Nifty 50 Today Extends Below 17,000 Post Bearish Trend

Nifty 50 Today Extends Below 17,000 Post Bearish Trend

The Nifty 50 today saw a massive decline as it extended below the 17,000 mark in the trading session on September 28, 2022. The index opened at a gap-down of 136.85 points at 16,870.55, therefore it went below the aforementioned mark even before the market opened. The index previously closed at 17,007.40 on Tuesday.

Nifty 50 today was down by 0.26% and traded at 16.963.80 (down by 43.60 points) at the time of writing. Here we can see that it received from the initial slump at its opening value. However, it was still bearish and it has been like that for a while, which can be seen by looking at the recent price actions of the Nifty 50 Index.

nifty-50-today-chart-september
Nifty 50 Today’s Bearish Chart (Source: NSE India)

This Indian stock market index had been declining since September 15, 2022, wherein some days it rebounded and declined on others. However, the last week and this week were completely bearish except September 20, 2022, when it recovered significantly.  Earlier on September 13, 2022, it had crossed the 18,000 mark and people thought the market conditions would become stable but just a few days later everything went for a toss.

On the other hand, BSE Sensex India has been experiencing a downtrend as well. The Sensex India had declined by 0.46% and traded at 56,852.74 (down by 254.78 points) at press time on Wednesday. The stock market conditions are extremely volatile, and bear dominated, it is uncertain what will happen next and whether these Indian stock market indices recover.

Gainers On Nifty 50 Today

The top Indian stocks on the Nifty 50 Index that gained even though the index was declining have been mentioned below.

1. Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA) saw its stock gain by 2.10% and trade at ₹915.95 (up by 18.80 points) at the time of writing in the trading session today. The total trade volume was 15,84,801, which was worth ₹14,431.36 lakhs.

2. Dr. Reddy's Laboratories Limited

Dr. Reddy’s Laboratories Limited (NSE: DRREDDY) saw its stock rise by 1.29% and trade at ₹4,235.50 (up by 53.90 points) at the time of reporting in the trading session today. The total trade volume was 2,22,758, which was worth ₹9,412.64 lakhs.

3. Mahindra & Mahindra Limited

Mahindra & Mahindra Limited (NSE: M&M) saw its stock go up by 1.26% and trade at ₹1,251.35 (up by 15.60 points) at the time of writing in the trading session today. The total trade volume was 13,49,086, which was worth ₹16,771.43 lakhs.

4. Asian Paints Limited

Asian Paints Limited (NSE: ASIANPAINT) saw its stock increase by 0.83% and trade at ₹3,499.30 (up by 28.65 points) at press time in the trading session today. The total trade volume was 3,83,407, which was worth ₹13,284.25 lakhs.

5. Tata Motors Limited

Tata Motors Limited (NSE: TATAMOTORS) saw its stock increase by 0.83% and trade at ₹402.10 (up by 15.95 points) at the time of drafting this article in the trading session today. The total trade volume was 67,33,232, which was worth ₹26,944.37 lakhs.

Nifty 50 today saw a significant drop in value and is not expected to recover the same day at least. Moreover, the volatile sessions are expected to continue as stock markets around the globe have been affected adversely after updates on Russian military mobilisation and possible Fed rate hikes. Even the commodity markets like crude oil have been suffering due to this. So, it would be intriguing to watch for further updates and whether or not the markets recover

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Sahil Patil

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