Market wrap: SBI, HDFC Life, TCS, Infosys top gainers and losers on Nifty and Sensex on Thursday

Indian equities staged a measured recovery on Wednesday, September 16, with value buying emerging in banking stocks and select heavyweight counters following Tuesday’s sharp decline.

The Nifty 50 closed at 23,217.60, gaining 99 points, or 0.43%, from the previous close. The Sensex added 332.63 points, or 0.45%, to settle at 74,336.45.

Broader markets, however, remained under pressure. The Nifty Smallcap 100 declined 0.18%, while the Nifty Midcap 100 slipped marginally by 0.01%.


Among sectoral indices, the Nifty FMCG index gained more than 1.6%, while the Nifty PSU Bank index rose over 1.4%. The Nifty IT index, meanwhile, declined around 1.6%.

Market breadth remained negative, with 1,688 stocks advancing on the NSE against 1,855 declines, while 119 stocks remained unchanged.

The US Federal Reserve’s rate decision and accompanying policy guidance, analysts believe, will determine the next directional move. Balanced commentary could support a further recovery, while a hawkish outlook, renewed strength in bond yields or a move in Brent crude towards $110 could revive selling pressure and limit the market’s rebound.

Here are today’s top gainers on the Nifty

Here are today’s top gainers on the Sensex

Here are today’s top losers on the Nifty

Here are today’s top losers on the Sensex

Technical View

The technical picture, analysts believe, have improved marginally but remained fragile. The Nifty closed above the 23,200 mark but continued to face resistance in the 23,300–23,500 zone.

According to Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, immediate support for the Nifty is placed at 23,000, followed by 22,800. For the Bank Nifty, levels above 56,000 need to be sustained for the recovery to extend towards 56,500–56,800. A renewed break below 56,000 could bring 55,500 back into focus.

This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.