26 Sep , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened on a negative note and slipped further into the red in morning deals with Nifty falling below below 17000 for the first time since 28 July 2022 on the back of weak global cues. The Sensex was down 961 points or 1.7% at 57137, and the Nifty fell nearly 2% to hit an intraday low 16978. Weakness spread to broader markets as well, as Nifty MidCap 100 and Nifty SmallCap 100 indices dropped up to 2 per cent. All sectors plunged in the red with Nifty Auto, Nifty Metal, and Nifty Realty indices witnessing a selloff. Reliance Industries and ICICI Bank were the top index draggers.
Rupee movement will also be key monitorable, which could lead to sectoral churn as defensives are attractively priced while rate sensitives may be vulnerable to temporary profit booking after sharp rally recently. Sectorally, Consumption, Auto, BFSI remain in structural uptrend while Pharma provide favourable risk reward proposition.
Benchmark NSE Nifty 50 slipped below 17000 for the first time since 28 July amid weak global cues. Bank Nifty fell 920 points or 2.33% to 38,630.
Nifty has formed a big Bearish candle on daily scale and a Bearish candle with longer upper shadow on the weekly frame which indicates pressure at higher zones. Now, till it remains below 17442 zones, weakness may be seen towards 17250 and 17000 zones whereas hurdles are placed at 17550 and 17667 zones.
Power Grid Corporation, Tata Motors, Hindalco Industries, M&M and Hero MotoCorp were among major lowers on the Nifty, while HUL, BPCL, Bajaj Finserv, Nestle India and Britannia Industries were the gainers.
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