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Sensex Falls 168 pts at Close, Nifty Below 17,650; Shree Cement Rallies 8%, Ultratech Up 4.5%

By: Aparna Deb


Last Updated: September 07, 2022, 15:42 IST

New Delhi, India

Markets opened on an muted note on Wednesday morning

Markets opened on an muted note on Wednesday morning

Sensex Today: The Sensex and Nifty benchmark indices opened in the red on Wednesday morning.

Sensex Today: Indian shares slid on Wednesday, led by losses in technology and financial stocks, while worries that the U.S. central bank will keep raising interest rates dented investor sentiment. The S&P BSE Sensex closed at 59,029, down 168 points or 0.28 per cent, while the Nifty50 ended at 17,624, down 31 points or 0.18 per cent.

Tata Motors, Bajaj Auto, IndusInd Bank, M&M, Maruti Suzuki, Bharti Airtel, Tata Steel, and ICICI Bank were the top losers, down between 1 per cent and 2.6 per cent.

On the flipside, Shree Cement, Ultratech Cement, Adani Ports, Coal India, Britannia, SBI Life, Grasim, and BPCL advanced over 1 per cent each.

The resilience of the broader markets, however, continued on the bourses with the BSE MidCap and SmallCap indices advanced 0.5 per cent and 0.75 per cent, respectively.

Among sectors, the Nifty Auto index fell over 1 per cent, but the Nifty Pharma index gained 0.8 per cent.

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd., said: “On the technical front, Nifty formed a high wave doji candle suggesting indecision after a rise. There is evidence of reversal pattern in weekly time frame hence in coming sessions, key thing to watch will be a faster retracement above August highs of 18000 that will signal end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating of sluggish momentum for the short to medium term. Thus, one need to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by 50 per cent correction at 16600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support stands at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a negative note due to weak global cues and is expected to withstand the selling pressure at the crucial support level of 17,350."

Global Cues

Major Asian shares began sharply lower Wednesday morning, extending their losing streak into a fifth day following another drop on Wall Street, on fears central banks will continue to ramp up interest rates for some time to quell inflation.

Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street amid lingering worries over US rate hike plans. The benchmark Nikkei 225 index was down 0.64 per cent, or 177.41 points, at 27,449.10 in early trade, while the broader Topix index was down 0.63 per cent, or 12.22 points, at 1,914.36.

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    first published:September 07, 2022, 09:23 IST
    last updated:September 07, 2022, 15:42 IST