The Sensex rose by 90 points (or 0.1%) to reach 83,079, and the Nifty gained 32 points to hit 25,416. Telecom, auto, and construction stocks helped boost the indices, while metal stocks saw a dip following a strong three-day rally.
The broader market indices, however, underperformed, with midcap and smallcap indices staying flat.
Impact on the stock market
Key sectors like Nifty Auto, Infra, and Realty were the top performers, with gains between 0.2% and 0.6%, while Nifty Metal cooled off, losing 0.4% after its recent rally.
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| Sector/Index | Performance |
| IT & BPM sector | +0.14% |
| Healthcare sector | -0.02% |
| Oil & Gas sector | +0.13% |
| Real estate sector | +0.61% |
| PSU Bank in India | -0.58% |
Top gainers today
| Company | Price | Change (%) |
| Hero Motocorp Share Price | 5,961.20 | +3.14 |
| Bajaj Auto Share Price | 11,950.30 | +2.24 |
| Bharti Airtel Share Price | 1,661.75 | +1.61 |
| NTPC Share Price | 416.30 | +1.26 |
| M&M Share Price | 2,787.65 | +1.10 |
Top losers today
| Company | Price | Change (%) |
| Tata Motors Share Price | 974.95 | -1.36 |
| Eicher Motors Share Price | 4,850.20 | -1.00 |
| Adani Ports Share Price | 1,426.60 | -0.98 |
| Coal India Share Price | 488.50 | -0.96 |
| Tata Steel Share Price | 152.82 | -0.90 |
Market aftermath: Impact on stocks
DCX Systems surges 5%
DCX Systems saw a surge of 5%, hitting the upper circuit at Rs 345 after its wholly-owned subsidiary secured a 15-year license to manufacture and test sensitive defence equipment, including microwave submodules and avionics. This license, granted by the Cochin Special Economic Zone (CSEZ), allows the company to produce classified items under Category-A of the Ministry of Defence’s security manual, which opens up new growth opportunities.
DCX recently secured a Rs 187 crore order from an overseas customer and another Rs 107 crore order from domestic and international clients, further boosting its prospects. These developments position DCX as a rising player in the defence sector, despite the stock’s modest performance earlier in the year.
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Panacea Biotec hits 52-week high
Panacea Biotec continued its winning streak, climbing 5% to hit a 52-week high of Rs 349.79 after reaching a settlement with Sanofi Healthcare India over a patent dispute concerning its hexavalent vaccine. The dispute, which revolved around Sanofi’s approval for Shan6, has now been resolved, giving Panacea Biotec a significant victory.
The company’s EasySix vaccine, India’s first fully-liquid hexavalent vaccine, is protected by patents in several countries, making the resolution even more impactful for its business. The stock has been on an upward trajectory for the past eight days, gaining an impressive 46.51%, and this settlement further strengthens the company’s position in the vaccine market.
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IGL rises 6% on UBS upgrade; MGL hits 52-week high
Indraprastha Gas Limited (IGL) surged over 6% after UBS upgraded its rating to ‘buy’ and raised its target price to Rs 700 per share, up from Rs 400. UBS is optimistic about IGL’s volume growth, projecting an 8.2% CAGR between FY24 and FY27.
Similarly, Mahanagar Gas Ltd (MGL) also hit a 52-week high, benefiting from a target price upgrade to Rs 2,400 from UBS, driven by strong volume forecasts.
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Crude oil price decline
In the commodity market, crude oil prices continue to be a focal point, particularly for the Multi Commodity Exchange of India Ltd (MCX). Despite a strong performance over the past year, with the stock tripling in value, MCX could face some challenges if crude oil prices drop significantly.
The exchange holds a 98% market share in commodity futures turnover, and any significant shift in oil prices could impact trading volumes.
Additionally, SEBI‘s October deadline for charging uniform fees to all brokers is approaching, which could introduce some uncertainty in the market. MCX is still in the process of finalizing its new rate structure, and investors are keeping a close eye on developments.
Conclusion
The Indian stock market experienced a relatively positive day on September 17, with the Sensex and Nifty edging higher, thanks to gains in telecom, auto, and construction stocks. While sectors like Nifty Metal saw some cooling off, individual stocks like DCX Systems, Panacea Biotec, and IGL provided plenty of action for investors.
With optimism building around a potential rate cut in the US and FIIs expected to return to emerging markets, the outlook for the Indian stock market remains promising. However, broader market indices like BSE Midcap and Smallcap have yet to catch up to the benchmarks, and developments in the crude oil market could also play a crucial role in shaping the market’s direction in the coming weeks.
As always, investors should keep an eye on global events, sectoral trends, and stock-specific news to make informed trading decisions.
Stay tuned on StockGro for more updates on market trends.
