Indian equity markets ended the week’s last trading session on a lower note on Friday, September 11, as a sharp rise in crude oil prices and concerns over a higher global interest-rate environment weighed on investor sentiment, extending the recent corrective trend.
The NSE Nifty 50 ended at 23,398.10, down 79.70 points, or 0.34%. The BSE Sensex, however, closed at 74,781.76, up 120.83 points, or 0.16%.
The sell-off was also visible in the broader market, with the Nifty Midcap 100 declining 0.26% and the Nifty Smallcap 100 falling 0.58%.
Among sectoral indices, Nifty Realty and Nifty Metal were among the biggest laggards, declining more than 2% each. Nifty Metal fell 0.65%, while Nifty Financial Services, Nifty Bank and a few other indices closed in positive territory, gaining up to 0.5%. Nifty IT and Nifty Financial Services also ended higher.
Meanwhile, the India VIX, which gauges volatility in the markets, rose 4% to settle at 12.27.
Market breadth remained positive. Of the 3,638 stocks traded on the NSE, 2,042 closed lower, while 1,476 ended higher. A total of 120 stocks remained unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
According to Ponmudi R, CEO of Enrich Money, Nifty50 index remains within a broader declining channel, and the recovery has yet to attract strong follow-through. Sustaining above the 23,400 zone will therefore be essential to strengthen the near-term recovery. On the upside, the 23,550–23,600 zone now remains the key resistance area. A sustained move above this band could improve the short-term structure and pave the way towards the 23,800 region.
"On the downside, the 23,300–23,200 zone now acts as the immediate and crucial support region. Holding above this zone will be important to sustain the current recovery attempt, while a decisive break below 23,200 could reinforce the prevailing bearish structure and expose the index to lower support levels,” said Ponmudi.
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.
