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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