Market Wrap Sept 19: Indices snap 3-day gaining streak, SENSEX falls 388 pts, NIFTY50 at 59,094; Adani Enterprises up 5%

The Indian stock market halted its three-day streak of gains and closed in red on Friday, September 19, dragged down by banking and consumer stocks amid profit booking by investors.

Market investors also turned cautious with the India and US trade negotiations underway. Commerce and Industry Minister Piyush Goyal on Thursday said that the trade talks between India and the US are progressing and are moving in the right direction.

The 50-share index NIFTY50 closed at the 25,327.05 level, falling 96.65 points, or 0.38%. During the intraday period, the index had hit an intraday low of 25,286.30, while its day’s high was at the 25,428.75 level.

Meanwhile, all the Adani stocks were the major contributors on Friday’s session following markets regulator SEBI's ruling on Thursday. SEBI, in its final order on Thursday, cleared Gautam Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) purchased shares worth ₹366.69 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,326.56 crore on a net basis.

Globally, most of the Asian markets also closed negative on Friday, with Japan’s Nikkei slipping from a record high as the Bank of Japan kept rates unchanged at 0.5%.

Japan's Nikkei was down 0.62%, South Korea's KOSPI lost 0.47%, and the Shanghai Composite tumbled 0.30%. Hong Kong's Hang Seng settled 0.03% up.

On Wall Street, the key indices closed at record highs on Thursday, a day after the US Federal Reserve implemented a quarter-point rate cut.

The Dow Jones Industrial Average gained 124.10 points, or 0.27%, to 46,142.42; the S&P 500 advanced 31.61 points, or 0.48%, to close at 6,631.96; and the Nasdaq Composite surged 209.40 points, or 0.94%, to settle at 22,470.73.

As many as 3,133 stocks traded on the NSE on Friday. Out of this, 1,601 advanced and 1,427 stocks declined, while 105 scrips remained unchanged.

This indicated that the market breadth was in favour of advances.

A total of 67 stocks hit their 52-week highs, while 31 stocks touched their one-year lows. Besides, 98 stocks hit their upper circuit limits, and 46 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹463.07 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 9.97 levels, rising 0.83%.

The broader market, however, outperformed the main equity indices on Friday. The Nifty Smallcap 100 index rose 0.15% to end at 18,504.55 levels, while the Nifty Midcap 100 index closed at the 59,094.35 level, gaining marginally by 0.04%.

Among sectors, Nifty Consumer Durables and Nifty Private Bank took the lead among losers, falling 0.65% each. Nifty Media (-0.50%), Nifty IT (-0.47%) and Nifty FMCG (-0.44%) were the other top losers.

On the other hand, Nifty PSU Bank (1.28%), Nifty Realty (0.55%), Nifty Pharma (0.50%), Nifty Oil and Gas (0.42%) and Nifty Metal (0.35%) were the gainers.

On the NIFTY50 index, 23 stocks advanced while 27 declined on Friday.

HCL Technologies was the biggest laggard, falling 1.59%, followed by ICICI Bank (-1.35%), Trent (-1.21%), Titan (-1.18%) and Mahindra & Mahindra (-1.13%).

On the flip side, Adani Enterprises (5.25%), SBI Life Insurance (1.33%), IndusInd Bank (1.16%), Adani Ports (1.15%) and Bharti Airtel (0.97%) were the biggest-gaining stocks on the 50-share index.