Stock Market Update: Nifty closes in negative at 24,654.70, Sensex at 80,426.46
Heavy FII outflows, rising global risks, and negative cues from global markets added pressure on the Indian market.
Today, the market continued to end in the negative. The Nifty opened at 24,818.55, reached a high of 24,868.60, and closed 0.95% lower, at 24,654.70. Sensex also closed 0.90% down at 80,426.46. It opened today at 80,956.01 and reached a high of 81,033.09.
Reasons for this decline
There are several reasons for the market decline:
- Heavy FII outflows, rising global risks, and negative cues from global markets added pressure on the Indian market.
- The weakness in the IT sector was due to disappointing earnings estimates by Accenture and concerns over visa fees.
Major Indices Today
- The Nifty 50 and Sensex continued to decline, dragged down by heavy losses in the pharmaceutical and IT sectors following the recent announcement by the US of 100% tariffs on branded, patented drugs.
- Nifty Bank and Fin Nifty dropped under pressure with FII selling and the impact of currency volatility.
Sectoral Indices Today
- Nifty IT declined after Accenture estimated a weak revenue forecast.
- Nifty Auto stocks declined, driven by broader market weakness , rising raw material prices, and supply chain disruptions.
- Nifty FMCG dropped due to broader selling pressure.
- Nifty Pharma and Nifty Healthcare were down after the tariff announcement created fear among the investors.
Market Movers Today
- Tata Motors shares rose by 1.29% at ₹672.90 after JLR reported progress in restoring digital systems after a recent cyberattack.
- Shares of Sun Pharma, Cipla, Zydus Lifesciences, and Biocon declined after the US announced a 100% tariff on imported patented drugs.
- Max Healthcare Institute shares fell by 1.13% at ₹1124.80 amidst high volume.
- Carysil shares dropped by about 10% after the US announced a 50% tariff on imported kitchen cabinets and 30% on upholstered furniture.
- Netweb Technology shares rose by 1.44% at ₹3,665.60 per share after the company received the purchase order for the supply of Tyrone AI GPU Accelerated Systems worth ₹450 crores.
Top Gainers
Top Losers
52W High Stocks
52W Low Stocks
High Volume Stocks Today
IPOs
- The IPOs of Jain Resource Recycling and BMW Ventures closed today. The price band was set at ₹220-₹232 for Jain Resource Recycling and ₹94-₹99 for BMW Ventures. The share allotment for both IPOs will be done on 29th September.
- Trualt Bioenergy IPO is open for subscription until 29th September with a price band of ₹472-₹496.
- Pace Digitek IPO opened today for subscription with a price band set at ₹208-₹219.
Allotment Status
Seshaasai Technologies, Anand Rathi Share and Stock brokers, and Jaro Education shares will be allotted today. Investors can check the allotment status online through the websites of BSE and NSE.
Listed Today
- GK Energy and Saatwik Green Energy shares got listed today. GK Energy was listed with a 12% premium on the NSE at ₹171 and with an 8% premium on the BSE at ₹165.20. The price band for IPO was ₹145-₹153.
- Saatwik Energy shares got listed at a very flat note. The stock is listed at ₹465 on NSE and ₹460 on BSE. The price band set was ₹442-₹465.
Major News
- Vodafone Idea shares dropped by 6% to ₹8.12 on the NSE after the Supreme Court delayed the hearing on AGR on October 6.
- Waaree Energies shares declined by 7.18% to ₹3,197.70 on the NSE after US customs officials stated that they were investigating the company for suspected US tariff evasion.
