Market Wrap, Sept 15: SENSEX dips 119 points, NIFTY50 at 25,069 on pharma, IT sell-off; Cipla, M&M top losers

At close, the S&P BSE SENSEX stood at the 81,785.74 level, falling 118.96 points, or 0.15%, while the NSE's NIFTY50 index declined 44.80 points, or 0.18%, to the 25,069.20 level The Indian equity benchmark indices snapped their five-day rally and settled lower on Monday, September 15, weighed down by losses in pharma, IT, and auto stocks. Market sentiment was also impacted after wholesale price inflation (WPI) rose to a four-month high of 0.52% in August, driven by rising prices of food articles and manufactured goods, even as the fuel and power basket saw easing. This marked a reversal of the deflationary trend observed in the past two months, with WPI at -0.58% in July and -0.19% in June, and represented the highest inflation level since April, when it stood at 0.85%. Read more At close, the S\&P BSE SENSEX stood at the 81,785.74 level, falling 118.96 points, or 0.15%, while the NSE's NIFTY50 index declined 44.80 points, or 0.18%, to the 25,069.20 level. The investors also remained wary ahead of the US Federal Reserve’s rate cut decision this week. The Fed’s two-day Federal Open Market Committee (FOMC) meeting will conclude on Wednesday, September 17, with markets largely pricing in a 25-basis-point rate cut amid easing concerns over the US labour market. Also read: US Interest rate cuts: What it means for global markets; will Indian markets rally? On Friday, the foreign institutional investors (FIIs) purchased shares worth ₹129.58 crore, while the domestic institutional investors (DIIs) bought equities worth ₹1,556.02 crore on a net basis, according to exchange data. The foreign investors have remained net sellers in the September series so far, offloading shares worth ₹9,245 crore. Conversely, the DIIs have maintained a strong buying momentum, acquiring shares valued at ₹27,147 crore. Globally, Asian shares ended mixed on Monday as markets awaited the US Fed’s upcoming rate decision. Hong Kong's Hang Seng closed 0.38% higher, while South Korea's KOSPI gained 0.35%. The Shanghai Composite, however, fell 0.26%. On Wall Street, the Nasdaq closed at a record high close on Friday in a mixed trading session. The S\&P 500 slipped 0.05% to end at 6,584.29, and the Dow Jones Industrial Average fell 0.59% to 45,834.22, while the Nasdaq rose 0.45% to settle at 22,141.10. Here are the key developments of Monday’s session that you need to know Market statistics As many as 3,165 stocks traded on the NSE on Monday. Out of this, only 1,714 advanced, and 1,357 declined, while 94 scrips remained unchanged. This indicated that the market breadth was in favour of advances. A total of 91 stocks hit their 52-week highs, while 43 stocks touched their one-year lows. Besides, 129 stocks hit their upper circuit limits, and 32 touched their lower circuit bands on Monday. NSE-listed firms' market capitalisation stood at ₹456.91 lakh crore at the end of the session. The volatility index India VIX rose 2.71% to end at 10.40 levels. Sectoral update Nifty Pharma (-0.64%), Nifty IT (-0.58%), Nifty Media (-0.45%), Nifty Auto (-0.39%), and Nifty Consumer Durables (-0.16%) emerged as the biggest sectoral losers. In contrast, Nifty Realty (2.41%), Nifty PSU Bank (0.60%), Nifty Oil & Gas (0.30%), and Nifty Metal (0.07%) led the gains. Also read: Nifty IT falls over 1% as Infosys, TCS, Coforge drag: Here is what’s impacting IT stocks today Broader market The Nifty Smallcap 100 index gained 0.76% to end at 18,127 levels, while the Nifty Midcap 100 index closed at the 58,486.10 level, rising 0.44%. Also read: Anant Raj shares rise over 11%, check key details here Top gainers and losers As many as 35 stocks on the NIFTY50 index declined on Monday, while 15 closed in green. Cipla was the biggest losing stock, declining 1.75%, followed by Mahindra & Mahindra (-1.66%), Asian Paints (-1.63%), Shriram Finance (-1.22%) and Dr Reddy’s (-1.19%). On the other hand, Jio Financial Services (1.38%), Bajaj Finance (0.84%), Eternal (0.68%), UltraTech Cement (0.40%), and Bajaj Auto (0.34%) emerged as the top gainers. To add Upstox News as your preferred source on Google, click here.