FINAL TRADE: Sensex slips 571 points; Nifty settles at 19,742; M&M down over 2%

Stock market today: The domestic equity indices tumbled for the third consecutive session on Thursday, September 21, after the US Federal Reserve signalled that interest rates could stay higher for longer. Auto, bank, pharma, financial services, and realty counters were down over 1 per cent.

At close, the S&P BSE Sensex was down 570.6 points, or 0.85 per cent, at 66,230.24, and the NSE Nifty was down 159.05 points, or 0.8 per cent, at 19,742.35.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 indices also fell and ended in negative territory.

Nifty Bank settled at 44,623.85, 1.68 per cent lower.

TECHNICAL VIEW 

"Nifty could hold on to this support and provide a pullback. The daily momentum indicator today has provided a negative crossover, which is a sell signal and is now in sync with the price action. In terms of levels, 19,680–19,604 is the crucial support zone, while 19,850–19,900 shall act as an immediate hurdle zone," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Gedia added Bank Nifty has witnessed a sharp correction today and, in the process, has breached the 20 and 40-day moving averages, which is a sign of weakness. The daily momentum indicator has a negative crossover, which is a sell signal. Thus, both price and momentum indicators suggest a further decline. On the downside, we expect it to target levels of 44,500–44,360, which coincides with the 20-week moving average and the 78.6 per cent Fibonacci retracement level.

NIFTY 50 STOCKS 

M&M, ICICI Bank, Cipla, the State Bank of India (SBI), and IndusInd Bank were the major laggards on the NSE. Conversely, Adani Ports, Tech Mahindra, Dr Reddy's Laboratories, Asian Paints, and Bharti Airtel were the top gainers.

BUZZING STOCKS

Apollo Tyres shares were down over 3 per cent at the close after the company said that Bias and OTR tyre production at its manufacturing facility in Limda, Gujarat, has been stopped due to certain concerns.

Sheela Foam shares were down nearly 3 per cent at the close, a day after the company's QIP opened.

SJVN shares were down over 13 per cent a day after the state-owned power producer informed bourses that the government will sell a 4.92 per cent stake in SJVN through a two-day offer for sale, starting today.

Syrma SGS Technology shares settled over 4 per cent higher after Morgan Stanley initiated an 'Overweight' rating.

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