The Indian stock market continued its upward momentum on September 17, 2024, with the Sensex and Nifty closing marginally higher despite global uncertainties. The Sensex rose by 90.88 points to close at 83,098, while the Nifty 50 gained 34.8 points, ending at 25,408, maintaining its position near an all-time high.
Key Market Movements
The market exhibited positive sentiment, driven by expectations surrounding the U.S. Federal Reserve’s policy announcements. Investors are anticipating a rate cut, which could further boost global markets.
Major sectors like IT, FMCG, and private banks saw notable buying interest, while mid-cap and small-cap indices experienced a minor decline.
Top gainers in the Sensex included Bharti Airtel, Mahindra & Mahindra, and NTPC, while Tata Motors, Adani Ports, and JSW Steel emerged as some of the biggest losers.
Bajaj Housing Finance surged for the second day, closing with nearly a 10% gain, making it one of the most active stocks.
Sector-wise Performance
The Nifty Realty index stood out with a 0.6% gain, while the media and PSU bank indices ended weaker, falling over 1% and 0.6% respectively.
IT and Banking – Private sector banks and large-cap IT companies contributed significantly to today’s rally. Bharti Airtel and ICICI Bank hit fresh 52-week highs, reflecting strong investor sentiment in these sectors.
Auto Sector – Hero MotoCorp, Bajaj Auto, and Tata Motors were among the most active stocks. The auto sector was buoyed by positive outlooks in both domestic sales and export potential.
Mid- and Small-Cap Stocks – While large-cap indices performed well, mid- and small-cap stocks experienced some selling pressure. The PSU Bank and Media indices, in particular, ended the day lower, with each dropping over 1%.
Investor Sentiment and Strategy
With the markets trading near all-time highs, analysts remain cautiously optimistic. Valuations are high, and experts suggest a strategy focused on diversifying portfolios into large-cap and flexi-cap stocks to manage potential corrections. For traders, key levels to watch on Nifty 50 are resistance at 25,500 and support around 25,350.
Outlook
The markets are expected to remain volatile ahead of global central bank meetings, but domestic factors like strong earnings and robust demand could support continued growth. Investors are advised to stay selective with stock picks, focusing on long-term opportunities while remaining cautious about short-term fluctuations.
