Stock Market Soars: Nifty Crosses 25,900, Sensex Rises by 384 Points to Hit Record Highs

The stock market continued its upward momentum for the third consecutive session on September 23, 2024, reaching fresh all-time highs. The Nifty 50 crossed the 25,900 mark, closing at 25,939.05 with a gain of 148.10 points (+0.57%), while the BSE Sensex surged by 384.30 points (+0.45%) to end the day at a record 84,928.61. This rally was driven by widespread buying across sectors, except for Information Technology, which saw a minor dip.

Market Overview: The day began with a positive opening and traded in a narrow range during the first half, before picking up momentum in the second half, pushing both the Sensex and Nifty to fresh intraday highs of 84,980.53 and 25,956, respectively.

Sector Performance: The market saw broad-based participation, with sectors like PSU banks, real estate, auto, energy, FMCG, metal, and pharma contributing to the rise. The PSU Bank index emerged as the top performer, rallying over 3%, followed by the Realty index, which gained more than 2%. Other sectors like auto, energy, FMCG, metal, pharma, and media posted gains of 0.5%-1%.

However, the Information Technology (IT) sector lagged behind, shedding 0.5%, with Tech Mahindra and other major IT players witnessing some losses.

Top Gainers and Losers: Among the Nifty 50 stocks, Mahindra & Mahindra (M&M) led the gains, rising by 3.35% to close at ₹3,049.80. Other top performers included ONGC, Bajaj Auto, SBI Life Insurance, and Hero MotoCorp. On the flip side, Eicher Motors was the biggest loser, dropping 1.68% to ₹4,879.55, followed by Divis Labs, ICICI Bank, Tech Mahindra, and IndusInd Bank, which also saw marginal declines.

Midcap and Smallcap Performance: The broader markets also witnessed strong interest from investors. The BSE Midcap and Smallcap indices gained 0.7% each, with nearly 350 stocks hitting their 52-week highs. Notable companies included Aditya Birla Fashion, Apollo Hospitals, Bajaj Finserv, Bharti Airtel, Hero MotoCorp, Sun Pharma, and Kotak Mahindra Bank.

Technical Outlook: Market analysts observed that while the Nifty is steadily moving towards the 26,000 mark, a psychological resistance zone, the index may be overbought in the short term. According to technical analysts, a potential correction might occur, with the 25,800-25,850 zone acting as a strong support level. Bank Nifty also showed strength, closing at 54,105.80 and heading towards 55,000, with the support zone now placed between 53,350 and 53,500.

Market Sentiment: Analysts are optimistic about the continuation of the bullish trend but have advised caution due to signs of an overheated market in the short run. Investors are encouraged to adopt a trailing stop-loss strategy to safeguard profits in case of pullbacks. Despite the short-term risk of profit-taking, the broader sentiment remains positive, especially for sectors like banking and realty, which have been top performers.

Conclusion: The record-breaking performance of the markets on September 23 signals strong investor confidence across sectors. However, with key resistance levels approaching, some caution is warranted as analysts predict a potential consolidation or profit-booking phase in the near future. Nonetheless, the market outlook remains positive, with broader market participation and bullish momentum across most sectors.

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FIIs Surge as Net Buyers, DIIs Turn Sellers in Major Market Shift

On September 20, 2024, foreign institutional investors (FIIs) made a notable move by becoming net buyers, purchasing ₹14,064 crore worth of shares. In contrast, domestic institutional investors (DIIs) offloaded ₹4,427.08 crore in equities. This shift occurred after the U.S. Federal Reserve announced a 50 basis point rate cut, boosting global markets, including India.

During the trading session, DIIs bought equities valued at ₹16,987.42 crore but sold ₹21,414.50 crore worth of shares. Meanwhile, FIIs purchased ₹59,452.33 crore in shares while offloading ₹45,388.28 crore in equities, leading to a significant net purchase.

The Indian stock market experienced a sharp rally, with the Sensex closing 1,359.51 points higher, a 1.63% rise to 84,544.31. Similarly, the Nifty index climbed 375.2 points or 1.48%, ending the day at 25,579. All sectoral indices finished in positive territory.

Leading the gains on the Nifty were M&M, ICICI Bank, JSW Steel, Bharti Airtel, and L&T. On the other hand, Grasim Industries, SBI, IndusInd Bank, TCS, and Bajaj Finance were the top losers of the day.

According to Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, the markets are gradually climbing, and this positive momentum is expected to continue. Strong FII inflows, healthy domestic macroeconomic conditions, and easing concerns about the U.S. economy are likely to sustain the market's rise.

So far in 2024, FIIs have net sold shares worth ₹1.2 lakh crore, while DIIs have been net buyers, accumulating ₹3.28 lakh crore in equities. Despite FIIs being net sellers earlier in the year, their renewed buying in September has contributed to the market's current strength.

 

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Globus Spirits Stock Jumps 4% After Launching Luxury Whisky DOAAB

Shares of Globus Spirits Limited surged 4% to ₹1,370 in morning trading on September 17, 2024, following the company's entry into the luxury whisky market with its new product, DOAAB India Craft Whisky. This marks Globus Spirits' foray into the high-end whisky segment, bringing a fresh perspective to the growing market.

The new range, named DOAAB India Craft Whisky, draws its inspiration from the Hindi term "DOAAB," meaning "the land between two rivers," symbolizing a blend of diverse influences. The first release in this limited-edition series, "Six Blind Men and the Elephant," is a single malt whisky aged exclusively in ex-bourbon barrels. With only 500 casks produced, this edition represents a blend of artisanal craftsmanship and storytelling, inspired by the Indian fable of the same name.

Earlier this month, Motilal Oswal Mutual Fund acquired 2 lakh equity shares, amounting to a 0.69% stake in Globus Spirits, through a block deal on the NSE.

Globus Spirits, which produces, markets, and sells branded Indian-made foreign liquor and bulk alcohol, operates five fully integrated grain-based distilleries across India, with a combined annual capacity of around 268 million liters.

As of 11:10 am, the company's shares were trading at ₹1,335, reflecting a gain of over 1% on the NSE. Over the past month, Globus Spirits' share price has climbed more than 55%.

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