The Indian stock market ended higher on September 9, 2024, with the Nifty closing above 24,900 and the Sensex up by 375.61 points or 0.46 percent at 81,559.54. The top gainers on the Nifty were HUL, Shriram Finance, ICICI Bank, ITC, and Britannia Industries, while the top losers were ONGC, Tech Mahindra, Hindalco Industries, NTPC, and BPCL. FMCG and Bank indices were up 1 percent each, while Capital Goods, Information Technology, Metal, Telecom, Media, Oil & Gas, Power, and Realty sectors saw declines ranging from 0.3-1 percent.
The BSE midcap index was down by 0.3 percent and the smallcap index shed 0.6 percent. Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, “Today, the benchmark indices witnessed narrow range activity, with the Nifty ending 84 points higher while the Sensex was up by 375 points. Technically, after a weak open, the market took support near the 20-day SMA and reversed.
Sensex nears 24,900 amidst gains
A small bullish candle on daily charts and reversal formation on intraday charts suggest that the pullback formation is likely to continue in the near future.”
Vinod Nair, Head of Research at Geojit Financial Services, noted, “Despite a negative opening amidst weak global cues, the domestic market exhibited some recovery from last week’s steep fall. The current trend in US job data suggests that the anticipated 25 bps rate cut may not be sufficient.
The upcoming data on US inflation and jobless claims will be decisive in assessing the market trend.”
The Indian rupee ended flat at 83.95 per dollar on Monday versus Friday’s close of 83.94. In IPO news, the Kross IPO was subscribed at 0.66 times, while the Bajaj Housing Finance IPO was subscribed at 1.39 times. Analysts have downgraded Tata Group stocks—Tata Steel, Titan, and Tata Motors—citing margin pressure, rising debt, and muted demand.
ED has filed a complaint against Religare’s Rashmi Saluja for cheating and criminal conspiracy. In brokerage updates, CLSA maintains a ‘hold’ call on TCS, Infosys, and HCL Tech, while Nuvama believes risks pertaining to CEO reappointment at Axis Bank and IndusInd are fading and notes a potential 50 bps repo rate cut could impact NIMs and RoA for banks.
- MoneyControl.”Stock Market LIVE Updates: Nifty above 24,850, Sensex up 100 pts; Premier Energies, Mazagon Dock, SBI most active”.
- NDTVProfit.”Stock Market Today: All You Need To Know Before Going Into Trade On Sept. 9″.
- Upstox.”NIFTY50 slips 85 pts, SENSEX falls below 81,000 amid subdued global cues; Ola Electric shares down more than 2.5%”.