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Indian stock markets closed marginally higher on Tuesday, with the BSE Sensex ending at 83,079.66, up 90.88 points or 0.11 per cent, and the Nifty 50 closing at 25,418.55, gaining 34.80 points or 0.14 per cent.
The slight uptick came amid cautious trading as investors awaited key policy decisions from global central banks.
Among Sensex stocks, top gainers were Bharti Airtel (+1.59 per cent), NTPC (+1.27 per cent), Mahindra & Mahindra (+1.14 per cent), Titan (+0.86 per cent), and Larsen & Toubro (+0.83 per cent). The top losers included Tata Motors (-1.33 per cent), Adani Ports (-0.93 per cent), JSW Steel (-0.92 per cent), ITC (-0.91 per cent), and Tata Steel (-0.91 per cent).
On the NSE, Hero MotoCorp led the gains, surging 3.25 per cent, followed by Bajaj Auto at 2.02 per cent and Bharti Airtel at 1.68 per cent. NTPC and Mahindra & Mahindra also showed strength, rising 1.19 per cent and 0.89 per cent respectively. Conversely, Tata Motors experienced the steepest decline, dropping 1.36 per cent, while Eicher Motors fell 1 per cent and Adani Ports shed 0.98 per cent.
The market breadth remained negative, with 2,238 stocks declining against 1,714 advances. A total of 4,058 stocks were traded, with 106 remaining unchanged. Notably, 299 stocks hit their 52-week highs, while 25 touched their 52-week lows.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the day’s trading, stating, “Today, the benchmark indices continued range-bound activity. Among sectors, selective auto stocks witnessed buying interest, whereas the media index was the top loser, shedding over 1 per cent.”
Vikram Kasat, Head of Advisory at PL Capital – Prabhudas Lilladher, noted, “The Indian stock markets closed with mixed results. The Sensex and Nifty indices experienced slight fluctuations due to a combination of global macroeconomic factors and local developments. Some sectors that ended in green were realty and consumer durables.”
Investor participation remained thin, partly due to the Ananta Chaturdashi holiday. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., observed, “Range-bound session continued for a second straight session ahead of key US Fed policy meet decision on Wednesday. Also, investor participation was thin on account of Ananta Chaturdashi, and hence buying was seen in select frontline stocks.”
Deepak Jasani, Head of Retail Research at HDFC Securities, added, “Nifty 50 ended at the highest closing level on September 17 after a narrow range day. Cash market volumes on the NSE were flat compared to the previous session. Broad market indices ended marginally in the negative even as the advance decline ratio fell to 0.62:1.”
India’s wholesale inflation data also caught attention, with Jasani noting, “India’s wholesale inflation was the lowest in four months, because of a slower price rise across commodities. The Wholesale Price Index rose 1.31 per cent in August from a year ago, compared to a rise of 2.04 per cent in July.”
Looking ahead, market participants are keenly awaiting the outcome of the US Federal Reserve meeting. Ajit Mishra, SVP of Research at Religare Broking Ltd., advised, “The recent market action suggests that participants are in a wait-and-watch mode ahead of the US Fed meeting, although rotational buying in large-cap stocks is maintaining a positive tone. We recommend continuing with a ‘buy on dips’ strategy, targeting an upside of 25,550 in the Nifty.”
The foreign portfolio investors (FPIs) were net sellers in the capital market segment, offloading shares worth ₹1,634.98 crore as they sold ₹10,252.08 crore and bought ₹8,617.10 crore across BSE, NSE, and MSEI. In contrast, domestic institutional investors (DIIs) were net buyers, purchasing shares worth ₹754.09 crore, with a total buy value of ₹10,025.07 crore against sales of ₹9,270.98 crore. Additionally, non-resident Indians (NRIs) were marginal net sellers, with a net value of ₹6.36 crore, while proprietary traders were net buyers, adding ₹830.43 crore to their portfolios.
As global markets brace for potential interest rate decisions, oil prices climbed on Tuesday, reacting to production disruptions in the U.S. caused by Hurricane Francine. This, coupled with expectations of an interest rate cut by the Federal Reserve, is likely to keep investors on their toes in the coming sessions.
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Published on September 17, 2024
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