Delhi, September 21, 2023, was another horrible day because NIFTY dives sharply. The Indices closed at 19742.35, falling more than -150 points, and the Sensex dragged to 66230.24, which is -570.60 points down from yesterday. The Bank indices gives more pain than the Nifty50, which fell 760.75 points today and closed at 44623.85.
The main reason for the fall in the equity market is the Fed’s hawkish commentary on controlling inflation. So, the Fed chairman informed, they are not increasing the interest rate, but they can increase the interest rate until December 2023 if inflation does not come under control. Negative global cues and profit booking by the institutional investors’ accounts mean they are booking profit.
Other then Indian equity market, Asian markets also sees heavy profit booking. In US NASDAQ fall more then 1% in the last trading session. At the close of Indian equity market whole Europeans markets trading in red.
The main contributor to the NIFTY’s fall by sector
Cement/construction sector, automotive sector, banking sector, etc.
All the sectoral indices fell except MEDIA. The PSU Bank indices fell heavily; 11 out of 13 constituents fell between -1.77% and –5.89%. The biggest fall was in Punjab & Sindh Bank, followed by UCO Bank and Central Bank.
Check out the top gainers and losers.
NIFTY’s TOP GAINERS
NIFTY’s TOP LOOSERS
