Indian Stock Market Continues Upward Trend, Sensex Climbs 123 Points to Close at 81,548, Nifty Surpasses 25,000. Oil and Gas Stocks Shine. Investor Confidence Boosted by US-India Trade Talks, Mid and Small-cap Indices See Slight Gains.
Closing Bell: The Indian stock market closed with a b rally on Thursday (September 11). Despite mixed signals from global markets, domestic investor confidence remained firm. Key banking and oil & gas sector stocks provided support to the market. Renewed trade talks between the US and India also bolstered investor sentiment.
Sensex and Nifty Performance
The BSE Sensex opened the day at 81,217.30 points, after an initial dip of over 200 points. Throughout the day, it traded in a range between a high of 81,642.22 and a low of 81,216.91. In the end, the Sensex closed with a gain of 123.58 points, or 0.15%, at 81,548.73 points.
The National Stock Exchange's Nifty50 also opened at 24,945 in the early trading session but quickly moved into positive territory. During the day, the Nifty recorded a high of 25,037.30 and a low of 24,940.15. At the close, the Nifty was up by 32.40 points, or 0.13%, settling at 25,005.50 points.
Top Gainers and Losers on the Sensex
On the Sensex, NTPC, Axis Bank, Eternal, Power Grid, and Bharti Airtel were among the top gainers, with some stocks seeing a rise of up to 1.60%. Conversely, Infosys, Titan Company, UltraTech Cement, HUL, and BEL were among the losers, falling by up to 1.35%.
In the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 indices closed with gains of 0.12% and 0.03%, respectively. Among sectoral indices, the Nifty Oil & Gas and Media indices were the top performers, showing a rally of over 1%. On the other hand, the Nifty IT, Auto, and Consumer Durables indices saw a decline of up to 0.50%.
India-US Trade Talks
Talks on a trade agreement between India and the United States have intensified again. Prime Minister Narendra Modi and US President Donald Trump have expressed their commitment to working towards resolving pending trade issues between the two countries. Trump stated that discussions are ongoing to remove trade barriers in both nations, and he would be meeting Modi soon. Modi also instructed the teams from both countries to work swiftly to make this process successful.
Nifty Crosses 25,000 Mark
Vinod Nair, Head of Research at Geojit Investments, commented that the Nifty50 index has crossed the significant 25,000 level. The possibility of a 50% tariff from the US on India had previously pushed the Nifty down to 24,400, but the index has been recovering consistently since then. Investor confidence has been boosted by the limited impact on the domestic economy, the government's strategic responses, and reforms like GST.
Global Market Trends
Asian markets displayed a mixed trend. China's CSI 300 index rose by 0.13% due to August inflation data, while Hong Kong's Hang Seng index fell by 1%. South Korea's KOSPI index gained 0.57% and touched a new record high. Japan's Nikkei index closed 0.61% higher.
In the US markets, the S&P 500 index closed at a record high, up by 0.3%, supported by a 36% surge in Oracle's shares. The Nasdaq closed with a marginal gain, while the Dow Jones ended 0.48% lower. US investors are now awaiting August CPI and early September unemployment figures, which will guide the Federal Reserve's upcoming interest rate decision.
IPO Updates
In the main board category, Urban Company IPO, Shringar House of Mangalsutra Ltd. IPO, and Dev Accelerator Ltd. IPO opened for subscription on their second day today. In the SME IPO category, Airfloa Rail Technology Ltd. IPO will open for subscription today. Meanwhile, IPOs of Taurian MPS, Karbonsteel Engineering, Nilachal Carbo Metalicks, and Krupalu Metals will close today. The basis of allotment for Vashishtha Luxury Fashion Ltd. IPO will also be finalized today.
