Sensex Extends Losses For 8th Straight Session, Nifty Holds 24,600 Amid Weekly Expiry

Domestic equity benchmark indices extended their losing streak for the eighth consecutive session on September 30, amid weekly Nifty derivatives expiry as investors turned cautious ahead of the Reserve Bank of India's (RBI) policy decision on October 1. The BSE Sensex closed 97.32 points, or 0.12 per cent lower at 80,267.62. Likewise, Nifty 50 slipped 23.80 points or 0.10 points to settled in red at 24,611.10.

Broader market indices also showed subdued performance. The Nifty Midcap 100 closed almost unchanged, down 0.01 per cent. The Nifty Smallcap 100, however, closed in green, up 0.08 per cent. The Nifty 500 index, too, closed flat, down 0.02 per cent, and the Nifty Microcap 250 ended 0.39 per cent lower.

Banks and Metals Gain, Media, Consumer Durables, And Realty End Lower

PSU Banks and Metals emerged as the top sectoral gainers, with their respective Nifty indices jumping 1.84 per cent and 1.16 per cent higher. Nifty Auto and Nifty Bank surged 0.40 per cent and 0.32 per cent. Nifty Financial Services and Nifty Private Bank also ended in green.

On the other hand, Nifty Media emerged as the biggest loser, falling 1.23 per cent after US President Donald Trump announced that a 100 per cent tariff on movies made outside of America would be imposed. Following it, Nifty Consumer Durables closed 0.87 per cent lower, Nifty Realty slipped 0.82 per cent, and Nifty FMCG lost 0.43 per cent. Nifty Pharma, Nifty Energy, Nifty Oil and Gas, and Nifty IT were also among the losers.

Nifty 50 Top Gainers & Losers

Adani Ports, UltraTech Cement, JSW Steel, Tata Motors, Hindalco, and Cipla were the top gainers of the session, rising between 1 per cent and 1.66 per cent. Shriram Finance, Baharat Electronics, Tata Consumer Products, Bajaj Finance, Grasim Industries, and Hindustan Unilever were also among the top gainers.

On the other hand, Indigo, ITC, Bajaj Finserv, Bharti Airtel, and Tech Mahindra were the top losers, falling between 1 per cent and 2 per cent. Tech Mahindra, Trent, Titan, Reliance Industries, Larsen & Toubro, and Dr Reddy's Laboratories were also among the top losers.  

Market Outlook

The RBI's rate-setting panel Monetary Policy Committee (MPC) is set to announce its decision on interest rates on October 1. Market participants are largely expecting the MPC to hold the repo rate steady at 5.50 per cent, and will be looking forward to the MPC meeting's announcement to gauge the future trajectory of interest rates.

Further updates on the India-US trade deal and the India European Union (EU) Free Trade Agreement (FTA) will also be widely tracked.

Key US economic data, including the manufacturing PMI and ADP non-farm employment figures, are scheduled for release on October 1 and are expected to influence market sentiment on Dalal Street on October 1.