Market wrap: Adani Ent, Max Healthcare, Infosys, HDFC Life among top gainers and losers on Nifty and Sensex on Wednesday
Indian equities extended losses on September 9 as rising oil prices pressured sentiment. Sensex fell 813 points and Nifty declined 204 points. IT stocks led sectoral losses, while metals gained. Technical indicators remained bearish, though oversold conditions could trigger a rebound.
The Indian equity markets continued their loss streak on Wednesday, September 9, as investor sentiment was impacted by rising oil prices and other concerns. The NSE Nifty 50 declined 203.60 points, or 0.86%, to close at 23,431.50, while the BSE Sensex fell 813.35 points, or 1.08%, to 74,764.23. The sell-off was felt across various market segments, with the Nifty Midcap 100 and Nifty Smallcap 100 both experiencing declines of 0.51% and 0.41%, respectively. The India VIX, a measure of market volatility, rose by 6.98% to settle at 12.02.
Among sectors, the Nifty IT index suffered the most significant loss, down more than 3%, while the Nifty Metal index gained around 2%. Market breadth remained negative, with 2,092 stocks closing lower on the NSE and 1,484 concluding higher. A total of 100 stocks remained unchanged.
Technical analysis indicated that the immediate resistance zone stood at 23,550-23,600. A sustained move above 23,600 could trigger a recovery towards 23,700-23,800. Conversely, the 23,400 zone acted as support, according to Ponmudi R, CEO of Enrich Money. Momentum indicators showed significant weakness, with the daily RSI at 26, in the oversold zone, and the MACD remaining bearish.
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