Indian stock market: The benchmark indices — BSE Sensex and Nifty 50 — slumped for the sixth consecutive session on Friday, September 26, as renewed Trump tariffs on pharmaceuticals coupled with sustained foreign portfolio investor (FPI) outflows dampened market sentiment.
The Sensex ended the day at 80,426.46, slipping 733.22 points or 0.90 per cent, while the Nifty 50 closed at 24,654.70, down 236.15 points or 0.95 per cent.
Fresh tariffs on pharmaceuticals imposed by Trump, along with last week’s H-1B visa fee hike and the Fed’s cautious approach to rate cuts, sparked heavy selling in IT and pharma stocks, pulling the indices down.
For the week, the Sensex registered a 2.66 per cent decline, while the Nifty dropped 2.65 per cent.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market sentiment has turned weak as the Nifty 50 index slipped below the crucial 24,800 support.
“The index has immediate support at 24,550 to 24,500 levels, while crucial support is placed at 24,300 to 24,250. The key benchmark index may try to test 24,400 to 24,350 in the near term. So, one should look at those stocks that look strong on the technical chart pattern,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, September 22. The three stock picks by Bagadia are – Madhav Copper, Onmobile Global, and Aarey Drugs and Pharmaceuticals.
1] Madhav Copper: Buy at ₹58.50 | Target Price: ₹63.5 | Stop Loss: ₹56.8
2] Onmobile Global: Buy at ₹69.3 | Target Price: ₹75 | Stop Loss: ₹67
3] Aarey Drugs and Pharmaceuticals: Buy at ₹79.45 | Target Price: ₹85.5 | Stop Loss: ₹76.5
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
