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Below the Quote on Market Closing Comment Sep 24,2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets came under sharp selling pressure on Thursday and declined over one and a half percent, weighed down by a combination of domestic and global factors. Following a gap-down opening, the benchmark indices remained under pressure throughout the session and eventually settled near the day’s low, with the Nifty closing at 23,063.10, while the Sensex settled at 73,580.54.

On the sectoral front, banking and financials came under significant pressure after IRDAI proposed changes to the insurance distribution framework, including lower Expenses of Management limits and tighter controls on commissions. The proposals raised concerns about the earnings and distribution economics of insurers and other related financial intermediaries. Selling was not restricted to financials; metal, auto and realty also witnessed notable pressure. The broader market also remained weak, with indices declining in the range of 1.5% to 2.25%.

Global macro concerns further added to the pressure. Brent crude rebounded above $104 a barrel, keeping concerns around India’s import bill and inflation elevated. At the same time, the US 10-year Treasury yield moved to its highest level since 2007 following stronger US business activity data, raising concerns over a potentially tighter monetary-policy trajectory and adding pressure on emerging-market equities.

From a technical perspective, the decline pushed the Nifty below the June month low of 23,070, while the banking index also witnessed noticeable selling after displaying relative strength earlier. Going ahead, the current setup indicates the possibility of further decline towards the 22,400–22,600 zone, with the 23,300 level likely to act as the immediate hurdle and 23,600 remaining the major resistance. With the market already extending its recent corrective phase, volatility is likely to remain elevated, warranting a selective approach toward stock-specific opportunities and adding shorts aligned with the market trend."

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