The Sensex dipped slightly by 14.57 points (0.02%) to settle at 84,914.04. Meanwhile, the Nifty gained just 1.40 points (0.01%), ending at 25,940.40. Earlier in the day, both indices had hit fresh highs, with the Sensex touching 85,163.23 and Nifty peaking at 26,011.55.
Interestingly, the BSE midcap and smallcap indices ended the session flat, indicating a more cautious approach from investors when it came to smaller stocks.
Impact on the stock market
Sectoral indices saw mixed performances. The metal index stood out, rising by 3%, driven by the impressive gains in Tata Steel and Hindalco Industries. The oil and gas index increased by 0.6%, while the power index added 1.4%, showing positive momentum in these sectors.
On the other hand, PSU Banks, FMCG, and telecom sectors took a hit, with losses between 0.5% and 1%. The volatility in these sectors was attributed to varied investor sentiment around valuations and profit-taking after recent gains.
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| Sector/Index | Performance |
| IT & BPM sector | +0.61% |
| Healthcare sector | -0.04% |
| Oil & Gas sector | +0.38% |
| Real estate sector | -0.30% |
| PSU Bank in India | -0.86% |
Top gainers today
| Company | Price | Change (%) |
| Tata Steel Share Price | 160.53 | +4.25 |
| Hindalco Share Price | 717.85 | +3.95 |
| Power Grid Corp Share Price | 350.05 | +2.61 |
| Tech Mahindra Share Price | 1,637.10 | +1.86 |
| Adani Enterpris Share Price | 3,093.90 | +1.64 |
Top losers today
| Company | Price | Change (%) |
| SBI Life Insura Share Price | 1,864.35 | -2.91 |
| HUL Share Price | 2,950.55 | -2.58 |
| Grasim Share Price | 2,619.30 | -1.78 |
| UltraTechCement Share Price | 11,761.65 | -1.68 |
| Shriram Finance Share Price | 3,516.30 | -1.44 |
Market aftermath: Impact on stocks
GM Power hits 5% upper circuit, reaches record high
GRM Overseas, a multibagger stock, has seen its price rise by an astounding 125% in the past six months. The stock surged from ₹118 to ₹270, showing strong bullish momentum. Analysts believe the stock still has more room to grow, especially with the festive season around the corner, which tends to drive demand for FMCG products.
The stock’s next target is ₹300, with a solid support level at ₹245, according to Sumeet Bagadia from Choice Broking. Investors holding onto the stock are advised to maintain this position, while new investors are encouraged to adopt a buy-on-dips strategy, ensuring a stop loss around ₹245.
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Sapphire Foods surges 14% to all-time high
Sapphire Foods, which operates Pizza Hut and KFC chains in India, saw its shares surge by 14%, hitting an all-time high of ₹400.5 per share after 8.05 million shares exchanged hands in block deals. Despite this surge, the company faces challenges ahead.
In Q1FY25, Sapphire Foods reported a 67.2% year-on-year decline in net profit, falling from ₹24.87 crore to ₹8.18 crore. Rising ingredient costs, which increased by 10%, and sluggish sales in their key outlets, contributed to this dip. Both KFC and Pizza Hut saw a decline in same-store sales in India, with sales dropping 6% and 7%, respectively.
GRM Overseas jumps 125% in six months
GMR Power and Urban Infra, which hit an all-time high of ₹155.95 and froze at the 5% upper circuit. The surge came after Emkay Global issued a ‘Buy’ call on the stock, with a 12-month target price of ₹180. In a bullish scenario, the stock could climb even higher to ₹205.
Over the past year, shares of GMR Power have gained a staggering 293.7%, significantly outperforming the Sensex’s 28.7% growth over the same period.
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Crude Oil
Crude oil prices continued to rise last week, with Brent crude closing at $74.7 per barrel, gaining 4.3%. On the MCX, crude oil futures followed suit, ending at ₹5,975 per barrel, up 4.4%.
The technical indicators are showing signs of bullish momentum, with a morning star candlestick pattern forming on the charts, which typically suggests a trend reversal. The next resistance level for Brent crude is at $76, and if breached, prices could rise further to $80. However, if the price falls, support is expected at $70.
For the MCX crude oil futures, resistance is at ₹6,000, and if the level is broken, prices could rally towards ₹6,500. Traders are advised to buy on breakouts, with a stop loss at ₹5,800 and targets set at ₹6,500.
Conclusion
The Indian stock market experienced a mixed day on September 24, 2024, with some sectors and stocks making significant moves despite overall market volatility. While Sensex and Nifty failed to hold their record highs, individual stocks like GRM Overseas, GMR Power, and Sapphire Foods made notable strides, reflecting strong investor sentiment in specific sectors.
Crude oil prices remain on the rise, bringing both opportunities and challenges to various industries. The upcoming festive season may fuel further momentum in stocks like GRM Overseas, while companies like GMR Power are set for continued growth due to strategic initiatives.
As always, market movements are dynamic, and investors should stay informed to make the most of the trends that emerge. Whether it’s the bullish moves in specific stocks or broader market trends, there’s plenty to watch out for in the days ahead.Stay tuned on StockGro for more updates on market trends.
