The Sensex closed at 85,169, up 255 points (0.3%), and even hit an all-time high of 85,247 during the day. Similarly, the Nifty 50 closed at 26,013, up 72 points, with an intraday high of 26,032.
In the broader market, the BSE Midcap index dropped 0.5%, while the BSE Smallcap index fell 0.4%. This indicates that while the large-cap stocks, especially in the banking sector, performed well, smaller companies faced selling pressure, reflecting the cautious mood among investors.
The Nifty IT index slipped by over 1%, with Tech Mahindra, LTIMindtree, and Infosys witnessing declines of 1% to 4%. After months of strong gains, IT stocks have come under selling pressure in September, with the index already down 2% for the month.
Impact on the stock market
The Nifty FMCG index also dropped by 0.5%, as companies like Hindustan Unilever (HUL), Dabur, and Tata Consumer Products fell between 1% and 4%.
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 | -0.67% |
| Healthcare sector | -0.07% |
| Oil & Gas sector | +0.01% |
| Real estate sector | +0.66% |
| PSU Bank in India | -0.87% |
Top gainers today
| Company | Price | Change (%) |
| Power Grid Corp Share Price | 363.75 | 3.91 |
| Axis Bank Share Price | 1,268.10 | 2.30 |
| NTPC Share Price | 436.10 | 1.87 |
| Grasim Share Price | 2,662.00 | 1.63 |
| Bajaj Finserv Share Price | 1,928.50 | 1.25 |
Top losers today
| Company | Price | Change (%) |
| LTIMindtree Share Price | 6,102.55 | -3.81 |
| Tech Mahindra Share Price | 1,602.75 | -2.10 |
| TATA Cons. Prod Share Price | 1,189.60 | -1.82 |
| Tata Motors Share Price | 963.60 | -1.40 |
| Titan Company Share Price | 3,737.25 | -1.26 |
Market aftermath: Impact on stocks
JB Chemicals Slips on Deal Concerns
JB Chemicals and Pharmaceuticals saw its shares fall by 4.5% as news broke that a much-anticipated deal involving KKR’s 54% stake in the company was in jeopardy. The deal, worth around $2 billion, faced hurdles due to valuation disagreements, causing potential buyers like Torrent Pharma and Alkem Laboratories to reconsider their bids.
By mid-day, JB Chemicals’ stock was trading 2.8% lower at Rs 1,890, further dampening the broader pharma sector.
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Cartrade Tech Hits 52-Week High
Cartrade Tech shares surged by over 6%, hitting a 52-week high of Rs 1,034. This spike came after Mirae Asset Mutual Fund purchased a 6.4% stake in the company in a block deal. By the afternoon, Cartrade Tech shares were up 3.85% at Rs 1,012.75.
The company’s financials have also been robust, with a 46% rise in revenue to Rs 156.36 crore and a 69% increase in profit for the June quarter.
Easy Trip Planners Drops to 52-Week Low
Easy Trip Planners saw its shares plummet by 8% to a 52-week low of Rs 37.01 after reports surfaced that co-founder and CEO Nishant Pitti had likely sold an 8.5% stake in the company.
This led to significant selling pressure, with the stock ending down 7.65%. Despite positive quarterly financials, which saw profits rise 31%, this large stake sale has unsettled investors.
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Crude Oil
Oil prices remained steady today after a brief rise in the previous session, driven by mixed signals from global markets. Brent crude was up by just 3 cents, settling at $75.20 per barrel, while crude slipped 2 cents to $71.58 per barrel.
Much of the recent support for crude prices comes from declining U.S. stockpiles. Last week, U.S. oil inventories dropped by 4.34 million barrels, while gasoline and distillate stockpiles also saw declines. However, fading hopes around China’s economic stimulus tempered gains in the oil market.
Adding to the volatility, tensions in the Middle East continued to rise, with Hezbollah and Israel engaging in cross-border conflicts, raising fears of a broader war that could impact oil supply in the region.
Conclusion
The Indian stock market’s performance on 25th September 2024 was a tale of two halves. Despite spending most of the day in a lull, the Sensex and Nifty indices surged to record highs in the final minutes of trading, largely driven by banking stocks. However, sectoral indices like auto, IT, and FMCG saw declines, reflecting broader market concerns such as rising input costs, competition, and inflation.
Individual stocks also witnessed significant movements, with JB Chemicals facing a sell-off due to deal uncertainties, while Cartrade Tech surged on fresh investments. Easy Trip Planners, meanwhile, hit a new low after reports of a stake sale.
Looking ahead, investors will need to keep an eye on external factors like crude oil prices, geopolitical tensions, and economic developments in major markets like China and the U.S., all of which are likely to influence market sentiment in the coming days.
Stay tuned on StockGro for more updates on market trends.
