The Indian stock market witnessed another day of weakness on Wednesday, September 24, as both benchmark indices extended their losing run. Investors remained cautious, leading to a broad-based decline across sectors.
Market Performance
By the closing bell, the Sensex dropped 386 points, or 0.47%, to settle at 81,715.63. The Nifty 50 also slipped 113 points, or 0.45%, closing at 25,056.90. This marked the fourth straight session of losses for Indian equities.
The weakness was not confined to large-cap stocks. Broader markets mirrored the downtrend, with the BSE Midcap index falling 0.85% and the BSE Smallcap index slipping 0.50%.
In just one trading session, investors saw nearly ₹3 lakh crore wiped out, with the total market capitalisation of BSE-listed companies slipping to ₹460.5 lakh crore from ₹463.6 lakh crore a day earlier.
Sectoral Pressure
The pain was visible across most sectors. Nifty Realty emerged as the worst performer, plunging 2.49%, as profit booking weighed heavily on real estate counters. Other major losers included:
- Nifty Auto: down 1.15%
- Nifty Private Bank: down 0.86%
- Nifty Media: down 0.81%
- Nifty IT: down 0.72%
- Nifty Bank: down 0.70%
- Financial Services Index: down 0.64%
On the other hand, Nifty FMCG managed to buck the trend, inching up by 0.18% and offering some cushion to the otherwise weak market.
Stock-Specific Action
Selling pressure was visible in several frontline names. Tata Motors fell 2.62%, while BEL declined 2.16%, and Jio Financial Services slipped 2.02%.
However, defensive buying was spotted in select counters. Power Grid Corporation gained 1.68%, HUL added 1.36%, and NTPC advanced 1.31%, emerging as the top gainers of the day.
Broader Market Highlights
The trading session was also active in terms of volumes. On the NSE, Vodafone Idea led the charts with 66.84 crore shares traded, followed by Adani Power at 13.60 crore shares and YES Bank at 7.7 crore shares.
Despite the weak sentiment, a handful of stocks outperformed. Eight BSE-listed companies, including Zuari Industries and Raj Packaging Industries, jumped over 15% intraday, defying the broader market trend. At the same time, four stocks, such as Adani Power and Eimco Elecon (India), declined more than 10%.
The breadth of the market leaned negative. Out of 4,320 stocks traded on the BSE, 1,602 advanced, 2,565 declined, and 153 remained unchanged.
Adding to the mixed picture, 176 stocks scaled fresh 52-week highs, including Maruti Suzuki India, SBI, Tata Steel, Bajaj Finance, and Canara Bank. On the flip side, 76 stocks slipped to 52-week lows, such as SpiceJet, Symphony, and Crompton Greaves Consumer Electricals.
Summary
The Indian stock market logged its fourth straight day of losses, as the Sensex dropped 386 points and the Nifty declined by 113 points. Selling pressure spread across broader indices and most sectoral benchmarks, with FMCG being the only sector to hold in the green.
Investors faced a massive ₹3 lakh crore erosion in market capitalisation, underscoring the cautious sentiment dominating Dalal Street. With several frontline stocks under pressure, the day highlighted the market’s struggle to find momentum amid persistent volatility.
Easy & quick
Leave A Comment?