The Sensex fell by 0.16%, closing at 82,948, while the Nifty 50 managed a slight gain of 0.16%, ending at 25,377. However, both indices recorded fresh all-time highs during intraday trading, with the Sensex touching 83,326 and the Nifty nearing 25,500. The IT sector was the biggest drag on the market, while banking stocks showed resilience.
The Nifty IT index saw a significant drop of over 3%, with all 10 of its constituents declining between 2% and 6%. Major losers included Wipro, Tech Mahindra, Infosys, TCS, and HCLTech, which fell by 2.6% to 3.5% on the Nifty 50 index.
Impact on the stock market
Among the sectoral indices, only two out of 13 ended in the green: Nifty Bank and Nifty Private Bank. Gains in the banking sector were driven by HDFC Bank, ICICI Bank, and Axis Bank.
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| Sector/Index | Performance |
| IT & BPM sector | -3.05% |
| Healthcare sector | -1.31% |
| Oil & Gas sector | -1.02% |
| Real estate sector | -0.23% |
| PSU Bank in India | +0.02% |
Top gainers today
| Company | Price | Change (%) |
| Shriram Finance Share Price | 3,574.70 | +4.38 |
| Bajaj Finance Share Price | 7,631.10 | +3.61 |
| Bajaj Finserv Share Price | 1,888.20 | +2.14 |
| Nestle Share Price | 2,597.15 | +1.97 |
| ICICI Bank Share Price | 1,288.35 | +1.60 |
Top losers today
| Company | Price | Change (%) |
| TCS Share Price | 4,346.15 | -3.54 |
| HCL Tech Share Price | 1,756.50 | -3.16 |
| Infosys Share Price | 1,892.15 | -3.09 |
| Tech Mahindra Share Price | 1,605.40 | -2.79 |
| Wipro Share Price | 538.15 | -2.49 |
Market aftermath: Impact on stocks
Emcure Pharmaceuticals jumps 5.8% to 52-week high
Emcure Pharmaceuticals witnessed a strong rally, rising over 5.8% to hit a 52-week high of ₹1,577.50 per share. The stock was bolstered by Kotak Institutional Equities’ “Add” rating, which targets a further 11% upside.
Kotak’s positive outlook is based on Emcure’s stable earnings, supported by its minimal exposure to the US generics market. Additionally, the stock is up more than 56% from its IPO price, reflecting strong investor confidence.
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Samvardhana Motherson surges 7%
Samvardhana Motherson’s share price jumped by 7% following the announcement of its Qualified Institutional Placement (QIP). This fundraising effort is expected to strengthen the company’s balance sheet and enable further expansion, particularly in the global automotive sector.
The market responded positively, reflecting confidence in the company’s growth prospects. Samvardhana has a diversified global presence, which mitigates risk and adds to its appeal among institutional investors.
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MCX doubles value with 340% growth in 16 months
MCX has been on an impressive growth streak, with its stock doubling since its June lows. Over the last 16 months, MCX’s stock has surged by 340%, driven by its strong business fundamentals and increased market activity.
The exchange is benefitting from the rising demand for commodity trading, which has bolstered investor sentiment. The long-term outlook remains positive, as the stock continues to outperform its peers in the financial sector.
Crude oil price decline
Crude oil futures saw a decline today, with Brent crude falling to $73.41 per barrel, down by 0.39%, and WTI crude dropping to $69.73 per barrel, down by 0.33%. This dip was attributed to an unexpected increase in US crude oil inventories, which rose by 1.96 million barrels.
Market expectations were for a decline in inventory, which caused bearish sentiment in the oil market. Furthermore, the US Federal Reserve’s interest rate decision has made traders cautious, leading to reduced demand and a dip in oil prices.
Conclusion
In summary, September 18, 2024, was a mixed day for the Indian stock market. While stocks like Emcure Pharma and MCX saw impressive gains, the broader market remained cautious due to global factors like the US Fed’s upcoming interest rate decision.
Crude oil prices also dipped due to rising US inventories, adding to market uncertainty. Investors are advised to stay updated on global developments while keeping a balanced and diversified portfolio to navigate this volatile period.
Stay tuned on StockGro for more updates on market trends.
