September 27, 2024
New Delhi, India
Stock Market Today
Indian equity benchmarks, the BSE Sensex and NSE Nifty50, ended Friday’s trading session in the red, shedding early gains after hitting fresh all-time highs during the day. Sensex closed 264 points lower at 85,571.85, while Nifty50 slipped 37.10 points to settle at 26,178.95.
Key Market Highlights:
- Sensex touched an intra-day high of 85,978.25 but closed down by 264 points or 0.31%.
- Nifty50 reached a fresh high of 26,277.35 but ended 37.13 points lower or 0.14%.
- 29 out of 50 Nifty stocks closed in the red, with Power Grid Corporation, Bharti Airtel, HDFC Bank, and ICICI Bank among the top losers.
- BPCL, Sun Pharma, Divi’s Labs, and Reliance Industries were the top gainers, with BPCL leading at 6.23%.
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Sector Performance:
- Bank Nifty dropped by 541.05 points or 1%, closing at 53,834.30, with private banks like HDFC Bank and ICICI Bank dragging the index lower.
- Pharma and Energy stocks outperformed, with strong gains from Sun Pharma and Reliance Industries.
- Small-cap and Mid-cap indices saw modest declines, with Nifty Midcap 100 down 0.15% and Nifty Smallcap 100 falling 0.10%.
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Global and IT Sector Impact:
Overnight, Wall Street continued its rally, boosting sentiment in Asian markets during early trade. However, the Indian IT sector, including stocks like Infosys, TCS, and Wipro, remained in focus after Accenture reported a 3% increase in revenue and announced a share buyback.
Stocks in Focus:
- Swiggy filed its DRHP with SEBI for an IPO to raise ₹3,750 crore.
- Infosys, Prataap Snacks, Biocon, Adani Green Energy, and Indian Bank were among other stocks that grabbed investor attention.
Despite a weak closing, the market remains buoyed by optimism from last week’s U.S. rate cut, although rising operational costs and global uncertainties may continue to challenge market momentum. Investors will closely watch developments in the IT and quick commerce sectors, along with corporate earnings in the coming weeks.
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