The Indian stock market extended its rally on September 23, 2024, with both Sensex and Nifty reaching fresh record highs. The Sensex surged by 384 points to close at 84,928, while the Nifty gained 148 points to end near 25,940. This bullish sentiment was fueled by strong global cues, domestic economic resilience, and robust buying in key sectors like PSU banks, realty, oil & gas, and consumer durables.
Among the top gainers were Mahindra & Mahindra, Bajaj Auto, and ONGC, which saw gains exceeding 3%. In contrast, the IT sector struggled, with companies like Tech Mahindra and Infosys facing losses due to concerns over the sector’s short-term growth. However, the overall market strength outweighed these losses, leading to a positive close.
Sectoral analysis highlighted that PSU banks and consumer durables were among the best performers. Stocks like SBI Life Insurance and Hero MotoCorp also contributed to the market’s upward momentum. Meanwhile, global markets remained mixed, with European indices reflecting recession concerns amid a decline in business activity.
The Indian stock market has outperformed many global peers, with Nifty and Sensex delivering impressive year-to-date returns of 18.7% and 17%, respectively. This strong performance positions India as one of the best-performing markets globally in 2024.
Investors should remain cautious of the IT sector’s volatility but can take comfort in the overall strength and resilience of other sectors driving the market rally.
This article provides an overview of the market’s key movements and performance on September 23, 2024, while highlighting notable stocks and sector trends. It offers a balanced perspective for investors, combining both positive and cautious viewpoints for a well-rounded analysis.
