Stock market today: The Indian equity market closed on a muted note on Tuesday, September 26, as some domestic buying balanced the losses with relentless selling by foreign funds over fears that global interest rates would stay higher for longer. Buying was seen in auto, FMCG, metal, realty, and oil & gas stocks.

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At close, the S&P BSE Sensex was down 78.22 points, or 0.12 per cent, at 65,945.47, and the NSE Nifty was down 9.85 points, or 0.05 per cent, at 19,664.7.

Among the Nifty50 stocks, 23 declined and 27 advanced. While the Nifty Mid Cap 100 closed in red, the Nifty Small Cap 100 settled higher.

On the sectoral front, Nifty Bank was down 0.32 per cent at 44,624.2.

TECHNICAL VIEW 

"A pullback is expected till 19,773–19,800, where 40 hourly moving averages are placed, and above that, it can stretch higher till 19,880–19,900, which is the gap area formed on September 21. On the flip side, a breach below 19,600 can lead to a fall to 19,440. In terms of levels, 19,600 – 19,620 is the crucial support zone while 19,780 – 19,800 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. 

For Bank Nifty, Gedia said the index also consolidated within a narrow range today and closed in the red, down 140 points. Considering the oversold nature of the Bank Nifty, we are expecting a pullback over the next few trading sessions.

On the upside, the pullback is likely towards 45,000 – 45,200. On the hourly charts, the momentum indicator has a positive crossover which is a buy signal, and the positive divergence suggests that the momentum on the downside is weakening.

NIFTY STOCKS 

Eicher Motors, Hero MotoCorp, Nestle, ONGC, and Bajaj Auto were the major winners. On the flip side, Cipla, Tech Mahindra, IndusInd Bank, Adani Enterprises, and Asian Paints were the top laggards.

BUZZING STOCKS 

Eicher Motors shares closed over 2 per cent higher after Jefferies raised its target on the stock. It was also the top gainer on Nifty.

BSE closed over 5 per cent higher.

Dixon Technologies shares were up over 4 per cent after DAM Capital’s ‘buy’ call.

Conversely, Voltamp Transformers shares were down over 5 per cent after 12.1 lakh shares, or 12 per cent equity, changed hands in large trades.

G R Infrastructure shares were down over 3 per cent after National Highway Logistics Management Ltd. cancelled two bids worth Rs 1875 crore and Rs 1,738 crore, for which G R Infraprojects was the L1 bidder.

Delta Corp shares closed over 1 per cent down after ace investor Ashish Kacholia exited the stock.

GLOBAL MARKETS

Global shares mostly sank Tuesday over worries about a possible US government shutdown and the troubled Chinese economy.

France's CAC 40 lost 0.7 per cent in early trading to 7,076.82. Germany's DAX fell 0.5 per cent to 15,329.25. Britain's FTSE 100 edged up 0.2 per cent to 7,638.01. U.S. shares were set to drift lower, with Dow futures down 0.3 per cent at 34,158.00. 

S&P 500 futures lost 0.5 per cent to 4,359.25. Japan's benchmark Nikkei 225 index slipped 1.1 per cent to finish at 32,315.05. 

(With agency inputs)

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