The Nifty 50 managed to hold on to a slight gain of 0.16%, ending at 25,430 points, while the Sensex closed with a 0.23% gain at 83,135 points. These gains were short-lived, as losses in sectors such as telecom, IT, and PSU caused the indices to pare gains by the end of the session.
The broader market underperformed significantly, Nifty Midcap 100 dropped by 0.50%, closing below 60,000 at 59,457 points. The Nifty SmallCap 100 index suffered a bigger blow, dropping 1.07% to 19,180 points.
Impact on the stock market
Sectors such as banking offered some support, with the Nifty Bank rising 0.54%, while FMCG stocks helped cushion the fall.
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| Sector/Index | Performance |
| IT & BPM sector | -0.34% |
| Healthcare sector | -0.19% |
| Oil & Gas sector | -1.34% |
| Real estate sector | 0.49% |
| PSU Bank in India | -0.65% |
Top gainers today
| Company | Price | Change (%) |
| NTPC Share Price | 423.95 | +2.37 |
| Kotak Mahindra Share Price | 1,871.95 | +1.75 |
| Titan Company Share Price | 3,780.95 | +1.49 |
| Nestle Share Price | 2,634.20 | +1.43 |
| HUL Share Price | 2,911.75 | +1.25 |
Top losers today
| Company | Price | Change (%) |
| BPCL Share Price | 324.45 | -3.47 |
| Coal India Share Price | 477.95 | -1.88 |
| ONGC Share Price | 285.25 | -1.77 |
| Adani Ports Share Price | 1,408.20 | -1.44 |
| Shriram Finance Share Price | 3,525.35 | -1.38 |
Market aftermath: Impact on stocks
Sunteck Realty Rises 6% on Heavy Volumes
Sunteck Realty had a standout day as its stock surged by 6%, thanks to heavy volumes and a technical breakout. The real estate sector has been one to watch lately, as demand for residential and commercial properties continues to show strength.
Sunteck Realty’s breakout signaled renewed investor confidence in the stock’s potential, particularly as the broader real estate market is expected to remain buoyant.
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Garden Reach Shipbuilders Gains 6%
Garden Reach Shipbuilders also had a positive session, with its stock rising by 6% following the announcement of a major order win. The company secured a contract to build four multipurpose vessels, bolstering its order book and reinforcing its growth prospects. Investors responded to this development with enthusiasm, pushing the stock higher.
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NTPC Hits All-Time High on IPO Filing
NTPC saw its stock hit an all-time high today after one of its subsidiaries filed draft papers for an ₹10,000 crore IPO. This major development, along with NTPC’s robust operational performance, boosted investor confidence, leading to significant buying interest in the stock.
NTPC’s ongoing efforts to expand its clean energy portfolio have made it an attractive option for long-term investors.
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Crude Oil: Steady Despite Interest Rate Changes
Despite the US Federal Reserve announcing a 50 basis points interest rate cut, crude oil futures remained relatively flat. On the Multi Commodity Exchange (MCX), September crude oil futures were trading at ₹5,924, up marginally from the previous close of ₹5,913. Meanwhile, Brent oil futures were at $73.67, and WTI crude traded at $69.85.
The market had largely priced in the interest rate cut, and concerns over demand, particularly from China and Europe, kept oil prices from moving significantly. The US Energy Information Administration (EIA) also reported a decline in crude oil inventories, which helped keep prices stable.
While oil prices are expected to face continued pressure from demand concerns, the US is reportedly looking to purchase 6 million barrels of crude oil for its Strategic Petroleum Reserve (SPR), which could provide some support to prices in the near term.
Conclusion
The Indian stock market had a mixed day on 19th September 2024, as early gains were wiped out by profit booking and sector-specific declines. Despite touching record highs, the Nifty 50 and Sensex saw modest gains of 0.16% and 0.23%, respectively. Stocks like Sunteck Realty, Garden Reach Shipbuilders, and NTPC shined, driven by positive corporate developments.
However, the underperformance of mid and small-cap stocks raised concerns about broader market valuations. With crude oil prices remaining steady despite the US interest rate cut, investors are closely watching global demand trends and domestic sector performances to navigate the upcoming sessions.
For long-term investors, the ongoing corrections in mid and small-cap stocks could present attractive buying opportunities, but caution is warranted as volatility persists.
Stay tuned on StockGro for more updates on market trends.
