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Below the Quote on Market Closing Comment Sep 30, 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets traded volatile on Wednesday but eventually edged lower, extending the prevailing corrective trend. After a largely flat opening, the benchmark indices initially attempted a recovery, with the Sensex gaining over 500 points and the Nifty moving above 22,800. However, the recovery failed to sustain, and selling resumed in the afternoon, pushing the Nifty down to 22,620.45.

On the sectoral front, realty, banking and auto led the recovery and witnessed a notable rebound. However, pharma and healthcare remained under significant pressure after their phase of steady outperformance, while metal and FMCG also ended lower.

Global macro concerns continued to keep sentiment fragile. Brent crude remained elevated around $103 a barrel despite moderating somewhat from recent highs, while the US 10-year Treasury yield remained near recent highs, having touched 5.293% in the previous session. Persistent foreign selling remained another major overhang, with FIIs selling nearly Rs 9,980 crore on Tuesday, while the rupee remained close to the Rs 96 per dollar mark.

From a technical perspective, the Nifty failed to sustain the recovery above the 22,750–22,800 zone and slipped back towards the 22,600 area, keeping the broader structure firmly under pressure. The 22,600 zone remains an important immediate support, followed by the 22,400 region, while 22,750–22,800 is likely to act as the immediate hurdle and 23,000 as the major resistance. With the index continuing to trade near six-month lows and broader market participation remaining weak, the near-term setup remains cautious, warranting a selective approach and close monitoring of the key support levels."

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