Market Closes Lower: Nifty Below 26,200, Sensex Down 264 Points

Mumbai, September 27, 2024: Indian benchmark indices concluded the trading session on a bearish note, with both the Sensex and Nifty settling below their previous day’s levels. The Sensex lost 264.27 points, or 0.31%, to close at 85,571.85, while the Nifty declined by 37 points, or 0.14%, to finish at 26,179.00.

Sectoral Performance:

The sectoral landscape was characterized by mixed performance. The auto, metal, information technology (IT), pharmaceutical, and oil & gas sectors exhibited some resilience, registering gains of between 0.5% and 1%. In contrast, the realty, banking, media, fast-moving consumer goods (FMCG), and telecom sectors faced downward pressure, shedding 0.5% to 1%.

Top Gainers and Losers:

Among the top gainers on the Nifty were Bharat Petroleum Corporation Limited (BPCL), Cipla, Sun Pharmaceutical Industries Limited (Sun Pharma), Coal India Limited, and Bajaj Finserv. On the other hand, Power Grid Corporation of India Limited (Power Grid), Bharti Airtel, HDFC Bank, ICICI Bank, and Hero MotoCorp emerged as the top losers.

Midcap and Smallcap Indices:

The BSE Midcap and Smallcap indices displayed a relatively flat trend, indicating that mid-sized and small-sized companies were less impacted by the broader market sentiment.

Market Overview:

The overall market sentiment was influenced by a combination of factors, including concerns over global economic uncertainties, geopolitical tensions, and domestic factors such as inflation and interest rate hikes. The banking and realty sectors, in particular, came under pressure, contributing to the downward trajectory of the indices.

Looking Ahead:

Investors will be closely monitoring key economic indicators, corporate earnings, and global events in the coming days to gauge the direction of the market. Any significant developments in these areas could impact market sentiment and influence future price movements.