The Indian stock market concluded Monday’s trading session with minor losses after remaining range-bound and ending its 8-day winning streak, as investors exercised profit booking and remained cautious ahead of the US Federal Reserve meeting, which is widely expected to cut interest rates by a quarter point.
Though realty and PSU stocks provided support to the Indian stock market, deep losses in pharma and tech counters offset those gains, causing the Nifty 50 to close the session down 0.18%. However, the index managed to stay above the 25K mark, ending at 25,068, while the S&P BSE Sensex finished at 81,779, down 0.15% compared to the previous close.
While the frontline indices failed to hold gains, the broader markets wrapped up the session with healthy advances. The Nifty Midcap 100 rallied 0.50%, and the Nifty Smallcap 100 gained even more, rising 0.8%, indicating that market breadth still favors the bulls.
Sector-wise, the Nifty Realty index emerged as the top gainer, rising 2.41%, followed by Nifty PSU Bank and Nifty Oil and Gas, which added 0.60% and 0.30%, respectively.
On the losing side, Nifty Pharma was the top laggard, slipping 0.64%, followed by Nifty IT and Nifty Media, which declined 0.58% and 0.45%, respectively.
Meanwhile, investors’ attention has shifted towards the US Federal Reserve meeting, scheduled for this week, with the outcome due on Wednesday, September 17.
Traders widely believe that a 25-basis point cut from the Fed is a done deal, while speculation is also building that the Fed may even announce a 50-basis point cut amid weakness in the labor market and the absence of any surprise in the August CPI print.
35 Nifty 500 stocks see gains between 3% and 11%
Godawari Power & Ispat emerged as the top gainer among the Nifty 500 pack, rallying 11% to ₹270.5 apiece, followed by Anant Raj, which gained 10% to ₹585 apiece. The rally also marked its biggest single-day gain in 13 months, following reports that India is considering a tax exemption of up to 20 years for data center developers.
Vodafone Idea shares closed 7% higher at ₹8.2 apiece after reports showed that the Supreme Court will hear the telecom operator’s petition challenging additional adjusted gross revenue (AGR) dues of ₹9,450 crore on Friday, September 19.
Sarda Energy & Minerals was also among the top performers in the Nifty 500 pack, with the stock rising 6.8% to ₹630 apiece. Meanwhile, railway-related stocks such as Ircon International, RailTel Corporation, and Rail Vikas Nigam closed with over 3% gains.
Ola Electric Mobility shares resumed their bull run following a short pause, advancing 3.1% to ₹60.7. Other stocks such as Cochin Shipyard, Indian Renewable Energy, JBM Auto, Piramal Enterprises, Inox India, HBL Engineering, and Tube Investments of India all closed with gains between 3% and 6.5%.
Garden Reach Shipbuilders, Syrma SGS among top laggards
After a steady run in recent sessions, Garden Reach Shipbuilders shares came under selling pressure today, causing the stock to lose 3.5% of its value and settle at ₹2,491 apiece, emerging as the top laggard. It was followed by Syrma SGS Technology, which lost 2.7% of its value to close at ₹802.8 apiece.
Motherson Sumi Wiring India, ACME Solar Holdings, and Neuland Laboratories were also among the laggards, with each losing over 2% of their value. Extending its losing streak for the fourth session, Aster DM Healthcare declined by another 2.25%, while Poly Medicure shares fell 2% to ₹1,983 apiece.
Other stocks such as Biocon, Devyani International, Metropolis Healthcare, Asian Paints, Cipla, GMDC, M&M, Bandhan Bank, Glenmark Pharmaceuticals, and Craftsman Automation also closed lower by over 1.5%.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
