Indian stock market: Indian stock market benchmarks, the Sensex and Nifty 50, snapped their three-day winning streak as investors booked profits amid weak global sentiment.
The Sensex closed 388 points, or 0.47 per cent, lower at 82,626.23, while the Nifty 50 declined 97 points, or 0.38 per cent, to finish at 25,327.05. The BSE Midcap index slipped 0.09 per cent, whereas the Smallcap index managed to edge up 0.16 per cent.
Major index constituents like HDFC Bank, ICICI Bank, and Reliance Industries emerged as the biggest contributors to the benchmarks’ decline.
The Sensex and Nifty closed lower as profit booking dominated most stocks in the absence of fresh market triggers. Within the Nifty 50 index, 27 stocks declined, while 23 managed to end in positive territory.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that despite sell-off on Friday, the positive bias of the Indian stock market is still intact as the Nifty 50 index is sustaining above the crucial 25,250 to 25,300 range.
“So, Monday’s first few hours of trade would be crucial as the index is facing a hurdle at the 25,450 to 25,500 levels. So, one should maintain a stock-specific approach and look at those stocks that look strong on the technical chart,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, September 22. The three stock picks by Bagadia are – VIP Clothing, Aarey Drugs and Pharmaceuticals, and Shriram Properties.
1] VIP Clothing: Buy at ₹40.56 | Target Price: ₹43.5 | Stop Loss: ₹39
2] Aarey Drugs and Pharmaceuticals: Buy at ₹77.6 | Target Price: ₹83 | Stop Loss: ₹74.8
3] Shriram Properties: Buy at ₹97.6 | Target Price: ₹105 | Stop Loss: ₹94
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.
