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Trendlyne Marketwatch
22 Sep 2026
Market closes lower amid weakness in IT stocks
By Trendlyne Analysis

 

Nifty 50 closed at 23,329 (-85.3, -0.4%), BSE Sensex closed at 74,529.08 (-329.9, -0.4%) while the broader Nifty 500 closed at 22,794.20 (-65.9, -0.3%). Market breadth is holding steady. Of the 2,842 stocks traded today, 1,344 were in the positive territory and 1,440 were negative.

Indian indices closed lower, giving up early gains as selling pressure in IT stocks weighed on the market. The Indian volatility index, Nifty VIX, fell 2.2% and closed at 11 points. Sterling & Wilson Renewable Energy closed higher after winning two orders worth Rs 985 crore. The orders included a 534 MWp renewable energy project in Rajasthan and two 616 MWh battery storage projects in South Africa.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. BSE Housing Finance Index and BSE Focused IT are among the top index losers today. According to Trendlyne’s sector dashboard, Diversified emerged as the worst-performing sector of the day, with a fall of 1.3%.

Asian markets closed mixed. European markets traded higher. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded below $100 per barrel as investors await US President Donald Trump’s address at the UN General Assembly for cues on the US-Iran conflict and potential energy supply risks. Meanwhile, US Treasury Secretary Scott Bessent warned that Iranian airlines could face a global shutdown from Wednesday as Washington steps up sanctions pressure on Tehran.

  • Relative Strength Index (RSI) indicates that stocks like GMM Pfaudler and Paisalo Digital are in the overbought zone.

  • Mankind Pharma is rising as Kotak Institutional Equities upgrades it to a 'Buy' call from 'Add', with a higher target price of Rs 3,000 per share. The brokerage believes the company's core domestic business is showing signs of recovery after restructuring-related disruptions. It notes that improvement in Mankind’s base business, greater field-force stability and higher R&D activity will support earnings growth. Analysts Expect the firm to deliver an EPS CAGR of 23% over FY27-29.

  • Wheels India's board of directors approves a Rs 180 crore fundraise through a preferential issue of 12.3 lakh equity shares at an issue price of Rs 1,461 per share.

  • Equitas Small Finance Bank receives a show cause notice for a GST demand worth Rs 533.8 crore from the Tamil Nadu GST authority for FY23.

  • According to the Federation of Automobile Dealers Associations (FADA) data, India's auto market is experiencing a significant fuel-mix evolution. Rising EV adoption across all vehicle segments and the growing popularity of CNG in passenger cars have driven petrol's retail market share down from 47.5% in January to 40.9% in August. Meanwhile, alternative options like CNG and LPG grew from 22.9% to 25.3%.

  • Engineers India soars to its 52-week high of Rs 301.9 per share as it secures a contract worth $450 million (~Rs 4,310.8 crore) from Nigeria-based Dangote Group for a greenfield refinery and petrochemical plant in Kenya. The company will provide project management consultancy (PMC) and engineering, procurement & construction management (EPCM) services for the project.

  • Lloyds Metals & Energy is rising as its board of directors approves expanding direct reduced iron (DRI) capacity at Ghugus and Konsari plants by 30% to over 9 lakh million tonnes per annum (MTPA) with a capex of Rs 190 crore.

  • Optiemus Infracom surges to its 20% upper limit after the government makes BIS registration mandatory for smartphone screen protectors from April 1, 2027. The company plans to add 2 crore units of annual manufacturing capacity through a new facility, against its existing capacity of around 2.4 crore units. Nearly 98% of screen protectors sold in India are currently imported.

  • Macquarie maintains an 'Outperform' rating on HDFC Bank with a target price of Rs 1,150. The brokerage views the appointment of a new CEO as a significant re-rating catalyst, following Sashidhar Jagdishan’s decision not to seek reappointment after his term ends on October 26, 2026. Reports suggest that Anup Bagchi, currently MD & CEO of ICICI Prudential Life since 2023 and a former Executive Director at ICICI Bank, is among the potential external candidates being considered as his successor.

  • Augmont Enterprises is falling sharply as its Q1FY27 net profit drops 15.5% YoY to Rs 60.9 crore due to higher raw materials, inventory and employee benefits expenses. However, revenue grows 30.4% to Rs 18.976.6 crore, fueled by strong traction at its B2B trading platform, higher gold loans and digital gold sales. It shows up in a screener of stocks with declining net cash flow.

  • Embassy Developments signs a memorandum of understanding (MoU) with Angel One founder and Managing Director, Dinesh Thakkar, to sell its residential tower Embassy Terazza in Juhu for Rs 711 crore.

  • Sterling & Wilson Renewable Energy is rising sharply as it secures two orders worth Rs 985 crore from domestic and international clients. The domestic order is to develop a 534.3 megawatt-peak (MWp) renewable energy project infrastructure in Rajasthan, while the international order is to develop two 616 megawatt-hour (MWh) battery storage projects in South Africa.

  • Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, says the company’s order book stands at Rs 1,600 crore after securing a Rs 279 crore, 15-year contract for a battery-operated electric green tug from Mumbai Port Authority. He raised FY27 revenue growth guidance to 60%, with margins around 35%, and targets Rs 1,000 crore in revenue and Rs 225–250 crore PAT within three years, driven by green maritime projects and shipbuilding.

  • Greenpanel Industries is rising sharply as its promoter group, Shobhan Mittal, Prime Holdings and Bluesky Projects acquire a 1% stake (or 12.2 lakh shares) through the open market. This transaction takes the company's promoter holding to 54.3%.

  • Puravankara is rising as it acquires a 13.4-acre land parcel in Greater Noida through its subsidiary, marking its entry into Delhi-NCR. The parcel has a saleable area of around 4.6 million sq ft and an estimated gross development value of Rs 5,200 crore.

  • Pine Labs is rising as around 5 crore shares (~4.3% stake), worth approximately Rs 934 crore, reportedly change hands in a block deal at an average price of Rs 188 per share. Mastercard Asia is the likely seller in the transaction.

  • JPMorgan’s Co-Head of Macroeconomic Research, Jahangir Aziz, expects India to remain exposed to higher US tariffs but does not see them as the main threat to growth. He says Q1 growth of 7.8% was supported by strong credit growth, regulatory easing and GST cuts, but fading temporary boosts could weaken momentum.

  • Parag Milk Foods approves a Rs 100 crore capex to expand paneer manufacturing capacity in Maharashtra and Andhra Pradesh by 4x to 80 metric tonnes per day (MT/day).

  • Cupid is rising sharply as its promoter & Managing Director, Aditya Kumar Halwasiya, acquires 41 lakh shares worth Rs 106.1 crore through the open market.

  • Waaree Energies is rising as it secures an order from a domestic solar developer to supply 2 gigawatts (GW) of solar modules.

  • Meesho rises over 8% after UBS retains a 'Buy' rating on the stock and raises the target price to Rs 260. The brokerage expects sustained Net Merchandise Value (NMV) growth and higher profitability, driven by lower logistics costs and stronger ad revenue. It has raised FY29-FY31 NMV estimates by 7-18%, contribution profit estimates by similar levels, and EBITDA estimates by 20-40%.

  • Kirloskar Ferrous Industries rises as its board of directors appoints Ajay Patil as the Joint Managing Director (MD) for three years, effective September 21.

  • Hindustan Copper is rising as it reportedly plans a Rs 7,000 crore capex over five to six years to expand copper capacity. The company aims to acquire new copper deposits in India & overseas and reopen closed mines in India to enhance domestic copper production capacity.

  • Pace Digitek rises sharply as its subsidiary, Lineage Power, secures a Rs 488.5 crore order from NTPC GE Power Services (NGSL) for battery energy storage systems at NTPC’s Barh power plant. The order includes supply, commissioning and 12 years of maintenance and warranty support.

  • Garden Reach Shipbuilders & Engineers is rising as its board approves a Rs 2,896 crore capital expenditure to build a greenfield shipyard at Raichak, West Bengal. The facility will expand its capacity to build naval and commercial vessels.

  • Nifty 50 was trading at 23,446.50 (32.2, 0.1%), BSE Sensex was trading at 74,901.50 (42.5, 0.1%) while the broader Nifty 500 was trading at 22,910.15 (50.1, 0.2%).

  • Market breadth is surging up. Of the 2,253 stocks traded today, 1,607 were on the uptrend, and 541 went down.

Riding High:

Largecap and midcap gainers today include Meesho Ltd. (240.60, 9.8%), JSW Infrastructure Ltd. (369.05, 5.6%) and Swiggy Ltd. (284.05, 4.2%).

Downers:

Largecap and midcap losers today include Voltas Ltd. (1,100.80, -3.6%), LTM Ltd. (4,158.30, -2.8%) and Tata Communications Ltd. (1,687, -2.6%).

Crowd Puller Stocks

14 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Gabriel India Ltd. (1,478, 14.6%), Meesho Ltd. (240.60, 9.8%) and Sun TV Network Ltd. (489.20, 6.9%).

Top high volume losers on BSE were TBO Tek Ltd. (1,693.50, -0.7%) and Gallantt Ispat Ltd. (545, -0.3%).

RHI Magnesita India Ltd. (378.60, 2.9%) was trading at 105.5 times of weekly average. C.E. Info Systems Ltd. (923.90, 2.6%) and Engineers India Ltd. (300.60, 5.4%) were trading with volumes 14.9 and 6.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks made 52 week highs, while 12 stocks hit their 52 week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (1,415, -4.8%), Welspun Corp Ltd. (2,745, -0.6%) and Welspun Living Ltd. (223.50, 3.5%).

Stocks making new 52 weeks lows included - Britannia Industries Ltd. (4,918, -2.1%) and Gujarat Energy Ltd. (229.77, -3.7%).

10 stocks climbed above their 200 day SMA including Page Industries Ltd. (37,150, 3.3%) and HBL Engineering Ltd. (765.10, 2.0%). 10 stocks slipped below their 200 SMA including Container Corporation of India Ltd. (467, -4.1%) and Tata Communications Ltd. (1,687, -2.6%).

 
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