The Nifty 50 ended the session up 0.42%, closing above the 25,000 mark at 25,041 points, while the S&P BSE Sensex gained 0.43%, closing at 81,912 points. This marks the second consecutive day of positive performance for both indices, boosted by a strong rally on Wall Street and expectations of possible Federal Reserve rate cuts next week.
The small-cap segment also saw positive movement, with the Nifty Smallcap 100 index gaining 1.15%. Among the top performers in this category were Piramal Pharma, which surged 6.5%, and Himadri Speciality Chemicals, ITI, Firstsource Solutions, and Century Textiles & Industries, all rising over 5%.
Impact on the stock market
The IT sector led the rally, with a 5% increase in Nifty IT stocks, spurred by a favorable outlook from domestic brokerage firm Motilal Oswal. Mid-cap and small-cap IT stocks outperformed the larger indices, with the Nifty Midcap 100 index gaining 1.19%.
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| Sector/Index | Performance |
| IT & BPM sector | +1.77% |
| Healthcare sector | +1.08% |
| Oil & Gas sector | -0.24% |
| Real estate sector | +0.74% |
| PSU Bank in India | -0.09% |
Top gainers today
| Company | Price | Change (%) |
| Divis Labs Share Price | 5,426.45 | +4.89 |
| LTIMindtree Share Price | 6,343.35 | +3.20 |
| Bharti Airtel Share Price | 1,577.85 | +2.28 |
| Wipro Share Price | 525.75 | +2.12 |
| Power Grid Corp Share Price | 334.75 | +1.89 |
Top losers today
| Company | Price | Change (%) |
| HDFC Life Share Price | 702.90 | -4.47 |
| SBI Life Insura Share Price | 1,853.45 | -2.54 |
| Bajaj Finserv Share Price | 1,824.50 | -1.93 |
| Shriram Finance Share Price | 3,260.05 | -1.68 |
| Bajaj Finance Share Price | 7,241.85 | -1.44 |
Market aftermath: Impact on stocks
Tata Power Surges 6%
Tata Power shares surged 6% after its subsidiary, TP Solar, commenced commercial production of solar cells at India’s largest solar cell plant in Tirunelveli, Tamil Nadu. The company announced that the production will help boost the domestic manufacturing of solar components, enhancing Tata Power’s ability to meet growing demand.
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ECOS Mobility hits record high
ECOS Mobility shares soared 9%, reaching a new record high of ₹525 after Plutus Wealth bought 4 lakh equity shares. Since its listing on September 4, the stock has risen 34% and has rallied 57% from its issue price. The ECOS Mobility IPO was heavily oversubscribed by 64.26 times, with strong demand from Qualified Institutional Buyers (QIBs).
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Paytm shares soar 8%
Paytm shares surged 8% on heavy trading volumes, gaining 80% over the last six months. The rally was partly attributed to the GST Council’s decision not to impose GST on UPI transactions below ₹2,000, a significant positive for the company.
Additionally, Paytm received approval from the Ministry of Finance to invest further in its payment services business, boosting investor sentiment.
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Crude oil price decline
Crude oil futures remained under pressure due to weak global demand forecasts and supply disruptions. November Brent oil futures were trading at $71.76, down 0.11%, while October crude oil futures on WTI were down 0.15%, trading at $68.61.
Upstream oil stocks, including ONGC and Oil India, continued to face selling pressure, with Oil India trading down nearly 3% and ONGC down over 5% in the last five sessions.
Global traders, including Gunvor and Trafigura, highlighted concerns over weakened Chinese demand and persistent oversupply in the oil market. Ben Luckock, global head of oil at Trafigura, forecasted that oil prices might soon fall into the $60-70 range.
Conclusion
In conclusion, the Indian stock market’s positive performance was driven primarily by gains in the IT and pharma sectors, with both Nifty 50 and Sensex ending the session higher. Tata Power’s solar cell production commencement and Paytm’s strong performance were among the key stock-specific highlights of the day.
On the other hand, crude oil prices remain under pressure due to global oversupply concerns, weighing on upstream oil stocks. As the market eyes potential Fed rate cuts next week, it will be interesting to see how these factors continue to shape the performance of Indian equities.
Stay tuned on StockGro for more updates on market trends.
