September 2, 2024
New Delhi, India
Stock Market Today
Indian equity indices closed on a positive note on September 2, with the Nifty ending above 25,250, driven by gains in IT, FMCG, and Banking sectors. The Sensex rose by 194.07 points (0.24%) to close at 82,559.84, while the Nifty gained 42.80 points (0.17%) to end at 25,278.70.
Key Performers:
Top gainers on the Nifty included Bajaj Finserv, Bajaj Finance, HCL Technologies, Bajaj Auto, and Hero MotoCorp. On the flip side, the losers were Grasim Industries, Kotak Mahindra Bank, Adani Enterprises, Coal India, and Nestle India.
Also Read: SEBI Announces Single Exchange Filing, AI-Driven IPO Approvals, and New Rules for Finfluencers
Sectoral Performance:
- Gainers: Banking, FMCG, and IT sectors led the market gains.
- Losers: Capital Goods, Metal, Healthcare, Telecom, and Media indices closed in the red, down by 0.4-1.6%. The BSE Midcap index ended flat, while the Smallcap index declined by 0.5%.
Also Read: Indian Rupee Falls Amid Strong USD Demand; HSBC Manufacturing PMI Slows in August
Market Highlights:
- Indian stock indices reached new record highs, buoyed by strong performances in financial and IT stocks after US economic data eased growth concerns.
- Shares of consumer goods giants ITC and Hindustan Unilever rose by 2% and 1%, respectively, boosting the Nifty FMCG index by 1%. This follows a report from the Indian weather department predicting above-average rainfall in August and a strong forecast for September.
- The “Bajaj twins”—Bajaj Finserv and Bajaj Finance—were among the top gainers from the Sensex pack, rising over 3% each ahead of the Bajaj Housing IPO. HCL Technologies also saw a 3% rise.
- The Nifty IT index edged up by 0.18% as traders prepared for a week of significant economic data, culminating in the US jobs report, which may influence the likelihood of a rate cut in September.
Disclaimer:
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