Sensex falls for 6th straight session, Nifty tests 11,000; check what’s pushing markets down

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September 24, 2020 10:08 AM

Barring Kotak Mahindra Bank and Power Grid Corporation of India, all the Sensex constituents were trading in the negative territory,

Sensex, NiftyThe broader markets were performing lower in line with frontline indices.

Following weak global cues, BSE Sensex and Nifty 50 were trading lower for the sixth consecutive session on Thursday. The 30-share Sensex plunged 445 points or 1.19 per cent to 37,222, while the broader Nifty 50 index gave up the crucial 11,000 mark. Index heavyweights such as Infosys, Reliance, TCS, ICICI Bank and HDFC Bank contributed the most to the indices’ loss today. “We have achieved the first target of the Nifty which was advised to be between 10900-11000, the Nifty low is 10951. The index continues to remain weak and any rally up can be used to short this market. 10900-10950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10750. The resistance on the upside is at 11300,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

IndusInd Bank top Sensex loser: Barring Kotak Mahindra Bank and Power Grid Corporation of India, all the Sensex constituents were trading in the red. IndusInd Bank was the top Sensex laggard, followed by M&M, Bajaj Finance, Titan Company, ICICI Bank, Axis Bank, TCS, SBI, Bajaj Finserv, Maruti Suzuki and ONGC.

All sectoral indices in red: The trend among sectoral indices was negative. Nifty Media index was down 2.29 per cent, Nifty Metal index 1.89 per cent, Nifty Auto index 1.60 per cent. While Nifty IT index was down 1.41 per cent.

Broader markets: The broader markets were performing lower in line with frontline indices. BSE MidCap index was down 1.43 per cent or 204 points to trade at 14,034, while BSE Smallcap index lost 1.22 per cent or 177 points to rule at 14,323.

Global markets: Asian peers were seen trading lower in Thursday’s session following overnight declines on Wall Street. South Korea’s Kospi dropped 2 per cent. Hong Kong’s Hang Seng index fell 1.8 per cent. In Japan, the Nikkei fell 0.57 per cent while the Topix index shed 0.53 per cent. In overnight trade on Wall Street, US stock indices plunged up to 3 per cent as tech shares took a hit. The Dow Jones Industrial Average fell 1.92%. The S&P 500 lost 2.37% and the Nasdaq Composite dropped 3.02%

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