Markets Close, 24 Sep: Nifty ends in negative at 25,056.90 (-0.45%), Sensex at 81,715.63 (-0.47%)
The global market showed negative cues, contributing to negative sentiments among the investors.
Today, the market ended in the red. Nifty opened at 25,108.75, made a high of 25,149.85, and closed 0.45% down, at 25,056.90. Sensex followed the same suit and closed 0.47% down at 81,715.63. It opened today at 81,917.65 and made a high of 82,045.45.
Reasons for the decline
There are several reasons for the market decline:
- The global market showed negative cues, contributing to negative sentiments among the investors.
- The rupee depreciated to an all-time low against the US dollar, driven by factors like the US visa fee hike and broader market uncertainties.
- Finance and IT companies were the major losers, with companies like Tata Motors, Wipro, and Bharat Electronics among the Nifty losers.
Major Indices today
- Nifty 50 and Sensex slipped due to weakness in the IT sector amid concerns over the visa policy.
- Nifty Bank and Fin Nifty slipped as private banks faced selling pressure, and were weighed down by weak lending sentiment and foreign outflows.
Sectoral Indices today
- Nifty IT was down due to the uncertainty regarding H-1B visa fees and regulatory concerns around key IT companies like PB Fintech.
- Nifty Auto stocks were under pressure amid broader market weakness.
- Nifty FMCG was positive as investors prefer defensive stocks to seek safety in a volatile market.
- Nifty Pharma and Nifty Healthcare were down over concerns regarding exports and regulatory pressures on MSMEs, including bioequivalence studies costing around ₹20-40 lakh per product.
Market movers today
- Indian Bank and State Bank of India shares rallied after the government’s consideration to increase the foreign investment limit in PSU banks.
- PB Fintech dropped after profit booking and concerns over higher valuations.
- Praj Industries faced heavy selling pressure after reporting a drop of about 93-94% year-on-year profits.
- Tata Motors declined by about 3% at ₹628.95 amid concerns over rising input costs.
- Wipro shares dropped by 2% at ₹244.59 per share after lower than expected earnings and rising concerns in the IT sector regarding Visa policies.
Top gainers
Top losers
52W high Stocks
52W low Stocks
High volume Stocks today
IPOs
- IPOs for Ganesh Consumer Products and Atlanta Electricals will close for subscription today. The allotment of shares will be done on 25th September.
- IPOs for Seshaasai Technologies and Anand Rathi Share & Stock Brokers are open for subscription till 25th September. The price band is set at ₹402-423 for Seshaasai Technologies and ₹393-₹414 for Anand Rathi Share & Stock Brokers.
- IPO for Jain Resource Recycling opened today with a price band of ₹220-232 and will close on 26th September.
Allotment status
GK Energy IPO shares will be allotted today. Investors can check the allotment status online through the websites of BSE and NSE
Listed today
VMS TMT shares hit 5% lower circuit at ₹99.75 per share on BSE after stock debut. The stock got listed today on the NSE and BSE at a premium of 5.96% and 6.06%, respectively. The price band for IPO was set at ₹94-99 per share.
Market announcements
- Minda Corp shares rose by 9% at ₹579.10 after it announced its ambitious plan to grow revenue 3.5x.
- Swiggy's share price dropped by 2.09% to ₹439.80 after the board approved the sale of its entire stake in Rapido, worth ₹2,400 crores, to Prosus and Westbridge Capital.
- Techno Electric declared a final dividend of ₹9 per share in its AGM.
