Business Economy


Stock Markets ends in low, Nifty at 22,700 level

New Delhi, Sep 29 (UNI) Indian Stock Markets on Tuesday ended lower in a volatile session with the Nifty closing around 22,700 amid F&O expiry. Persistent FII selling, a weakening rupee, rising crude oil prices and elevated US Treasury yields continued to weigh on sentiment.
At close, the Sensex was down 242.65 points or 0.33 percent at 72,529.07, and the Nifty was down 64.05 points or 0.28 percent at 22,716.20. Nifty midcap index declining 0.6 percent and smallcap index falling 0.8 percent.
Titan Company, Eternal, HCL Technologies, HDFC Life, Infosys were among top Nifty losers, while gainers were Dr Reddy's Labs, NTPC, Tata Steel, Adani Enterprises and Adani Ports.
Among the sectors, all other sectoral indices ended in the red except media, metal and pharma,. Auto, Information Technology and Consumer Durables were down over 1 percent each.
Over 220 stocks touched 52-week low. These included PB Fintech, REC, Jyothy Labs, Aditya Birla Fashion, UPL, ICICI Prudential Life Insurance, IEX, Havells India, DCM Shriram, General Insurance Corporation, India Cements, SJVN, Blue Dart Express, NCC, KEC International, CG Consumer Electricals, Tata Elxsi, Eris Lifesciences, Wipro and Godrej Consumer Products, among others.
In terms of individual stocks, Pidilite Industries fell nearly 2% after entering into a strategic partnership with South Korea-based Hwaseung Chemical.
Indian rupee erased all the intraday losses to close flat at 95.98 per dollar compared with Monday’s close of 95.98.
Vinod Nair, Head of Research, Geojit Investments Limited said, "Domestic equities continue to face correction-led headwinds amid volatile crude prices, U.S. Treasury yields hovering near two-decade highs, and persistent FII outflows exerting pressure on the rupee. Adding to the pressure, the unprecedented pace of IPO fundraising is absorbing incremental liquidity. Investor risk appetite remains subdued against a hawkish global backdrop amid rising odds of additional rate hikes later in the year."
"While geopolitical tensions will continue to shape near-term sentiment, market focus is gradually shifting towards Q2 earnings, with expectations already tempered versus Q1. A meaningful de-escalation of the U.S.-Iran conflict could trigger a sharp relief rally driven by improved risk sentiment. Until then, investors are likely to remain selective, favouring fundamentals and earnings visibility over broad-based market exposure."UNI VK AAB
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