The Sensex and the Nifty 50 ended higher for the third consecutive session on Thursday, September 18, tracking mixed global cues after the US Federal Reserve cut benchmark interest rates by 25 bps on expected lines and hinted there could be two more rate cuts this year.
The Sensex closed 320 points, or 0.39 per cent, up at 83,013.96, while the Nifty 50 ended the day at 25,423.60, up 93 points, or 0.37 per cent. The BSE Midcap index rose 0.36 per cent, while the Smallcap index ended flat.
The overall market capitalisation of BSE-listed firms stood at nearly ₹466 lakh crore, compared to about ₹465 lakh crore in the previous session.
Indian stock market: 10 key highlights from the day
1. Sensex, Nifty 50 end with modest gains
The Sensex and the Nifty 50 rose about half a per cent each during the session but ended with only modest gains, as the Fed rate cut had already been largely discounted and failed to boost market sentiment significantly.
Moreover, mixed signals about further rate cuts also offered little help.
While the market’s undertone remains positive due to healthy macro and expectations of earnings revival, the focus is on the ongoing trade talks between the US and India. A positive outcome is expected to drive the benchmarks out of the range they have been in since June.
2. Top gainers in the Nifty 50 index today
As many as 33 stocks ended higher in the Nifty 50 index, among which Eternal (up 3 per cent), HDFC Life Insurance Company (up 2 per cent), and Sun Pharma (up 1.75 per cent) were the top gainers.
3. Top losers in the Nifty 50 index
Shares of Coal India (down 1.70 per cent), Bajaj Finance (down 1.3 per cent), and Trent (down 1 per cent) ended as the top losers in the index.
4. Sectoral indices today: Nifty Pharma, Healthcare shine
Nifty Pharma and Healthcare indices rose 1.50 per cent and 1.33 per cent, respectively, ending as the top gainers among sectoral indices.
Nifty IT also ended with a healthy gain of 0.83 per cent. Nifty Bank and Financial Services indices rose 0.42 per cent and 0.50 per cent, respectively.
On the other hand, Nifty Media (down 0.30 per cent), PSU Bank (down 0.16 per cent), Realty (down 0.07 per cent), and Oil & Gas (down 0.04 per cent) closed with losses.
5. Most active stocks in terms of volume
Vodafone Idea (59.63 crore shares), GTL Infrastructure (25.96 crore shares), and PC Jeweller (22.22 crore shares) were the most active stocks in terms of volume on the NSE.
6. Nine stocks jump over 15% on BSE
TVS Electronics, Intense Technologies, and Bhagwati Autocast were among the nine stocks that jumped over 15 per cent on the BSE.
On the other hand, seven stocks, including Broach Lifecare Hospital, Franklin Leasing and Finance, and Gujarat Hy-Spin, plunged more than 10 per cent on the BSE.
7. Advance-decline ratio
Out of 4,342 stocks traded on the BSE, 2,191 advanced, while 1,987 declined. Some 164 stocks remained unchanged.
8. 170 stocks hit 52-week highs
As many as 170 stocks, including Maruti Suzuki India, Eternal, JSW Steel, Cummins India, and Poonawalla Fincorp, hit their 52-week highs in intraday trade on the BSE.
9. Nearly 50 stocks hit 52-week lows
Some 48 stocks, including Digitide Solutions, Avro India, Patel Retail, and Regaal Resources, hit their 52-week lows on the BSE.
10. Nifty 50 technical outlook
According to Shrikant Chouhan, the head of equity research at Kotak Securities, the higher bottom support for day traders is near 25,300.
Chouhan believes that as long as the index trades above this level, the bullish sentiment is likely to continue.
“On the higher side, 25,500 would act as an immediate resistance zone for the bulls. A successful breakout above 25,500 could push the market up to 25,600–25,625. On the flip side, if the market falls below 25,300, the uptrend would become vulnerable,” said Chouhan.
Rupak De, Senior Technical Analyst at LKP Securities, said the short-term trend may stay positive as the index is comfortably trading above its critical moving average. The daily RSI is in a bullish crossover and rising above the previous swing high, indicating strengthening momentum.
“In the near term, support is placed at 25,300 and 25,150. On the other hand, crucial resistance is seen at 25,500. A decisive move above this level could trigger a rally towards 26,000. Overall, a buy-on-dips strategy remains favourable in the current market scenario,” said De.
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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.
