The Indian stock market witnessed mixed movements on September 24, 2024. The BSE Sensex closed marginally lower by 14 points at 84,914, while the NSE Nifty managed to end just above the flatline, gaining 1 point to close at 25,940. Despite the muted close, both indices created new all-time highs earlier in the day, with Sensex hitting 85,163 and Nifty breaching the 26,000 mark for the first time ever.
Key Highlights
Top Gainers: The Nifty Metal Index led the market rally, climbing nearly 3%. Tata Steel surged by 4.32%, followed by Hindalco and Powergrid. Other sectors contributing to gains included IT and Auto.
Top Losers: The PSU Bank and FMCG sectors were the biggest laggards. SBI Life, Hindustan Unilever, and Grasim Industries were among the notable losers, each shedding around 2-3%.
Sectoral Performance: The metals, IT, and auto sectors saw significant gains, driven by global economic factors, particularly rate cuts from the US Federal Reserve and the Chinese central bank. However, the banking and FMCG sectors faced pressure due to profit booking.
Broader Market Trends: The BSE MidCap index rose 0.21%, while the SmallCap index saw a marginal decline of 0.04%. Despite the mixed performance, market sentiment remained upbeat, bolstered by foreign institutional investor (FII) inflows and expectations of further rate cuts by the Reserve Bank of India (RBI).
Overall, the market showed resilience, maintaining momentum on the back of favorable global cues, while profit booking kept the gains in check. Investors should monitor the upcoming RBI policy decisions and global economic trends to gauge the market’s direction in the coming weeks.
