The Sensex closed at 81,560, up by 376 points, or 0.46%, while the Nifty 50 rose by 84 points to end at 24,936.40. Banking heavyweights like ICICI Bank and FMCG giants such as HUL and ITC were instrumental in driving today’s gains.
However, midcap and small-cap indices took a hit, falling by 0.28% and 0.65%, respectively.
Impact on the stock market
Sectors like FMCG and banking dominated the day, with the Nifty FMCG index jumping 2.04%, and the Nifty Bank index rising by 1.07%. On the downside, the PSU Bank index fell by 0.20%, highlighting mixed performances across various sectors.
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| Sector/Index | Performance |
| IT & BPM sector | -0.73% |
| Healthcare sector | -0.30% |
| Oil & Gas sector | -1.37% |
| Real estate sector | -0.24% |
| PSU Bank in India | -0.20% |
Top gainers today
| Company | Price | Change (%) |
| HUL Share Price | 2,921.80 | +2.92 |
| Shriram Finance Share Price | 3,315.70 | +2.47 |
| ICICI Bank Share Price | 1,235.00 | +2.22 |
| ITC Share Price | 511.75 | +2.00 |
| Britannia Share Price | 5,939.45 | +1.64 |
Top losers today
| Company | Price | Change (%) |
| ONGC Share Price | 298.90 | -3.21 |
| Tech Mahindra Share Price | 1,579.20 | -2.71 |
| Hindalco Share Price | 658.55 | -1.28 |
| NTPC Share Price | 389.85 | -1.25 |
| BPCL Share Price | 347.80 | -1.24 |
Market aftermath: Impact on stocks
Bajaj Housing Finance IPO
Bajaj Housing Finance as its IPO was fully subscribed within just four hours on the first day of bidding. This quick subscription, particularly by retail investors and non-institutional investors (NIIs), reflected strong confidence in the company’s financial offerings.
With a grey market premium (GMP) of Rs 50-51, analysts are expecting impressive listing gains, pointing to the high demand for Bajaj Housing Finance’s shares in the unregulated market.
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Gujarat Fluorochemicals hits record high on heavy volumes
Gujarat Fluorochemicals shares surged by 4 percent, hitting an all-time high of Rs 3,980. This upswing was fueled by heavy trading volumes, with 15 lakh shares changing hands, far exceeding the usual one-month average.
The company’s stock also caught the attention of brokerage firm Axis Securities, which highlighted its bullish technical formation. The stock’s breakout above the symmetrical triangle pattern signaled a potential medium-term uptrend, with an expected upside of Rs 4,090-4,300.
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HUL shares hit lifetime high
Hindustan Unilever (HUL) shares hit a lifetime high as the company announced its plans to evaluate the future of its ice cream business, particularly its Kwality Wall’s brand. The FMCG giant’s decision to potentially restructure or spin off its global ice cream business has created a buzz among investors.
The optimism surrounding HUL helped lift the Nifty FMCG index to a fresh record high. At one point, HUL’s stock was up 3 percent, reaching Rs 2,923 on the NSE.
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Crude oil price decline
Crude oil prices are showing no signs of recovery. The September crude oil futures closed at ₹5,704, down sharply from the ₹6,000 level, indicating bearish sentiment in the market. The next support for crude is seen between ₹5,400 and ₹5,500. Any breach of this support level could lead to a further drop, potentially bringing prices down to ₹4,850.
Globally, crude prices have been hit by an oversupply in the market. Despite OPEC+ extending production cuts, non-OPEC members are ramping up production. Countries like Canada, Brazil, and Guyana are increasing output, adding more pressure to already falling prices.
Brent crude, a global benchmark, has plunged over 25% from its 2023 high, while West Texas Intermediate (WTI) has dropped by 28%.
Conclusion
The Indian stock market’s bounce-back was driven by the strength of the banking and FMCG sectors, with notable contributions from companies like HUL and ICICI Bank. Despite the upbeat close for large-cap indices, midcap and small-cap stocks faced losses, showing that market sentiment remains cautious.
The Bajaj Housing Finance IPO saw a strong debut, while crude oil markets remained steady amid production delays. Looking ahead, market participants will continue to monitor these sectors closely for further developments.
Stay tuned on StockGro for more updates on market trends.
