The stock market had a bumpy ride on September 22, as it ended lower for the fourth day in a row. The day was marked by ups and downs, and in the end, it was PSU banks and automobiles that managed to keep their early gains. On the flip side, the information technology, metals, and pharma sectors faced some tough times.
Market Numbers
Sensex: 66,009.15 points, down by 221.09 points (0.33% decrease)
Nifty 50: 19,674.30 points, down by 68.00 points (0.34% decrease)
Nifty Bank: 44,612.05 points, down by 11.80 points (0.03% decrease)
Winners and Losers
The big winner of the day was IndusInd Bank, with its stock price surging by 2.95% to reach 1,452.90 points. On the other hand, Dr. Reddy's Laboratories faced losses, with a 2.67% decline, bringing its stock price to 5,517.05 points.
Sectoral Performance
The Nifty PSU Bank sector had a good day, showing a 3.51% increase, but the Nifty Pharma sector experienced a 1.55% decrease.
Week in Review
This week wasn't easy on the market. It marked the largest weekly loss in seven months, breaking a three-week winning streak. The Nifty Bank index was down more than 3% while the Nifty Midcap 100 lost around 2%. Most sectors posted weekly losses, except the PSU Bank index.
Standout Performers and Lagging Players
Among the Nifty gainers were Power Grid, Asian Paints, Coal India, NTPC, and HDFC Life. On the flip side, HDFC Bank, UltraTech, DRL, and Wipro were the biggest laggards.
In the midcap segment, Berger Paints, REC, PFC, Union Bank, and Canara saw gains. However, GNFC, Syngene, Zydus, and Godrej Properties were the worst hit among midcaps.
Despite the challenging week, market enthusiasts are closely watching the days ahead for any signs of stabilization and hoping for a smoother ride.