Sensex falls 241 points, Nifty falls below 20,150; Why did the markets fall today? – News18

The BSE Sensex fell 241.79 points to close at 67,596.84 on Monday, September 18, and the NSE Nifty fell 59.05 points to 20,133.30. The domestic stock market opened nervously, then recovered until 12:00 and then started to fall, eventually ending the day in the red below the opening level.

Of the 30-share Sensex, 16 shares closed in the green, while 14 shares ended the day in the red. Top gainers included PowerGrid, Titan, M&M, NTPC and Bajaj Finserv, up up to 3 percent. However, the biggest losers included HDFC Bank, Bharti Airtel, Infosys, UltraTech and Tata Steel, which fell up to 1.98 per cent.

Vinod Nair, head (research) at Geojit Financial Services, said, “Domestic markets gave up momentum as they anticipated a series of policy rate decisions to take place this week. Investor confidence was also affected by expectations of a revival in demand in China, combined with a drop in crude oil supply. With fears of a Fed rate hike back on the agenda, as reflected in higher US Treasury yields, markets are awaiting clarification from major central banks.”

On the technical move, Kunal Shah, senior technical and derivatives analyst at LKP Securities said, “The Bank Nifty index saw profit booking at higher levels and struggled to cross the 46,300 mark. The PSU (Public Sector Undertaking) banking sector emerged as a clear outperformer in the index. This outperformance is expected to continue in the near term, possibly driven by positive sentiment or specific factors affecting PSU banks. The Bank Nifty has an immediate support zone between 45800 and 45700. This level is crucial and a break below it could lead to further selling pressure in the index.”

He added that despite the profit booking, the overall sentiment for the Bank Nifty remains bullish as long as the mentioned support levels are maintained on a closing basis. This indicates that there is still confidence in the index’s upward trajectory.