Saturday , September 21 2024

Stock market stuck between boom and bust, market closed flat

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Indian stock market witnessed a two-way rally today as the market is eyeing the interest rate debate in the US and whether there will be a cap on it. Indian markets today were caught between a boom and a recession. The market opened on a bullish note but ended the day almost flat as selling force increased during the day. The BSE Sensex closed at 61,982, up 18 points. Similarly, the NSE Nifty closed at 18,348, up 34 points.

Top Gainers (NSE)

company Closing Price (Rs.) increase (%)
Adani Enterprises 2633.70 13.22
Devi’s Laboratory 3385.80 3.70
Bajaj Finserv 1437.25 1.72
Etcher Motors 3601.60 1.58
UPL 680.65 1.53

market sentiment optimistic

Rupak Dey, Senior Technical Analyst, LKP Securities said that despite lack of significant volatility, the market sentiment remained optimistic as Nifty managed to hold its position above the support level of 18300. However, an important resistance was seen at 18500. If Nifty manages to break this resistance decisively, it can potentially move towards 18,800 levels.

Adani’s market cap is Rs. 11 lakh crore

Despite the selling pressure in the market, Adani Group shares saw good buying today. Adani shares gained for the third day in a row along with the group’s intraday market cap. 11 lakh crore was crossed. There is good buying in all stocks including Adani Enterprises, Adani Ports, Adani Power.

Top Losers (NSE)

company Closing Price (Rs.) Reduce (%)
Tech Mahindra 1090.50 1.26
Grasim Industries 1697.95 1.19
Apollo Hospitals 4550.40 1.19
HCL Technologies 1107.35 1.12
Titan Company 2683.45 1.07

 

regional exposure

Sector-wise, the Metal index advanced 2.6% and the Power index advanced 1%, while buying was also seen in Oil & Gas, Auto, FMCG and Healthcare. Some selling was seen in capital goods, information technology and realty stocks.