Stock market today: The Indian stock market closed with nominal gains on Monday, September 8, coming off the day’s high on profit booking as investors remain in a ‘sell-on-rise’ mode due to persisting tariff-related uncertainties and relentless foreign capital outflow.
The Sensex rose 461 points, or 0.60 per cent, to reach an intraday high of 81,171.38, while the Nifty 50, too, rose 0.60 per cent to the day’s high of 24,885.50.
However, both indices pared gains and ended with modest gains.
Finally, the Sensex ended 77 points, or 0.09 per cent, up at 80,787.30, while the Nifty 50 closed at 24,773.15, up 32 points, or 0.13 per cent. The BSE Midcap index rose 0.33 per cent and the Smallcap index climbed 0.30 per cent, outperforming the benchmarks.
The overall market capitalisation of BSE-listed firms rose to nearly ₹453 lakh crore from ₹451.4 lakh crore in the previous session, making investors richer by over ₹1.5 lakh crore in a single session.
Indian stock market: 10 key highlights from the day
1. Why did the Indian stock market end flat?
The domestic market ended flat on profit booking as market sentiment remained cautious amid persisting concerns and the lack of fresh triggers.
GST reforms remain a key positive, but the market discounted that. The focus is on new flows of US tariffs. Indications of a trade deal between India and the US may dispel the gloom in the market.
“The domestic market failed to sustain its early gains as a late-session sell-off reflected the prevailing ‘buy-on-dips and sell-on-rallies’ strategy, highlighting investor caution,” Vinod Nair, Head of Research, Geojit Investments, observed.
“Globally, sentiment improved after soft US jobs data raised hopes of a Fed rate cut in September. However, renewed concerns over sanctions on Russian oil pushed crude prices higher, and gold extended gains as trade-related uncertainties sustained demand for safe-haven assets,” Nair said.
2. Top gainers in the Nifty 50 index today
Auto stocks ended as the top gainers in the index.
Shares of Tata Motors (up 4.25 per cent), Bajaj Auto (up 4.08 per cent), and Mahindra & Mahindra (up 4.01 per cent) ended as the top gainers among the 26 stocks that ended higher in the index.
3. Top losers in the Nifty 50 index
Shares of Trent (down 4 per cent), Asian Paints (down 1.74 per cent), and Dr. Reddy’s Laboratories (down 1.35 per cent) ended as the top losers in the index.
4. Sectoral indices today
The Nifty Auto index clocked a stellar gain of 3.30 per cent on expectations of demand recovery following GST rate cuts.
PSU Bank (up 0.49 per cent) and Realty (up 0.46 per cent) ended with decent gains.
Nifty Bank inched up by 0.13 per cent, while the Financial Services index rose 0.21 per cent.
On the other hand, Nifty IT fell by nearly 1 per cent. Healthcare and Consumer Durables declined 0.40 per cent and 0.34 per cent, respectively.
5. Most active stocks in terms of volume
Vodafone Idea (79.32 crore shares), Ola Electric Mobility (33 crore shares), and Salasar Techno Engineering (7 crore shares) were the most active stocks in terms of volume on the NSE.
6. Nearly 20 stocks jump over 15% on BSE
Some 19 stocks, including Mahalaxmi Fabric Mills, S.A.L. Steel, Dhanalaxmi Roto Spinners, Precision Camshafts, and Century Extrusions, jumped over 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,407 stocks traded on the BSE, 2,286 advanced, while 1,940 declined. Some 181 stocks remained unchanged.
8. 168 stocks hit 52-week highs
Mahindra & Mahindra, Tata Steel, Cummins India, TVS Motor Company, JSW Steel, and Eicher Motors were among the 168 stocks that hit their 52-week highs in intraday trade on the BSE.
9. 69 stocks hit 52-week lows
Aurionpro Solutions, Deepak Nitrite, and Quess Corp were among the 69 stocks that hit their 52-week lows on the BSE.
10. Nifty 50 technical outlook
Shrikant Chouhan, the head of equity research at Kotak Securities, highlighted that on the daily charts, the Nifty formed an indecisive candlestick formation, which indicates indecisiveness between bulls and bears.
“The short-term market outlook would remain volatile. However, a fresh uptrend rally is possible only after crossing the 24,900 level. Above this, the market could move up to 25,000. Further upside may also continue, potentially lifting the index up to 25,100,” said Chouhan.
“On the downside, 24,650 and 24,600 are key support zones for day traders. If the index falls below 24,600, then the index might fall to 24500 or 24450 levels in the short term,” Chouhan said.
According to Ajit Mishra, SVP of research at Religare Broking, persistent foreign institutional selling and speculation over potential restrictions on IT services exports capped the upside.
“Fund flows reflected a tug-of-war between FII outflows and robust DII buying, a typical feature of markets at an inflection point. On the index front, we expect the prevailing tussle to end only with a decisive breakout above the 25,000 mark on the Nifty, while the 24,400–24,600 zone should act as a cushion,” said Mishra.
“We suggest closely tracking the performance of banking and IT majors for the next directional move in the index. Meanwhile, traders should continue to focus on other sectors that are holding firm and participating on a rotational basis,” Mishra said.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
