September 19, 2024
New Delhi, India
Stock Market Today
The Indian stock market closed on a mixed note following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points. The Sensex rose by 236 points, ending at 83,184, while the Nifty gained 52 points to close at 25,415. While banking and FMCG sectors showed strength, most other sectors faced declines.
Top Gainers and Losers
Among the Nifty gainers were:
- NTPC
- Nestle India
- Titan Company
- Kotak Mahindra Bank
- Tata Consumer Products
On the downside, notable losers included:
- BPCL
- Coal India
- ONGC
- Adani Ports
- Shriram Finance
Sector Performance
- The auto, bank, realty, and FMCG indices each rose by 0.5%, buoyed by strong performances from financial and consumer goods stocks.
- However, sectors like capital goods, IT, pharma, oil & gas, media, metal, and telecom fell between 0.5% to 3.5%, with telecom being the worst hit.
Midcap and Smallcap Struggles
The broader market indices reflected investor caution:
- The BSE Midcap index dropped by 0.4%.
- The Smallcap index saw a steeper decline of 1%.
Broader Market Sentiment
The mixed market reaction suggests that while some sectors may benefit from the Fed’s monetary easing, others could face pressure due to broader economic concerns, especially in the wake of fluctuating oil prices and global demand uncertainty.
Despite the overall gains in the Sensex and Nifty, the market exhibited cautious optimism with a focus on defensive sectors like banking and FMCG. Investors are advised to monitor market trends closely as global events continue to influence domestic stock performance.
Also Read: US Fed Cuts Interest Rate by 50 bps for First Time in Four Years; Signals More Reductions in 2024
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