The Indian stock market reversed all of its previous-day gains in Tuesday’s trade, 22 September, as sharp losses in the technology, financial and FMCG sectors weighed on the benchmarks. However, the indices recovered significantly from their intraday lows.
In line with their Asian peers, domestic equities opened on a positive note. However, accelerated selling in the first half of the session pushed the frontline indices down by as much as 0.61% at the day’s low. Subsequently, a rebound in buying interest helped the indices recover and pare nearly half of their intraday losses.
Despite global conditions turning more favourable for bulls, with a sharp retreat in crude oil prices and bond yields, investors continued to remain cautious amid a lack of clarity over whether the recent decline in oil prices will sustain and provide a more durable boost to market sentiment.
Indian stock market today
The Nifty 50 closed 0.36% lower at 23,329, while the Sensex slipped 0.27% to 74,653. The broader markets also mirrored the weak trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending the session lower.
Sectoral performance was mixed, with technology, cement, FMCG, PSU banks, oil and gas, and pharma sectors closing in the red. On the flip side, media, realty, chemicals, and metals managed to end the session on a positive note.
Turning to commodities, Brent crude erased gains of as much as 2.5% to trade at $97.8 per barrel, extending its losses into a fifth consecutive session and reaching its lowest level in two weeks. The decline came after reports suggested that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports.
Iran has offered to reopen the Strait of Hormuz within seven days if the US takes initial steps towards easing military pressure, a senior Iranian government official told Kyodo News on Tuesday, as part of Tehran’s stepped-up efforts to revive negotiations with Washington, Reuters reported.
President Donald Trump is set to address the United Nations General Assembly in New York later on Tuesday, with traders watching for a possible meeting with his Iranian counterpart, which could prove pivotal.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “The continued decline in crude oil prices, with Brent slipping below the key $100/bbl level, provided some relief to investors and helped the domestic market recover from intraday lows, although overall sentiment remained cautious.”
KOSPI, Hang Seng, Dow Jones: What do key technical levels signal next?
Among other major Asian markets, South Korea’s Kospi rose 0.2% to 7,017.91, while Hong Kong’s Hang Seng gained 0.2% to 25,087.75. The Shanghai Composite was little changed, inching up less than 0.1% to 3,952.13. Tokyo markets were closed for an extended holiday, with trading set to resume on Thursday.
Vipin Kumar, AVP-Research at Globe Capital Market, said the KOSPI index witnessed profit-taking after facing resistance around the 7,220-spot level. A decisive close above 7,220 is essential for a directional move toward 7,700–7,800 spot levels. Until then, it will continue to hover within its more-than-a-month-long congestion zone.
On the Hang Seng index, Kumar said it filled the gap left during its decline on September 10, 2026. Going ahead, holding above the 25,400-spot level could lead it higher toward 25,700–25,800 spot levels in the near term. Conversely, a drop below 24,900 could drag it back to 24,600–24,400 spot levels.
On the Dow Jones, Kumar said the index started a bounce-back rally from price support around the 51,100-spot level. Going ahead, holding above the 52,200 spot level could lead the index toward 52,700–53,000 spot levels, while downside support is placed around 51,300–51,000 spot levels.
Can Nifty rebound above 23,500 as key support levels hold?
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, “We believe that 23,300/74,500 and 23,250/74,300 remain strong support zones for traders. Above these levels, the market could bounce back to 23,500–23,575/75,000–75,300. On the flip side, below 23,250/74,300, selling pressure is likely to accelerate. Below these levels, the chances of hitting 23,100–23,050/74,000–73,700 would increase.”
Vipin Kumar mentioned that the Nifty index settled lower following a break from its four-day winning streak. The chart structure remains weak as long as the index trades below the 23,600-spot level on a closing basis, with downside support still placed around the 23,100–23,000 spot levels.
“Therefore, we suggest that traders maintain a ‘sell-on-rise’ trading approach as long as the index trades below 23,600 on a closing basis and adopt a stock-specific trading approach,” he added.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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