The Indian stock market wiped off morning gains to close in the red on Tuesday, with Sensex and Nifty falling sharply during the closing auction session (CAS) even as oil prices and bond yields cooled down.
Sensex fell 330 points to close at 74,529. On its weekly futures and options expiry day, Nifty saw its indicative price tumble around 1% in 30 seconds from 23,349.5 to 23,133, before recovering some of the losses to close at 23,329.
Here's how analysts read the market pulse
Indian equities turned volatile today after an early recovery attempt, with the Sensex and Nifty giving up gains as selling intensified at higher levels, said Vikram Kasat, Chief Business Officer of Advisory and Dealing at PL Capital.
He noted that the Nifty is trading around 23,300–23,350, while the Sensex remains around 74,500–74,700, with IT stocks under pressure amid concerns over the demand outlook. Brent crude has rebounded to around $99-100 a barrel after four consecutive sessions of declines, while foreign outflows and geopolitical uncertainty continue to weigh on sentiment and keep inflation and import-cost concerns in focus.
The rupee remains around Rs 95.8 per dollar, while gold and silver continue to see volatility amid shifting global rate expectations. With the Nifty testing the 23,300–23,350 zone, investors should avoid chasing short-term rallies, stagger investments, focus on fundamentally strong companies with earnings visibility, maintain diversification and keep adequate liquidity to capitalise on meaningful market corrections, according to the analyst.
Also read | Tata Group stocks see sharp swings as boardroom battle intensifies, but analysts say avoid the noise
US stocks
The tech-heavy Nasdaq hit an intraday record high for the first time since early June on Tuesday, underpinned by strong gains in Gemini-parent Alphabet, while optimism over potential U.S.-Iran talks boosted broader market sentiment.
A senior Iranian official told Reuters that Tehran could reopen the Strait of Hormuz within seven days if the US eases pressure. Saudi Arabia also restarted operations at its East-West Pipeline, according to three sources.
Brent crude eased 1.2% following the latest developments, but was still within reaching distance of $100 a barrel, while the yield on the benchmark 10-year Treasury note was at 4.9% - both hovering near levels that weighed on markets in recent days.
Attention is turning to a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping later this week, with investors watching for any indications that the leaders of the world's two largest economies can prevent a further deterioration in relations.
European markets
Semiconductors were among the top gainers in Europe, where the STOXX 600 was up 0.5%, extending the previous day's 1% rally.
European energy stocks shed 0.5%, tracking a dip in oil prices after Kyodo News reported that Iran offered to reopen the Strait of Hormuz within 7 days.
Most active stocks in terms of turnover
HDFC Bank (Rs 2,642 crore), Meesho (Rs 2,565 crore), Pine Labs (Rs 1,628 crore), RIL (Rs 1,330 crore), Gabriel India (Rs 1,138 crore), Kaynes Tech (Rs 1,059 crore) and BSE (Rs 1,021 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 52.78 crore), Meesho (Traded shares: 10.84 crore), JP Power (Traded shares: 10.72 crore), Pine Labs (Traded shares: 8.2 crore), Ola Electric (Traded shares: 7.38 crore), IFCI (Traded shares: 6.79 crore) and Suzlon Energy (Traded shares: 4.16 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Gabriel India, Meesho, Sun TV, Jain Resource Recycling, Engineers India, RBL Bank and JSW Infrastructure were among the stocks that witnessed strong buying interest from market participants.
52-week high
Among the ones which hit their 52-week highs on NSE included Engineers India, RBL Bank, JSW Infrastructure, Welspun India, Syrma SGS Technologies, ACME Solar Holdings and Laurus Labs.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Ami Organics, Kaynes Technologies, Aegis Vopak Terminals, Aegis Logistics, CONCOR, Apar Industries and Craftsman Automation.
52-week low
Among the ones which hit their 52-week lows on NSE included Voltas, Britannia Industries, Tata Elxsi, Tata Consumer Products, KPIT Tech, United Breweries and IRB Infra Developers.
Sentiment meter favours bears
Out of the 3,670 stocks that traded on the NSE on September 22, Tuesday, 1,679 stocks witnessed advances, 1,868 stocks saw declines while 123 stocks remained unchanged.
Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .
