September 24, 2024
New Delhi, India
Market Highlights
Indian equity markets closed flat on September 24, after a volatile session where Nifty crossed the 26,000 mark for the first time and Sensex briefly rose past 85,000. Despite the morning rally to fresh all-time highs, profit booking in the afternoon trimmed gains, with the Sensex ending 14.57 points lower at 84,914.04, and the Nifty closing just 1.40 points higher at 25,940.40.
Top Gainers and Losers
On the Nifty 50, the biggest gainers were Tata Steel (+4.32%), Hindalco, Power Grid Corp, Tech Mahindra, and Adani Enterprises. Meanwhile, the top losers included SBI Life Insurance (-2.78%), Hindustan Unilever, Grasim Industries, UltraTech Cement, and Shriram Finance.
Similarly, on the Sensex, the top performers were Tata Steel, Power Grid Corp, Tech Mahindra, and Mahindra & Mahindra, while HUL, UltraTech Cement, Kotak Mahindra Bank, and Titan were among the laggards.
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Sectoral Performance
The Nifty Metal index led the gains, rising 2.97%, driven by strong performances from Tata Steel and Hindalco. Other sectors in the green included IT, Auto, Pharma, and Oil & Gas.
On the downside, the PSU Bank index declined 0.86%, and the FMCG index also saw a drop. Other sectoral laggards included Nifty Bank, Financial Services, Realty, Consumer Durables, and Healthcare.
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Market Momentum Fades After Record Highs
The markets opened on a strong note following last week’s Federal Reserve rate cut, pushing the Nifty past the 26,000 mark and the Sensex above 85,000. However, profit booking in the second half of the session dampened the gains, resulting in a muted close.
At its peak, the Sensex touched a fresh record high of 85,163, and the Nifty hit a high of 26,050, before paring gains by the closing bell.
Broader Market Performance
The broader market saw mixed performance, with the BSE MidCap index rising 0.21% and the BSE SmallCap index slipping 0.04%. Despite the volatility, more than half of the stocks on both Sensex and Nifty closed in the green, signaling selective buying by investors.
Indian equity markets continued their upward trajectory but closed on a muted note due to profit booking. Metal and Power stocks were the day’s top performers, while PSU Bank and FMCG sectors dragged the indices lower.
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