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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Motilal Oswal Foundation Donates ₹130 Crore to IIT-Bombay for Academic Infrastructure

The Motilal Oswal Foundation, the philanthropic arm of Motilal Oswal Financial Services, has announced a ₹130 crore donation to the Indian Institute of Technology, Bombay (IIT-Bombay). This substantial contribution, one of the largest corporate philanthropic efforts in India, was revealed on September 17, 2024.

The donation will be used to establish the Motilal Oswal Knowledge Centre, aimed at enhancing academic infrastructure at IIT-Bombay. Additionally, a Motilal Oswal Centre for Capital Markets will be created, offering graduate and post-graduate courses as well as online diplomas in financial markets.

This donation comes in the wake of a record-setting ₹315 crore gift made by Infosys co-founder Nandan Nilekani in June 2023. Nilekani's contribution was dedicated to developing world-class infrastructure, advancing research in emerging technologies, and fostering a deep tech startup ecosystem at IIT-Bombay. His total commitment to the institute now stands at ₹400 crore.

In recent developments, the 2024 placement season at IIT-Bombay saw average salary packages increase by 7.7% to ₹23.5 lakh per annum. However, the number of students placed declined compared to the previous year, with around 25% of students unable to secure jobs, according to the placement report.

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