
Indian equity indices ended on a flat note in a volatile session on September 24, 2024, despite the Nifty crossing the 26,000 mark for the first time. By the close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40. Major Nifty gainers included Tata Steel, Hindalco Industries, Power Grid Corp, Tech Mahindra, and Adani Enterprises.
Conversely, the biggest losers were SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement, and Shriram Finance. Sector-wise, the metal index surged by 3 percent, the oil & gas index rose by 0.6 percent, and the power index gained 1.4 percent. However, the PSU Bank, FMCG, and telecom sectors fell by 0.5-1 percent.
The BSE midcap and smallcap indices closed on a flat note. Prashanth Tapse, Senior VP (Research), Mehta Equities, said, “Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones, showing that liquidity flows remain strong as investors are confident in India’s long-term growth story.
Vinod Nair, Head of Research, Geojit Financial Services, stated, “Domestic benchmarks are attempting to sustain new highs, driven by the US Fed’s aggressive rate cuts. The Chinese central bank’s rate cut and additional stimulus measures have positively influenced global investor sentiment, benefiting domestic metal stocks.
Meanwhile, FMCG and banking stocks declined due to profit-booking at higher levels. Expectations of a rate cut by the RBI in October are likely to maintain momentum.
Ajit Mishra, SVP, Research, Religare Broking, said, “Markets traded in a subdued manner, closing nearly unchanged after a recent rally.
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