Stock Market Today witnessed a sharp sell-off on September 15, with the benchmark indices declining in the final leg of trade as rising oil prices intensified concerns over inflation and economic growth. The Sensex fell 777.94 points, or 1.04%, to settle at 74,003.82, while the Nifty 50 declined 279.50 points, or 1.19%, to close at 23,118.60.
Key Highlights
- Sensex fell 778 points while Nifty declined 280 points as rising oil prices intensified market concerns.
- Nifty Realty plunged 4%, while IT stocks gained 2% and bucked the broader market decline.
Overall, the broader market was also on the downside. The Nifty MidCap and Nifty SmallCap indexes fell 2.12% and 2.43% respectively. Nifty Realty and Nifty Chemical were the two worst performers among the sectoral indices with a decline of 4% and 3.05% respectively. Nifty IT, on the other hand, was the sole sector to get positive returns with a 2% increase.
Oil Prices and Bond Yields Weigh on Market Sentiment
Investors continued to be concerned about high crude oil prices and global bond yields climbing. Sentiment was also impacted by the prospects for additional monetary policy tightening by key global central banks and uncertainty surrounding upcoming central bank decision dates.
Barring hopes of a high interest rate regime, and continuous foreign fund outflows, Geojit Investments said that mid and small-cap stocks lagged the benchmark indices. But robust local fundamentals and value investing by domestic investors may help to mitigate potential risks.
Oil prices continued to be high and supply worries continued to reign in the wake of the attacks on Saudi Arabia's energy infrastructure. September futures were $107.06 per barrel, 0.81% higher.
Nifty Faces Resistance at 23,250-23,280
The 23,250-23,280 levels are seen by technical analysts as near-term resistance levels for the Nifty. The near-term outlook is expected to be bearish till the index remains below 23,280; any consolidation below that level will likely trigger a bear move, says SBI Securities.
The downside risks are that the Nifty could see selling pressure towards 22,950 and further towards 22,800. If it can hold above 23,280, that will help to turn sentiment more bearish and make recovery more likely.
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IT Stocks Outperform Despite Market Weakness
IT stocks bucked the broader stock market decline, with the Nifty IT index gaining around 2% by the close. Earlier in the session, the index had climbed nearly 5%, while HCL Technologies, Tech Mahindra and Infosys gained more than 5% each.
The rally in IT stocks came amid renewed concerns about the pace of frontier AI development and its potential impact on traditional technology services.
NSE IPO, Tata Sons Listing in Focus
Investors also tracked developments surrounding the upcoming NSE IPO, which is scheduled to open for subscription on September 17 and close on September 21. The issue has a price band of Rs 1,700–Rs 1,785 per share and is estimated to raise around Rs 21,494–Rs 22,567 crore.
Meanwhile, Tata Group stocks gained sharply during the session amid expectations of Tata Sons' listing. Tata Chemicals rose 20% to Rs 734.50, while Tata Investment Corporation gained 15% to Rs 750.30 on the BSE.
