DECLINE CONTINUED IN NIFTY, NIFTY BANK FOR YET ANOTHER SESSION

NIFTY:

The NIFTY opened at 19840.55 with a gap down of 61 points. Prices have continued its bearish momentum and started drifting downwards from its opening tick. A sharp decline brought prices near 19700 and then the index started moving sideways. That sideways momentum lasted till the end. However, prices have slowly moved down within a consolidation. The index recorded its intraday high at 19848.75 in its initial trades, its intraday low at 19709.95 towards the end, and finally closed at 19742.45 with a loss of 159.05 points or 0.80% down. All the sectoral indices moved in line with the NIFTY 50 index and closed in red except MEDIA which ended with marginal gains. BANK, FINANCIAL. AUTO, and REALTY led the bears and ended with a loss of over 1%. The short-term trend is sideways now. A rally found resistance around 20200 and then prices saw a sharp decline which brought the index to its support levels of around 19700 in just two days.

BANK NIFTY:

The BANK NIFTY opened at 45179.60 with a big gap down of 263 points. The index initially moved higher but soon started a consolidation process. Prices have broken on the downside after recording its intraday high at 45276.80 and saw a sharp decline. The down move lasted almost till the end, prices recorded its intraday low at 44592.45, and finally closed at 44610.20 with a loss of 832 points. PSU and PVT BANK both indices have performed almost the same, saw a sharp downside move, and finally closed with a loss of 2.28% & 1.53% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the downside followed by SBIN. The short-term trend is sideways. A sharp upside move found resistance around 46200 and then a sharp decline came that took prices to its support level around 44800. That support also breached and the next visible support is around 44000. So far, in the last three days, we have seen a down move of over 1500 points

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News Updates

• The Sensex was down 570.60 points or 0.85 percent at 66,230.24, and the Nifty was down 159.10 points or 0.80 percent at 19,742.30. Declines outnumbered gains as about 1,288 shares rose, 2,254 fell and 127 were unchanged.

• Canada pension fund has invested over $2 billion in 9 Indian new-age companies. Apart from the new-age companies, CPPIB has also invested in legacy companies such as Kotak Mahindra Bank, ICICI Bank, Infosys and Wipro.

• Kotak Data Centre Fund (KDCF), managed by Kotak Alternate Asset Managers Limited (KotakAlt), on September 21 announced an investment of Rs 600 crore in Sify Infinit Spaces Limited (SISL), a wholly-owned subsidiary of Sify Technologies Limited.

• Glenmark Life Sciences was up over one percent in the afternoon trade following a CNBC Awaaz report that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company without sharing the details.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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