Market Wrap 25 Sep: Fifth straight fall; Nifty at 24,890.85 (-0.66%), Sensex at 81,159.68 (-0.68%)
Negative close: Nifty at 24,890.85 (-0.66%), Sensex at 81,159.68 (-0.68%) as foreign outflows, credit worries and H-1B fee fears weigh.
Today, the market ended in the negative. The Nifty opened at 25,034.50, reached a high of 25,092.70, and closed 0.66% lower, at 24,890.85. Sensex followed the same suit and closed 0.68% down at 81,159.68. It opened today at 81,574.31 and made a high of 81,840.73.
Reasons for this decline
There are several reasons for the market decline:
- The global market showed weakness in Asian and European markets, along with losses by the US market overnight, which created a negative sentiment for the day.
- The concerns over slowing credit growth, industrial output, and upcoming policy announcements added more selling pressure among the investors.
Major Indices Today
- Nifty 50 continued its 4-day loss streak, dragged by the IT sector amid US H-1B visa fees and continuous foreign outflows.
- Sensex was weighed down by negative global cues and broad sector weakness. IT, Banking, and auto pulled the index lower.
- Nifty Bank and Fin Nifty dropped as PSU and private banks saw selling, driven by margin pressures and concerns over credit growth.
Sectoral Indices Today
- Nifty IT saw the worst hit as the rising fears of higher costs and fewer contract wins for exporters amid the US visa fee hike.
- Nifty Auto stocks declined, driven by weak demand cues, rising input costs, and stock-specific news like Tata Motors.
- Nifty FMCG dropped due to profit-booking and sectoral challenges like rising raw material costs, slowing urban consumption, and the recent GST 2.O has severely affected the consumer purchasing behavior.
- Nifty Pharma and Nifty Healthcare were down, impacted by issues like regulatory changes, pricing pressures, and operational challenges.
Market Movers Today
- Hindustan Aeronautics shares rose by 1.52% at ₹4,796.50 after the Ministry of Defence signed a contract worth ₹67,000 crores with the company for 97 Tejas Mark-1A fighter jets.
- Shares of Shipping Corporation of India, Mazagon Dock, and GRSE rose by 4% after the Shipbuilding Finance Assistance Scheme was extended till 31st March 2036 with a corpus of ₹24,736 crores.
- Hindustan Zinc shares jumped by 3.16% at ₹467.20 after silver hit record highs.
- Tata Motors dropped by about 3% at ₹663.90 after a report by Financial Times stating that JLR may face a Euro 2 billion hit from a recent cyber attack.
- Power Grid Corporation of India shares dropped by 2.06% at ₹287.25 per share after a 4% decline in profit with weak sales and margins.
Top Gainers
Top Losers
52W High Stocks
52W Low Stocks
High Volume Stocks Today
IPOs
- Seshaasai Technologies and Anand Rathi Share and Stock Brokers closed for IPO subscription today. The price band was set at ₹402-423 for Seshaasai Technologies and ₹393-₹414 for Anand Rathi Share and Stock Brokers. The share allotment for both IPOs is planned for on 26th September.
- Jain Resource Recycling IPO is open till 26th September for subscription with a price band of ₹220-232.
- Trualt Bioenergy IPO opened today for subscription with a price band set at ₹472-496.
Allotment Status
Atlanta Electricals and Ganesh Consumer Products shares will be allotted today. Investors can check the allotment status online through the websites of BSE and NSE.
Listed Today
Ivalue Infosolution shares got listed at 5% discount at ₹284.95 per share on NSE and ₹285 on BSE. The price band for the IPO was set at ₹299 per share.
Market Announcements
- Hindustan Copper shares rose by 6.45% at ₹328.25 on BSE after a rise in global copper prices.
- Fineotex Chemicals shares climbed by 16.6% to ₹271 on BSE after the company announced a board meeting to discuss several key proposals. The company is also going to declare an interim dividend in the upcoming meeting.
