Stock Market Today Update: Nifty 50 and Sensex Face Sharp Fall

Stock Market Today Update:
India’s stock market ended last week with heavy losses as both Nifty 50 and Sensex slipped to a three-week low, marking the biggest weekly fall in seven months. The market was under pressure mainly due to new US restrictions on H-1B visas and fresh tariffs on medicines, which impacted investor sentiment.
Stock Market Today Update:
On Friday, the Nifty 50 closed at 24,654.7, down 0.95%, while the Sensex fell 0.9% to 80,426.46. Overall, both indices lost nearly 2.7% for the week.

The IT sector was the worst hit, sliding almost 8% during the week, after US President Donald Trump introduced a $100,000 fee on new H-1B visas. This move raised concerns for Indian tech firms, which rely heavily on the US market. The pharma index also slipped 5.2%, following the announcement of a 100% tax on branded and patented drugs, effective from October 1.

Technical View

Analysts said Nifty showed strong bearish momentum after falling 672 points in the week, wiping out gains made in the last two weeks. The index is now trading below its 20-day and 50-day moving averages and is close to the 200-day EMA. If Nifty drops below 24,500, it may slide further toward 24,180. On the upside, resistance is seen at 24,750 and 25,000 levels.

Global and Domestic Factors

Experts believe global worries, including US inflation and employment data, will influence markets in the coming days. Domestically, investors will keep an eye on the RBI’s policy decision and industrial production numbers. Sectors like banking, FMCG, and automobiles are expected to remain stable due to supportive government policies.

Stocks to Watch

Market experts have suggested eight stocks for traders to consider:

Chennai Petroleum Corporation Ltd – Buy at ₹760 with a target of ₹810
Jupiter Wagons Ltd – Buy at ₹336 with a target of ₹360
Rallis India Ltd – Buy at ₹308 with a target of ₹330
Ashok Leyland Ltd – Buy at ₹142 with a target of ₹150
Canara Bank – Buy at ₹118 with a target of ₹128
Sammaan Capital Ltd – Buy at ₹137.8 with a target of ₹146
Eicher Motors Ltd – Buy at ₹7,045 with a target of ₹7,450
Banco Products (India) Ltd – Buy at ₹829 with a target of ₹872

While the short-term outlook looks weak, experts suggest selective buying in strong stocks with proper stop-loss levels.

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