The Sensex ended the day up by 90.88 points, closing at 83,079.66, while the Nifty 50 rose by 34.80 points to close at 25,418.55. Investors showed increased confidence in blue-chip stocks, with banking and auto stocks taking the lead in this market rally.
Auto and banking stocks were the primary drivers, with Hero MotoCorp rising 3.25% and Bajaj Auto climbing 2.02%. The market was also boosted by key players like Bharti Airtel (+1.59%) and Mahindra & Mahindra (+1.14%), which contributed to the day’s overall gains.
Impact on the stock market
The Nifty Bank index saw a robust gain of 1.5%, driven primarily by strong performances from major banks like ICICI Bank and HDFC Bank. ICICI Bank posted a rise of 1.34%, while HDFC Bank followed closely with a 1.12% increase.
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| Sector/Index | Performance |
| IT & BPM sector | +0.62% |
| Healthcare sector | +0.99% |
| Oil & Gas sector | +0.70% |
| Real estate sector | +3.05% |
| PSU Bank in India | -0.09% |
Top gainers today
| Company | Price | Change (%) |
| M&M Share Price | 2,950.85 | +5.48 |
| ICICI Bank Share Price | 1,338.45 | +3.60 |
| JSW Steel Share Price | 981.55 | +3.50 |
| Larsen Share Price | 3,793.90 | +2.99 |
| Bharti Airtel Share Price | 1,711.75 | +2.82 |
Top losers today
| Company | Price | Change (%) |
| Grasim Share Price | 2,678.25 | -2.22 |
| SBI Share Price | 781.70 | -1.04 |
| IndusInd Bank Share Price | 1,480.20 | -0.31 |
| TCS Share Price | 4,284.90 | -0.26 |
| Bajaj Finance Share Price | 7,582.45 | -0.10 |
Market aftermath: Impact on stocks
Cochin Shipyard surges 10%
Cochin Shipyard saw a significant jump, hitting the 10% upper circuit ahead of its ex-dividend date. Investors flocked to the stock, eager to take advantage of its upcoming dividend, which was seen as highly attractive.
The company’s consistent dividend payouts have made it a favorite among income-focused investors. This sharp rise also reflects the overall confidence in Cochin Shipyard’s financial stability and growth prospects. With a solid dividend track record, the stock continues to be a strong performer in the market.
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IndoStar Capital hits 52-week high
IndoStar Capital hit a 52-week high after announcing the sale of one of its subsidiaries for ₹1,750 crore. This strategic move is expected to strengthen the company’s financial position, giving it greater flexibility for future investments and debt reduction.
Investors responded positively to the news, pushing the stock to new heights. The asset sale is seen as part of IndoStar’s broader plan to streamline operations and focus on core areas of growth. The market is optimistic about the long-term benefits this sale will bring to the company.
HUL continues its strong run, market cap nears ₹7 trillion
Hindustan Unilever (HUL) has been on a steady upward trend, with its stock surging 33% over the last five months. The company’s market capitalisation is now nearing an impressive ₹7 trillion, making it one of India’s largest and most valuable companies.
Investors are drawn to HUL’s strong performance in the consumer goods sector, where it has consistently outperformed its peers. The company’s ability to adapt to changing market conditions and maintain profitability has further fueled its stock’s rise. HUL’s growth shows no signs of slowing, keeping it a top pick for long-term investors.
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Crude Oil
In the global commodities market, crude oil prices saw a slight decline as China kept its lending rates unchanged. This move affected the demand outlook for oil, particularly in Asia, and led to a drop of ₹18, closing at ₹5,869 per barrel. The unchanged lending rates in China raised concerns about slower economic growth in the region, which directly impacted oil demand forecasts.
The dip in oil prices is a mixed bag for investors. On one hand, lower crude prices could reduce costs for industries reliant on oil, such as transportation and logistics. On the other hand, it signals potential economic slowdown concerns in global markets, particularly in emerging economies like China.
Conclusion
The Indian stock market on 20th September 2024 reflected a day of positive momentum, led by strong performances in the banking and auto sectors. While stocks like Cochin Shipyard and IndoStar Capital experienced significant gains, Hindustan Unilever continued to dominate with its steady growth, nearing a market cap of ₹7 trillion.
On the commodities front, the slight dip in crude oil prices, influenced by China’s lending rate decision, signalled caution in global demand. Moving forward, investors will closely monitor global economic trends, particularly in the oil market and China’s economy, while keeping an eye on domestic sectoral performances for future opportunities. Stay updated with more share market news as these developments unfold.
Stay tuned on StockGro for more updates on market trends.
