Sensex, Nifty LIVE Updates on September 24: Sensex and Nifty opened majorly bearish on Thursday, amid the expiry of September futures & options contracts today, backed by weak global equities. Extending fall for the sixth consecutive session, the BSE 30-share benchmark Sensex traded 398 points lower at 37,282 and NSE Nifty 50 fell 120 points to 11,011. Yesterday, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.
Here's a look at the updates of the market action on BSE and NSE today
10. 26 AM: Market Update
Tracking massive sell-off in global stocks amid heavy foreign fund outflow, Sensex is down 3% since the start of the week, having closed in the negative territory on all the three days of the week so far.
10.11 AM: Nifty outlook
Nifty is approaching its crucial support zone around 11,000 mark whereas immediate resistance is seen around 11,250-11,300 zone. Also, tomorrow being monthly F&O expiry, we are likely to witness enhanced volatility.
10.05 AM: Top losers
All Sensex components were in the red with M&M, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv and ICICI Bank shedding up to 33%.
9. 47 AM: Market technical indicators
On opening session today -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"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."
9. 30 AM: Nifty outlook
As per Reliance Smart Money, NSE-NIFTY slipped to fresh one and half month low continuing its daily falling trend and after a lower level recovery finished trade with minor loss. Due to recent recovery in the index, its key technical indicators on the lower timeframe charts has reversed from their oversold zone. As mentioned earlier, our bearish view will remain intact, but near-term rebound cannot be ruled out. On the higher side, the index will initially face hurdle at 11,450 level and then at 11,618 mark. In case of further decline, the index will find next strong support around its 200-day SMA, which is placed at 10,767 level.
As for the day, support is placed at around 11,018 and then at 10,903 levels, while resistance is observed at 11,253 and then at 11,374 levels.
9. 22 AM: Global markets
Asian stocks are trading lower on Thursday following overnight declines on Wall Street amid a resurgence in COVID-19 infections across the world and European cities, raising the possibility of fresh lockdowns, further slowing the pace of global economic recovery. Moreover, sentiments were pessimistic due to delay in new US fiscal stimulus by Congress as lawmakers still struggled to move forward with a new package.
9. 18 AM: Opening session
Sensex and Nifty opened majorly bearish on Thursday, amid the expiry of September futures & options contracts today, backed by weak global equities. The BSE 30-share benchmark Sensex traded 398 points lower at 37,282 and NSE Nifty 50 fell 120 points to 11,011.
9. 09 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 3,912.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,629.23 crore in the Indian equity market on 23 September, provisional data showed.
8. 50 AM; Rupee closing
On the currency front, Indian rupee too ended flat, rising by one paisa at 73.57 per dollar today, as investors turned cautious amid weak domestic equities.
8. 40 AM: Market outlook
On Nifty's near-term outlook, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets reached close to 11000 but was swift to bounce back. However, the target of 10900-11000 is still open and we could very well achieve it. 11600-11650 is the resistance level and hence any rally up can be utilised to go short on the Nifty."
For today's trade, Ajit Mishra, VP - Research, Religare Broking said," We expect volatility to remain high on Thursday as well, thanks to the scheduled derivatives expiry of September month contracts. Indications are in the favour of some respite but sustainability would be key. In the present scenario, we feel it's more prudent to focus on the accumulation of quality stocks on dips."
8. 30 AM: Closing yesterday
Sensex and Nifty reversed early gains and closed a tad lower on Wednesday amid weak global cues.
Extending fall for the fifth consecutive session, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.
Sensex ends 65 points lower, Nifty at 11,131, Airtel, Tata Steel top losers