BIZ DESK
Revisiting today’s market performance, benchmark domestic equity indices, Sensex and Nifty, concluded the trading session with notable gains, despite a volatile intra-day trade. Both indices, which had opened on a flat note, witnessed a strong surge in the final hour of trading.
Here’s a breakdown of the latest market activity:
Overall Market Performance:
- Sensex: The Sensex closed at 80,567.71, marking a gain of 409.83 points, or 0.51%.
- Nifty: The Nifty climbed by 135.45 points, or 0.55%, to settle at 24,715.05.
- Broader Markets: The positive momentum was also evident in the broader market indices. The BSE Mid-Cap index advanced by over 0.6%, and the Small-Cap index added 0.9%.
- Market Breadth: The overall market breadth was positive, with 2,624 companies advancing, 1,484 declining, and 162 remaining unchanged at the Bombay Stock Exchange.
Sector-wise Performance (BSE):
- Top Gainers: Metal stocks were the top performers, surging over 3% and outperforming other sectors. This was driven by positive sentiment on steel prices, which are expected to strengthen due to global trends and seasonal demand. Other gaining sectors included Commodities (up more than 1.5%) and Healthcare (up 1.2%).
- Top Laggards: The IT sector was the only major laggard, with the Focused IT index dipping 0.7%, and the broader IT and Teck indices losing around 0.6% and 0.5% respectively. This decline was attributed to concerns about the U.S. market, a major revenue source for Indian IT firms, after recent data showed U.S. manufacturing contracted for a sixth consecutive month in August.
Top Stock Movers (Sensex Pack):
- Gainers: 21 out of 30 Sensex companies closed with gains. Tata Steel was the top performer, expanding by 5.9%. Other notable gainers included Titan (up over 1.7%) and Mahindra & Mahindra (up over 1.6%).
- Losers: Infosys was among the top laggards, dropping around 1.2%. NTPC and Hindustan Unilever also saw a decline, dipping over 0.5% each.
Key Drivers:
The market rally was supported by strong performance in metal stocks and positive sentiment surrounding the ongoing two-day GST Council meeting in New Delhi, which is considering reducing tax rates. Market experts believe that the outcome of this meeting could further boost consumption-oriented stocks and sectors in the near term. Foreign Institutional Investors (FIIs) were net sellers of equities, while Domestic Institutional Investors (DIIs) were net buyers.
Benchmark domestic indices staged a strong finish after a muted start, with late-session buying lifting sentiment across the board. The Sensex jumped 410 points to close at 80,568.71, while the Nifty 50 climbed 135 points to settle at 24,715.05, marking gains of 0.51% and 0.55% respectively.
Broader Market Pulse
- Mid-Cap Index: Up 0.6%
- Small-Cap Index: Added 0.9%
- Market Breadth: Positive, with 2,624 stocks advancing, 1,484 declining, and 162 unchanged
Sensex Movers: Steel Shines, IT Slips
Out of the 30 Sensex constituents, 21 stocks ended in the green.
Top Gainers:
- Tata Steel: +5.97%
- Hindalco: +3.05%
- JSW Steel: +2.70%
- Titan: +1.7%
- Mahindra & Mahindra: +1.6%
Top Laggards:
- Infosys: −1.31%
- NTPC: −0.61%
- Hindustan Unilever: −0.46%
- Wipro: −0.55%
- HDFC Life: −0.80%
Sectoral Snapshot: Metal Roars, IT Retreats
Out of 21 BSE sectoral indices, 16 posted gains, led by:
Lagging Sectors: | Sector | Movement | |——————|———-| | Focused IT | −0.7% | | IT | −0.6% | | Teck | −0.5%+ |
Global Cues Mixed
- Asian Markets: Mostly weak; Nikkei −0.88%, Shanghai −1.16%
- Europe: Positive; FTSE +0.49%, DAX +0.73%, CAC +0.93%
- US Markets: Under pressure; Dow −0.55%, Nasdaq −0.82%, S&P 500 −0.69%
