Indian markets fall for third straight day on September 21
Indian stock markets fell for the third consecutive day on September 21, tracking weak global cues. The US Federal Reserve maintained the status quo in its policy meeting but indicated that interest rates will remain higher for longer. This led to selling by foreign institutional investors (FII) and elevated crude oil prices remained a concern.
The BSE Sensex declined 570.60 points, or 0.85 percent, to 66,230.24, while the broader Nifty 50 slumped 159.05 points, or 0.8 percent, to 19,742.35. The biggest drags on the indices were stocks from banks, auto and financial services segments.
Broader market performed even worse. Nifty Smallcap 100 declined 1.34 percent while Nifty Midcap 100 0.89 percent. Bse 590, the broadest index on NSE, dropped 0.84 percent.
Barring Nifty Media that closed marginally in green, all other sectoral indices bled. Nifty PSU Bank, which has been a standout performer in the last one month or so, was the biggest loser during the day, falling 2.28 percent. Nifty Auto, Nifty Bank and Nifty Financial Services ended lower by about 1.5 percent each.
Among the Nifty 50 stocks, Adani Ports was the top gainer, rising 1.74 percent. Tech Mahindra, Dr Reddy’s Labs, Asian Paints and Bharti Airtel were other big gainers adding over 1 percent each.
M&M was the top loser in the pack, down about 3 percent. ICICI Bank, Cipla, SBI, IndusInd Bank and UltraTech Cement followed with cuts in the range of 2-3 percent as well.
Outlook for September 22
Analysts believe that the market may remain volatile in the near term due to factors such as the hawkish stance by the US Fed, rising oil prices and erratic rainfall. However, they advise investors to stay stock-specific with a focus on risk management.
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