NEWS UPDATE 24 SEPTEMBER

Indian Market Overview

• Indian benchmarks opened in the red on cautious global cues and domestic concerns. The Times of India+2Republic World+2
• The Nifty 50 was down ~0.28% at ~25,098 points at the open. The Times of India
• The Sensex dropped ~0.30%, opening near 81,851.91. The Times of India
• Market breadth is weak: 15 of 16 major sectors opened in the red. Reuters

Key Drivers & Themes

1. IT Sector Pressure from U.S. Visa Rules
   A sharp hike in U.S. H-1B visa fees and stricter rules favoring higher-skilled workers hit sentiment in Indian IT stocks. Reuters
2. Foreign Portfolio Outflows
   Significant FPI exits — ~₹35.51 billion were sold on Tuesday — added downward pressure. Reuters
3. Global Uncertainty & Fed Comments
   Asian markets dropped following tepid cues from U.S. markets and cautious remarks from Fed Chair Jerome Powell about monetary policy. AP News+1
4. IPO & Capital Market Activity
   JPMorgan expects India’s IPO activity in 2025 to surpass 2024, owing to easing norms and strong valuations. Reuters
5. Analyst Outlooks & Support Levels
6. HSBC upgraded India to “Overweight,” projecting the Sensex could reach ~94,000 by end-2026. The Economic Times
7. Technical analysts suggest Nifty’s important support lies around 25,000 – 25,050, with resistance near 25,270 – 25,300. mint

 Sector / Stock Highlights

• Midcap / Smallcap
  The Nifty Midcap 150 index is down ~0.23%. Moneycontrol
  Top gainers include Tata Investment Corporation, NLC India, Indian Bank. Moneycontrol
  Top losers: Bharat Forge, KEI Industries, Persistent, Coforge. Moneycontrol
• Analyst Recommendations
  Vaishali Parekh (Prabhudas Lilladher) suggests intraday buy ideas:

Archean Chemical Industries, Orient Cement, HCC
(With target/stop-loss levels) mint

• Individual Stocks
• Ashok Leyland fell ~2.6% after a downgrade from Goldman Sachs. Reuters
• Minda Corporation surged ~7.5% on a strong outlook. Reuters
• Sri Lotus Developers jumped ~5.2% after coverage initiation by Motilal Oswal. Reuters

Risks & Watch-Outs

• Continued FPI outflows may sustain downward pressure.
• Weak global cues or negative surprises from U.S. or China could exacerbate declines.
• If the 25,000 support does not hold, further downside is possible.
• Policy and regulatory developments (especially around tech, trade, taxation) will matter more in the near term.