The Indian stock market witnessed a momentous day on Thursday, September 26, as both the S&P BSE Sensex and the NSE Nifty reached all-time highs. Opening with a positive bias, the Sensex surged by 135 points (0.16%) to touch ₹85,304.43, while the Nifty climbed 41.5 points (0.16%) to reach ₹26,045.65 by 09:20 a.m. This early momentum set the tone for the day, with the indices climbing to fresh record levels during the session.
For investors seeking to invest in stocks, this surge offers an encouraging sign of market stability and growth. As the day progressed, the Sensex reached an all-time peak of ₹85,372.17, up 202.3 points, while the Nifty scaled a lifetime high of ₹26,056, an increase of 51.85 points.
Leading market performers and sectoral insights
The NSE saw several top performers during the session. Leading the pack were SBI Life, Tata Consumer Products, Nestlé India, Tata Motors, and Maruti Suzuki. These stocks showed robust performance, contributing significantly to the market's upward momentum.
However, not all sectors shared the same positive outlook. Hero MotoCorp, ONGC, Hindalco, Tata Steel, and M&M experienced declines, emerging as the biggest losers on the day.
IT stocks led the sectoral gains, with the BSE IT index trading at ₹42,801.32, up 316 points (0.74%). In contrast, the oil and gas, metal, and consumer durables sectors faced losses, reflecting mixed market sentiment across industries.
Broader market trends and buzzing stocks
In the broader market, the BSE MidCap index was trading at ₹49,200.39, down by 0.32%, while the BSE SmallCap index fell by 124 points (0.22%) to ₹57,151.71.
On the individual stock front, ASK Automotive shares fell by 5% on the BSE after the company's promoter, Kuldip Singh Rathee, announced plans to sell a 6.05% equity stake through an offer for sale (OFS) on September 27-28. Similarly, PB Fintech shares dropped by 5%, trading at ₹1,637 apiece, amid reports of the company's possible venture into the healthcare sector.
Foreign Institutional Investors (FIIs) and domestic trends
The market dynamics were also influenced by the activities of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs). FIIs offloaded equities worth ₹973.94 crore on Wednesday, indicating a cautious approach in the international arena. In contrast, DIIs were more optimistic, purchasing equities worth ₹1,778.99 crore.
This shift in investor sentiment showcases the growing confidence of domestic investors in the Indian market despite mixed signals from global markets. For those looking to invest in stocks, this trend of DII engagement could signal a strengthening of the local investment environment.
Global market performance and commodities
On the global front, Asian markets continued to rally on Thursday, driven by optimism surrounding China's stimulus package. However, signs of fatigue in this rally began to surface, reflecting caution in the broader global market.
Despite the Asian rally, Wall Street experienced losses, with global stock indexes giving up some gains from earlier in the week. In commodities, oil prices edged higher, with Brent crude futures rising by 0.27% to $73.66 per barrel and US crude increasing by 0.2% to $69.82 per barrel. Spot gold remained steady at $2,659.56 an ounce, following a record high on Wednesday.
Conclusion
Thursday’s record highs for Sensex and Nifty reflect the strong performance of certain sectors and stocks, with domestic investors showing increased confidence. As global markets send mixed signals, the Indian market remains a focal point for growth, offering promising opportunities for those keen to invest in the stock market.
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