On September 19, 2024, the Indian stock market saw both highs and corrections, reflecting global cues, particularly the U.S. Federal Reserve’s unexpected interest rate cut of 50 basis points. This move led to initial optimism, propelling benchmark indices such as the BSE Sensex and Nifty 50 to record intraday highs. The Sensex surged to 83,773 before closing at 83,184, up 236 points (0.29%), while the Nifty 50 closed at 25,415, gaining 38 points (0.15%).
However, mid and small-cap stocks faced corrections, with the BSE SmallCap index falling by 1%, reflecting profit booking amid stretched valuations. Sectors such as PSU Banks, Metals, and IT stocks underperformed, with HCL Tech and TCS recording losses.
The Fed’s dovish stance brought positive foreign inflows to India’s large-cap stocks, particularly banking and FMCG sectors, driving sentiment higher. Meanwhile, semiconductor stocks surged globally, influenced by U.S. market movements.
In other news, Axis Capital faced regulatory action by SEBI, and Vodafone Idea saw its AGR dues curative petition dismissed by the Supreme Court, which impacted stock prices.
Key Highlights
– Sensex hit an all-time high of 83,773 intraday.
– Mid and SmallCaps saw profit booking.
– U.S. Fed rate cut sparked global market reactions.
– Axis Capital faced regulatory issues, and Vodafone Idea’s AGR case impacted stock movements.
This combination of global influences and domestic factors created a day of mixed outcomes, with large-cap stocks benefiting while smaller stocks saw corrections.
