The Indian equity markets closed the truncated trading week on a weaker note, pressured by elevated crude oil prices and rising global bond yields. According to reports from Mint, persistent concerns over the near-term inflationary impact of higher energy costs, along with their potential impact on economic growth, continued to weigh on investor sentiment. Among the benchmark indices, the Sensex declined 0.65% to end at 74,294.46, while the Nifty slipped 0.22% to settle at 23,346.40. Broader market indices, including the midcap and smallcap segments, remained largely flat after a volatile week, following several weeks of relative outperformance.
The Nifty 50 closed at 23,346.40, up 75.80 points (+0.33%) after opening higher at 23,334.70 and witnessing initial profit booking. As reported by Mint, the index found buying support near 23,286.60 and gradually recovered to an intraday high of 23,389.15 before settling higher. The daily chart formed a Doji-like candle, reflecting indecision after the recent decline, with buyers showing support at lower levels but supply emerging near the highs. Sectoral participation was largely positive, led by Metal (+1.51%), Media (+1.34%), Realty (+1.19%) and Chemical (+1.17%). Support is placed at 23,150–23,200, while 23,450–23,500 remains the immediate resistance zone.
Bank Nifty closed at 56,358.70, up 302.95 points (+0.54%) after opening mildly higher at 56,172.85. According to Mint, initial selling took the index to 56,073.55, where strong buying interest emerged and supported a sustained recovery towards the session high of 56,497.45. The index formed a bullish daily candle with a minor upper shadow, indicating renewed demand from lower levels and a positive intraday recovery. Buying interest was visible across both PSU and private-sector banks, with HDFC Bank gaining around 2.5% and providing support to the index.
Sumeet Bagadia, Executive Director at Choice Broking, has recommended three stocks to buy on Monday, 21 September. As reported by Mint, the three stock picks are Equitas Small Finance Bank (buy at ₹74.09, target price ₹81, stop loss ₹70.50), Meghmani Organics (buy at ₹63.14, target price ₹70, stop loss ₹59.60), and Filatex India (buy at ₹93.83, target price ₹104, stop loss ₹89). The recommendations come amid the current market volatility and sectoral performance variations.
