Summary of this article
Sensex, Nifty extended losses for the sixth straight day on September 26 as the stock market reacted to US President Donald Trump's tariff announcement and other headwinds
Stock Market News: The Sensex and the Nifty extended losses for the sixth day on September 26. The indices declined amid US President Donald Trump’s announcement of tariffs on the import of branded pharmaceutical goods.
On September 26, the indices closed with significant declines, the Nifty 50 closed lower by 236.15 points or 0.95 per cent at 24,654.7 level. The Sensex finished at 80,426.46, shedding 733.22 points or 0.9 per cent.
IndusInd Bank and M&M Shares Lead Losers
Shares of IndusInd Bank and Mahindra & Mahindra emerged as top-losers among Nifty 50 stocks as they finished lower by 3.88 per cent and 3.68 per cent respectively. Shares of Tata Steel and Eternal Ltd also declined 2.92 per cent and 2.81 per cent at the close. Only six out of the fifty constituents of the benchmark Nifty finished in the green, these included Larsen & Toubro, Tata Motors, ITC, Eicher Motors, Reliance Industries Ltd, Maruti Suzuki India Ltd and HDFC Life Insurance which finished higher by as much as 2.71 per cent.
Nifty Pharma and Nifty IT Decline
In the sectoral pack, the Nifty IT and the Nifty Pharma emerged as top-losers finishing lower by 2.45 per cent and 2.14 per cent respectively. The broader market indices also ended the week on a weak note as the Nifty MidCap 100 and the Nifty SmallCap 100 finished lower by 2.05 per cent and 2.26 per cent respectively.
Global Markets On September 26
Asian market indices witnessed declines with the Nikkei 225, Hang Seng, KOSPI and Shanghai Composite finishing the session lower by 0.68 per cent, 1.49 per cent, 2.51 per cent and 0.66 per cent respectively. The indices closed lower amid the imposition of tariffs on the import of pharmaceutical goods to the US.
Primary Market Action
Public issues such as KVS Castings IPO, Rukmani Devi Garg Agro Impex IPO, MPK Steels IPO, Ameenji Rubber IPO, Pace Digitek IPO,Manas Polymers & Energies IPO and DSM Fresh Foods IPO opened for subscription on September 26. On the other public issues such as Epack Prefab Technologies IPO, BMW Ventures IPO, Praruh Technologies IPO, Gurunanak Agriculture India IPO, Jain Resource Recycling IPO , Justo Realfintech IPO and Systematic Industries IPO closed for subscription. Shares of GK Energy Ltd, Saatvik Green Energy Ltd and Siddhi Cotspin Ltd made their debut on the exchanges today.
Market Outlook
D-street is expected to respond to headwinds like the uncertainty surrounding US-India trade talks and persistent foreign fund outflows. Additionally a weakening rupee is also expected to continue to weigh on investor sentiment in upcoming sessions. On the other hand, any positive development related to the India-US trade talks is likely to cheer D-street
