Stock Market Today: Sensex, Nifty in Freefall; All Sectors in Red

 

Stock Market Today Sept 20, 2023: The Indian stock markets fell sharply and ended the volatile session with significant losses on Wednesday. The domestic markets extended losses as the session progressed on the back of heavy selling in HDFC Bank and Reliance Industries. 

Global investors remained cautious ahead of the US Fed’s interest rate decision, which is due later in the day. Investor’s concerned about fresh inflation due to rising crude oil prices dampening the market sentiments. A hectic selling pressure was witnessed in HDFC Bank, as Nomura downgraded the bank to a Neutral rating and cut the target price. 

Meanwhile, market sentiments were also hit amid deteriorating ties between India and Canada, as they could have a bearing on flows into India.  Besides, persistent selling pressure from FIIs also weighed on sentiments.  

 

Stock Market Indexes Today

 

The Nifty 50 index closed lower by 231.90 points or 1.15 percent and closed at 19901.40 levels while the Sensex was down by 796 points or 1.18 percent and finished at 66800.85 levels. The Bank Nifty index ended lower by 595.25 points or 1.29 percent on the spot level and closed at 45384.60 levels.

The broader markets also closed lower today, as the Nifty midcap index was down by 114.35 points or 0.28 percent and closed at 40543.85 levels. The Nifty smallcap index ended lower by 112.15 points or 0.88 percent at 12613.05 levels.

 

Nifty 50 Top Gainers & Losers 

 

The top gainers in the Nifty 50 index were Power Grid, Coal India, ONGC, Sun Pharma, and Eicher Motors and the top losers were HDFC Bank, JSW Steel, Reliance, BPCL, and SBI Life

The top gainers in the Nifty midcap index were AU Bank, Fortis, and JSW Energy, and the top losers were Max Health, Bank of India, TTML

The smallcap top gainers were Brightcom Group, Suzlon, and Graphite while the top losers were UCO Bank, IOB, and Central Bank.

The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and ICICI Bank. The most active stocks in terms of volume were HDFC Bank, Tata Steel, and Power Grid.

On the sectoral front, all sectoral indices were closed in the red, with Metals, Financial Services, and Banking falling the most.

 

Global Stock Market Today

 

The other Asian stock markets closed in the red on Wednesday, as the central bank of China kept the 1-year and 5-year, Loan Prime rates unchanged in September. Investors remained cautious ahead of the US Fed’s interest rate decision, which is due later in the day. Shanghai and Hang Seng ended lower by 0.53 percent and 0.44 percent respectively.

Nikkei extended early losses and ended lower by 0.66 percent, as Japan’s trade deficit narrowed by two-thirds on a YoY basis in August, while imports and exports recorded a smaller fall than expected earlier. Kospi closed flat to the positive, up by 0.02 percent, as South Korea’s wholesale inflation came to its highest level since July 2022.

Elsewhere, Australia’s S&P/ASX 200, Straits Times, Taiwan, and Set Composite ended in the red. European stock markets are trading higher ahead of the US Federal Reserve’s interest rate decisions.

 

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You may also like to read,  Stock Market Prediction Next Week (18-22 Sept 2023)

                                       Trade Setup for Wednesday, Sept 20, 2023: Stock Market Today

 

Happy Investing!!

Editorial desk