Dalal Street extended its losing streak to a fifth straight session as risk appetite stayed muted amid FII outflows and jitters around the proposed US H-1B fee hike. Benchmarks slipped, while breadth in the broader market stayed negative.
Closing Snapshot
| Index | Close | Δ (pts) | Δ (%) |
|---|---|---|---|
| Sensex | 81,159.68 | -555.95 | -0.68% |
| Nifty 50 | 24,890.85 | -166.05 | -0.66% |
| Bank Nifty | tested key support near 55,000 | — | weak tone |
| Nifty Midcap / Smallcap | — | — | ~ -0.6% each (broader indices slipped in tandem). |
Note: Official EOD prints for select non-benchmark indices were still being finalized at source; percentage direction is confirmed.
Sector Check (NSE)
| Leaders | Why it moved |
|---|---|
| Metals (↑) | Copper-linked names outperformed; Hindustan Copper strength tracked firmer global copper after supply disruption reports. |
| FMCG (mixed-to-↑) | Upgrades on select staples (Britannia, Nestlé) cushioned declines. |
| Laggards | What weighed |
|---|---|
| IT (↓↓) | Sentiment hit by proposed US $100k H-1B fee; front-line IT names under pressure. |
| Autos, Financials (↓) | Profit-taking and weak risk tone; auto names extended losses. |
Market Breadth
- Broader market: Mid & Smallcap indices fell ~0.6% each; advances trailed declines.
Nifty 50 — Notable Moves (Top Gainers/Losers)
Exact percentage tables from the exchange were not yet published at the time of writing; below are notable movers and the reasons driving them today.
| Stock | Direction | Why it moved |
|---|---|---|
| Trent | ↓ | Among top drags on Sensex/Nifty basket amid broad-based profit-taking. |
| Tata Motors | ↓ | Pressure after JLR cyberattack reports weighed on sentiment. |
| TCS, Wipro | ↓ | IT pack sold off on H-1B fee overhang and weak global tech tone. |
| Asian Paints | ↓ | Part of large-cap decliners as defensives couldn’t offset selling pressure. |
| Axis Bank, BEL, Bharti Airtel | ↑ | Select buying in banks/defence/telecom provided partial cushion. |
What Drove Today’s Tape
- Policy overhang on IT: U.S. move to impose a steep H-1B application fee kept the entire IT complex subdued.
- FII outflows persist: Continuous foreign selling kept rallies in check.
- Crude cooled but remained elevated vs recent lows: Brent eased after a seven-week peak; energy remained volatile.
- Rupee stable near record-weak zone: Managed close as RBI’s presence likely capped volatility.
Global Cues Dashboard
| Asset | Latest cue |
|---|---|
| Dow / S&P 500 / Nasdaq (prev session) | U.S. indices slipped modestly after a strong month; sentiment cautious into data & Fed speakers. |
| Brent Crude | ~$69/bbl, slight pullback after seven-week high. |
| USD/INR | Rupee hovering in the 88.6–88.8 zone; pressure from outflows. |
Stocks to Watch (and Triggers)
- Tata Motors: Any updates around JLR cyber incident and plant restart cadence.
- Large-cap IT (TCS, Infosys, Wipro): Follow-through on H-1B fee headlines; management commentaries.
- Hindustan Copper & metal pack: Track copper prices and supply headlines.
- Britannia, Nestlé: After brokerage upgrades, watch for volume/price follow-through.
- Newgen Software / Fineotex Chemicals: Order wins & board actions (split/bonus) sentiment tailwinds.
Key Technical Levels (Spot)
| Index | Support(s) | Resistance(s) |
|---|---|---|
| Nifty 50 | 24,800 (immediate); deeper risk below | 25,000–25,050 (near-term supply) |
| Bank Nifty | ≈55,000 (critical support zone) | 55,800–56,200 (overhead hurdles) |
Tactical take: Momentum has shifted to sellers with Nifty below the 21-DMA and sub-25k on intraday probes; expect sell-on-rise near resistance bands until 25,150–25,250 is reclaimed convincingly.
Tomorrow’s Playbook (Fri, Sep 26)
- Tone: Cautious-to-negative unless global risk stabilizes; dips to 24,800–24,830 on Nifty may invite short covering, but supply expected near 25,000–25,150.
- Buy/Sell Zones:
- Nifty 50: Buy-on-dips only if 24,800–24,830 holds with tight stops; Sell-on-rise toward 25,050–25,150.
- Bank Nifty: Watch 55,000; sustained breach risks extension to 54,400–54,600. Rejection near 55,800–56,200 is a fade set-up.
- Sectors to track:
- FMCG / Select Consumption: Relative strength visible; buy on dips.
- IT: Trade light—headline-sensitive.
- Metals: Momentum trade if copper stays firm.
Quick Takeaway
The market is in control of sellers near term, with 24,800 on Nifty a line in the sand and 55k critical for Bank Nifty. Respect resistance, be selective on longs (FMCG/metals strength), and keep risk tight in IT/auto where news-flow risk is high.
