The Indian stock market bounced back with vigour on Tuesday, snapping a one-day losing streak as benchmark indices surged on broad-based buying. Optimism driven by gains in auto and banking stocks, coupled with hopes of a favourable India-US trade deal and an impending U.S. Federal Reserve rate cut, propelled the market to a strong close.
The S&P BSE Sensex resumed its winning run, rallying 594.95 points (0.73%) to settle at 82,380.69. The NSE Nifty 50 comfortably breached the 25,200 level, closing 170 points (0.68%) higher at 25,239.10.
Key Market Highlights
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Sensex: Gained 595 points to close at 82,381.
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Nifty 50: Advanced 170 points to settle above the 25,200 mark.
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Market Sentiment: The mood on Dalal Street was bullish, with strong buying interest seen across heavyweight stocks. The market breadth was positive, signalling broad participation in the rally.
Top Gainers and Losers
The rally was led by banking and auto stocks, while some FMCG names faced selling pressure.
| Top Gainers |
Top Losers |
| Kotak Mahindra Bank |
Asian Paints |
| Larsen & Toubro |
Nestle India |
| Mahindra & Mahindra (M&M) |
Tata Consumer Products |
| Eicher Motors |
Shriram Finance |
| Maruti Suzuki |
Titan Company |
Sectoral Performance
Most sectoral indices ended in the green, with auto, banking, and capital goods leading the charge.
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Top Gainers: The Nifty Auto, Nifty Bank, and Nifty Capital Goods indices were the top performers. The Nifty Midcap 100 and Smallcap 100 also closed with gains of 0.54% and 0.80%, respectively.
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Top Losers: The Nifty Healthcare and Nifty FMCG sectors faced minor declines.
Major News and Stock-Specific Action
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Redington Surges on iPhone Demand: Shares of Redington Share Price hit the 20% upper circuit, marking its biggest single-day gain in over four years. The surge was driven by heavy trading volumes amid strong demand for the newly launched iPhone 17.
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Godfrey Phillips Ex-Bonus: Godfrey Phillips shares jumped 8% as the stock turned ex-bonus for its 2:1 bonus issue.
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Textile Stocks Rally: Textile stocks, including KPR Mill and Raymond, surged up to 7% on rising optimism about a potential India-US trade deal.
IPO Market Update
The primary market was buzzing with activity, seeing new openings, closures, and listings.
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New Opening: The mainboard IPO of Euro Pratik Sales is now open for subscription. The company aims to raise ₹451.3 crore through the issue, which has a price band of ₹235 - ₹247 per share.
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Subscription Closure: The SME IPO of LT Elevator closed today with an overwhelming response, getting subscribed over 95 times. The grey market premium (GMP) suggests a potential listing gain of around 25%.
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Upcoming IPOs: The mainboard IPO of VMS TMT and the SME issue of Sampat Aluminium are set to open for public subscription tomorrow, September 17.
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SME Listings: Three companies - Nilachal Carbo Metalicks, Krupalu Metals, and Jay Ambe Supermarkets - made their debut on the SME platform today.
Track all IPOs for free on IPO Dashboard.
Global Market Summary
Global markets were mixed as investors remained cautious ahead of the U.S. Federal Reserve's two-day policy meeting.
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Asian Markets: Major Asian indices closed higher, tracking overnight gains on Wall Street.
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European Markets: European stocks opened on a muted note, with the pan-European Stoxx 600 trading slightly lower.
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U.S. Market Outlook: U.S. stock futures were little changed as investors awaited the Fed's interest rate decision, with markets pricing in a high probability of a rate cut.
Frequently Asked Questions (FAQs)
1. What drove the market's sharp rally today?
The market rebounded strongly due to widespread buying in auto and banking stocks, positive global cues, and renewed optimism over India-US trade negotiations.
2. Which stocks were in focus today?
Redington surged 20% on strong iPhone 17 demand, Godfrey Phillips rose 8% as it turned ex-bonus, and textile stocks rallied on hopes of a trade deal with the U.S..
3. What's happening in the IPO market?
The IPO market is active with the Euro Pratik Sales issue opening today and the LT Elevator IPO closing with a massive 95x subscription. Several new listings also took place on the SME platform.
4. What is the key global event investors are watching?
The primary global focus is on the U.S. Federal Reserve's policy meeting this week. The outcome and the Fed's commentary on future rate cuts will be crucial for market direction.