Stock Market Update: Nifty closes at 24,634.90, Sensex at 80,364.94, both down by 0.08%
Market closed marginally lower, Nifty 24,634.90, Sensex 80,364.94 but energy/oil & gas gains and DIIs’ buying lent recovery momentum ahead of the RBI policy.
Today, the market closed in the negative, but with overall positive sentiment compared to last week. The Nifty opened at 24,728.55, reached a high of 24,791.30, and closed at 24,634.90, down by 0.08%. Sensex opened at 80,588.77, made a high of 80,851.38, and closed 0.08% down at 80,364.94.
Reasons for the recovery
While the market closed in the red, it showed signs of recovery due to several reasons:
- The market was led by the rise in Energy and oil & gas stock prices after the discovery of offshore blocks in Andaman.
- The positive sentiment among the investors is due to expectations from the RBI’s upcoming monetary policy.
Major Indices Today
The broad indices and benchmarks were in green after strong buying by domestic institutional investors, along with a strong momentum in banking and finance stocks.
Sectoral Indices Today
- Nifty IT was moving flat as concerns over U.S tech demand kept investors cautious.
- Nifty Auto stocks closed in the red but overall gained today, on expectations of easing raw material costs and a rise in demand during the festive season.
- Nifty FMCG traded flat after companies like HUL posted weaker sales growth, resulting in a weak performance.
- Nifty Pharma and Nifty Healthcare declined due to regulatory concerns and slower demand for generic drugs.
Market Movers Today
- Bharat Electronics shares rose by 2% after receiving a Request for Proposal (RFP) to supply Quick Reaction Surface-to-Air Missiles to the Indian Army.
- Shares of Wockhardt rallied by 13% after the announcement that the US’s fresh tariff on branded pharma imports will not apply to countries with which America has negotiated agreements, namely the European Union and Japan. This move is expected to help Wockhardt, which has manufacturing facilities in Europe.
- Shares of BPCL, IOC, and HPCL climbed by 4% after brokerages reported stability in fuel prices.
- IndusInd Bank’s share rose by 1.14% after the brokerage firm Morgan Stanley upgraded the stock from ‘underweight’ to ‘equal-weight’.
Top Gainers
Top Losers
52W High Stocks
52W Low Stocks
High Volume Stocks Today
IPOs
- Trualt Bioenergy closed today with a price band of ₹472-₹496. The share allotment will be done on 30th September.
- Pace Digitek is open for subscription until 30th September with a price band of ₹208-₹219.
- Glottis and Fabtech Technologies opened today for subscription with a price band set at ₹120-₹129 and ₹181-₹191, respectively.
Allotment Status
Jain Resource Recycling shares will be allotted today. Investors can check the allotment status online through the websites of BSE and NSE.
Listed Today
- Ganesh Consumer Products shares were listed at an 8% discount at ₹295 per share on the NSE. The price band set was ₹306-₹322.
- Atlanta Electricals shares got listed today with a 14% premium on the NSE at ₹850 per share. The price band for IPO was ₹718-₹754.
Market Announcements
- Hindustan Unilever shares dropped by 0.6% after the company reported weaker-than-expected sales growth.
- GSK Pharma shares declined by 1.70%+ today after the Indian-listed British Pharmaceutical company announced the resignation of its CEO, Emma Walmsley. However, the stock recovered later, closing only down by 0.36%.
