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Below the Quote on Market Wrap 23rd Sep 2025 by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Markets edged marginally lower in a volatile session, in continuation to its prevailing consolidation phase. On the benchmark front, the Nifty index slipped around 0.13%, settling at 25,169.50 level.

On the sectoral front, auto and metal stocks stood out, gaining ground, while PSU banks also held up. On the other hand, FMCG, IT, and realty lagged, with IT feeling the impact of worries about rising U.S. visa fees (H-1B) and their possible effect on earnings. Broader market indices—midcap and smallcap—showed mild weakness, reflecting selective participation rather than broad-based strength.

Domestically, optimism from recent GST reforms and festive demand continues to support sentiment, but external headwinds—visa-fee hikes, foreign outflows, and rupee weakness—are weighing in. 

Technically, Nifty appears to be consolidating range after three successive weeks of rise. We thus recommend a cautious stance: focus on sectors with relative strength, manage risk carefully, and avoid large directional bets until clearer cues emerge.

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