The Sensex closed 1,439.55 points higher, marking a 1.77% gain to end at 82,962.71, while the Nifty 50 soared by 470.40 points, or 1.89%, to finish at 25,388.90. Market breadth was positive, with 2,228 shares advancing, 1,564 shares declining, and 103 shares remaining unchanged.
Indian benchmark indices, surged more than 1.5% hitting record highs.The market was driven by strong global cues, with investors piling into auto, metal, and energy stocks.
Impact on the stock market
Stocks in auto, metal, and energy sectors were the top performers. The Nifty Metal index surged due to strong gains from companies like Hindalco, Nalco, NMDC, and Vedanta.
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| Sector/Index | Performance |
| IT & BPM sector | +1.60% |
| Healthcare sector | +1.30% |
| Oil & Gas sector | +1.61% |
| Real estate sector | +0.88% |
| PSU Bank in India | +1.71% |
Top gainers today
| Company | Price | Change (%) |
| Hindalco Share Price | 676.20 | +4.40 |
| Bharti Airtel Share Price | 1,646.75 | +4.37 |
| NTPC Share Price | 404.85 | +3.90 |
| Shriram Finance Share Price | 3,400.75 | +3.68 |
| M&M Share Price | 2,740.90 | +3.26 |
Top losers today
| Company | Price | Change (%) |
| Granules India Share Price | 564.90 | -16.52 |
| Prism Johnson Share Price | 219.73 | -5.54 |
| Honasa Consumer Share Price | 493.85 | -5.39 |
| R R Kabel Share Price | 1,656.20 | -3.25 |
| Raymond Share Price | 1,855.75 | -3.11 |
Market aftermath: Impact on stocks
Varun Beverages shares rise 4%
Varun Beverages jumped 4% ahead of its stock split, which is scheduled for September 12, 2024. The company’s board has approved a 2:5 stock split to increase liquidity and attract more retail investors.
The stock has gained 69% over the past year and continues to show positive growth trends, driven by robust revenue increases, including a 28% jump in the June quarter of FY25.
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Paytm AGM Shares jump 30%
Paytm’s stock price has surged by 30% over the past month, closing at ₹667 per share. The stock has been in focus ahead of the company’s Annual General Meeting (AGM), where investors are keenly awaiting updates on strategic moves, particularly the recent sale of its entertainment ticketing business to Zomato for ₹2,048 crore.
Despite reporting an increased loss of ₹840 crore in Q1 FY25 due to the continued impact of regulatory restrictions on Paytm Payments Bank, the company’s share price has staged a strong recovery from its 52-week low of ₹310.
Also read : Paytm’s entry into healthcare with ‘Health Saathi’
Western Carriers IPO opens tomorrow
Western Carriers is set to open its IPO on September 13, aiming to raise ₹492.88 crore. The company, which operates one of India’s largest private multimodal, rail-focused logistics businesses, has seen significant growth in container volumes, handling 212,500 TEU in FY24.
With a scalable, asset-light business model, Western Carriers is poised to benefit from government initiatives like the National Rail Plan (2024) and Dedicated Freight Corridors.
The IPO price band is set between ₹163-₹172, with 50% of the offer reserved for institutional buyers. Investors are optimistic about the company’s future growth prospects, driven by increasing demand for logistics services.
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Crude oil price decline
Crude oil prices edged higher due to Hurricane Francine, which disrupted production in the Gulf of Mexico. Brent oil futures were up 0.59% at $71.03, while WTI crude futures increased by 0.52% to $67.66.
The hurricane led to the shutdown of several offshore platforms, accounting for about 39% of the US Gulf of Mexico’s output, which is approximately 675,000 barrels per day.
The crude oil market was further influenced by expectations that the US Federal Reserve may reduce interest rates, following slower inflation numbers, which could drive demand for crude oil.
Conclusion
The Indian stock market celebrated a historic day, with the Sensex breaking 83,000 and Nifty crossing 25,400. Auto, metal, and energy stocks drove the rally, and companies like Bajaj Auto and Varun Beverages posted impressive gains. Paytm’s AGM and Western Carriers’ IPO are events that investors will closely monitor in the coming days.
Meanwhile, the crude oil market remains volatile due to external factors like the Hurricane Francine disruptions and shifting economic policies in the US. As we move forward, the positive momentum in the market could continue, especially with favorable conditions in both global and domestic markets.
Stay tuned on StockGro for more updates on market trends.
