Indian equity markets extended their losses on Tuesday, September 8, with the benchmark indices ending lower amid continued pressure from elevated crude oil prices, concerns over a potential US Federal Reserve rate hike, and the ongoing surge in initial public offerings (IPOs).
The NSE Nifty 50 ended the session at 23,635.10, declining 144.05 points, or 0.61%. The BSE Sensex closed at 75,577.58, down 555.23 points, or 0.73%.
The broader market outperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 managing to end in positive territory. The indices gained 0.21% and 0.17%, respectively.
Among sectoral indices, the Nifty Private Bank index led the losses, declining around 1%. In contrast, the Nifty Pharma index gained nearly 1%.
Market breadth remained negative during the session. Of the 3,648 stocks traded on the NSE, 1,833 stocks closed lower, while 1,711 stocks ended higher. A total of 104 stocks remained unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
From a technical perspective, the 23,700–23,800 band now acts as the immediate resistance zone on the upside. A sustained move above 23,800 could improve the setup and trigger a recovery towards the 24,000 region, said Ponmudi R, CEO of Enrich Money.
According to him, momentum indicators continue to reflect weakness. The daily RSI stands at 30.88, moving close to the oversold zone and indicating strong negative momentum. “The MACD also remains bearish, with the MACD line at around -126, below the signal line near -63, while the histogram remains negative at around -62. This indicates that selling pressure continues to dominate, although the deeply weak RSI leaves room for a technical rebound from lower levels.”
This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav 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.
