The Indian stock market ended a volatile session on a flat note on Tuesday, as gains in banking and metal stocks were offset by losses in the FMCG and IT sectors. After a weak opening, the benchmark indices staged a smart recovery in the final hours but failed to close in positive territory.
The S&P BSE Sensex finished the day marginally lower, down 57.87 points (0.07%) to settle at 82,102.10. The NSE Nifty 50 also retreated slightly, dropping 32.85 points (0.13%) to close at 25,169.50.
Key Market Highlights
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Sensex: Closed at 82,102.10, down 58 points.
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Nifty 50: Ended the session just below the 25,200 mark.
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Market Sentiment: The market was caught in a tug-of-war. Positive momentum in PSU banks and metal stocks was countered by selling pressure in defensive sectors like FMCG and the continued overhang from the U.S. H-1B visa fee hike on IT stocks.
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Broader Markets: The broader markets underperformed the main indices, with the Nifty Midcap 100 and Smallcap 100 indices declining by 0.35% and 0.5%, respectively.
Top Gainers and Losers
Gains in banking and metal stocks were the highlight, while FMCG and some IT names were among the top laggards.
| Top Gainers |
Top Losers |
| IndusInd Bank |
Trent |
| JSW Steel |
Tech Mahindra |
| Axis Bank |
SBI Life Insurance |
| Bajaj Finance |
UltraTech Cement |
| Maruti Suzuki |
Hindustan Unilever (HUL) |
Sectoral Performance
It was a day of mixed sectoral performance, with PSU banks and metals outperforming while FMCG faced significant selling pressure.
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Top Gainers: The Nifty PSU Bank and Nifty Metal indices were the standout performers, each rising over 1%. The Nifty Bank index also closed in the green with a 0.41% gain.
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Top Losers: The Nifty FMCG index was the biggest laggard, dropping over 1.3%. The Nifty Realty and Nifty IT indices also ended in the red.
Major News and Stock-Specific Action
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KEC International Soars: Shares of KEC International surged 7% after the company announced it had secured new orders worth ₹3,243 crore.
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Vodafone Idea Rallies: Vodafone Idea shares jumped up to 7% ahead of a Supreme Court hearing on its AGR (Adjusted Gross Revenue) plea, extending its recent rally.
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Adani Power Cools Off: After a 45% rally in recent sessions, shares of Adani Power declined up to 6% on profit-booking.
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RVNL Gains: RVNL shares gained nearly 2% after securing a new project order from Southern Railway.
IPO Market Frenzy
September is turning into a historic month for the Indian IPO market, with an unprecedented rush of over 25 companies going public.
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Record IPO Day: On September 23 alone, a record ten IPOs debuted, collectively seeking to raise over ₹2,700 crore from investors.
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Ongoing Issues: Key IPOs currently open for subscription include Euro Pratik Sales and VMS TMT, while Sampat Aluminium is open in the SME category.
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Grey Market Signals: The Grey Market Premium (GMP) for upcoming issues shows mixed signals. Jaro Institute is commanding a strong premium of ₹122, while some other issues have a GMP of zero, indicating varied investor appetite.
Global Market Summary
Global markets were broadly positive, with technology stocks leading the way.
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Global Stocks: Asian and European markets traded higher, building on gains from Wall Street. The rally was fueled by optimism around artificial intelligence (AI), particularly after Nvidia announced a potential $100 billion investment in OpenAI.
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Gold at Record Highs: Gold prices continued their hot streak, hitting new record highs as investors bet on multiple U.S. interest rate cuts.
Frequently Asked questions (FAQs)
Why did the market close flat today?
The market's flat close was the result of a tug-of-war between different sectors. Strong buying in PSU Bank and Metal stocks helped the market recover from the day's lows, but selling pressure in the heavyweight FMCG and IT sectors ultimately pulled the indices down.
What's happening in the IPO market?
The IPO market is experiencing a record-breaking month. A historic ten IPOs opened for subscription today alone, and over 25 companies are expected to list in September, driven by strong investor demand and regulatory deadlines.
Which sectors performed the best and worst today?
The Nifty PSU Bank and Nifty Metal indices were the top performers, each gaining over 1%. The Nifty FMCG index was the biggest loser, falling more than 1.3%.
What is the current global market sentiment?
Global market sentiment is positive, driven by a surge in technology and AI-related stocks. Expectations of U.S. interest rate cuts are also boosting assets like gold, which has reached new record highs.