboratories, Cipla and Sun Pharma were the top three gainers on Nifty50. ITC, Tata Steel too managed to end in the green. PowerGrid, Hindalco and NTPC were top laggards on the benchmarks.  

Bloodbath on D-Street

For the week ended 23rd September, the benchmarks turned red as they declined by more than one per cent in a highly volatile week. PSU Bank declined the most by over 4%, while Bank Nifty ended near 39500 after falling by over 1000 points. 

Bears take control of D-Street 

In market mayhem, the benchmark indices declined nearly two per cent as Nifty50 slipped below 17,300 and Sensex tanked by over 1000 points. Bank Nifty declined nearly 3% or 1200 points in Friday's intraday trade. Meanwhile, ahead of market closing both Nifty50 and Sensex turned negative for the week, declining by over one per cent 

Stock Market Top Gainers 23 Sept 

Divis Laboratories, Cipla, Sun Pharma gain in a weak market. Tata Steel mong gainers too amid merger news. 

Nifty slips below 17,400, Sensex tanks over 800 points—Key factors behind today's market fall

The Indian market fell more than one per cent on Friday's intraday trade amid multiple global and domestic factors. Benchmark Nifty50 declined 1.4% to trade at the day's low of 17,384.25, while the Sensex fell by over 1.35% or more than 800 points to trade at 58,292.76. The 12-share Bank Nifty fell slipped almost 1100 points to trade below 39,600.  Full Report

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Stock Market Live Updates 23 Sept 

The market continued to decline as Nifty50 and Sensex fell by more than one per cent to trade near 17,400 and 58,300. Smallcap and midcap stocks remained under pressure as Nifty Midcap and Smallcap fell by around one per cent.  

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Mahindra Finance share price tanks 10% following RBI action - what investors should know

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Bank Nifty under pressure 

Bank Nifty declined over 900 points as the 12-share banking index touched the day's low of 39,665.90 on Friday 

Why IT stocks are gaining today? 

Infosys, HCL Tech and TCS shine in weak market after Accenture Q4 Results were largely in line. The Nifty IT index gained 0.8% against benchmarks Nifty50 and Sensex declining a little over one per cent in intraday trade on Friday 

Rupee vs Dollar: Indian currency sinks to new all-time low, breaches 81-mark 

The rupee collapsed to a new record low on Friday as it breached 81-mark, declining 39 paise, against per dollar for the first time ever. The rupee is under pressure after the US Federal Reserve hiked benchmark interest rates by 75bps on Wednesday and dropped hints that more hikes are on the cards in its war against skyrocketing inflation. Full Report