Summary of the Day's Market Performance

• On September 19, Indian equity markets ended on a strong note, driven by gains in banking, FMCG, and realty sectors. The Sensex gained 236 points, closing at 83,184, while the Nifty 50 Index rose by 38 points, settling at 25,415.80.

• Despite broader market gains, the BSE Midcap index fell by 0.4% and the Smallcap index declined by 1%.

• Fed announces 50-bps historic rate cut; US economy in good place, says Powell

Performance of Key Sectors

• Top Performing Sectors: Auto, banking, realty, and FMCG indices rose by 0.5% each, buying the overall market.

• Sectoral Laggards: Capital goods, IT, pharma, oil & gas, media, metal, and telecom sectors faced declines, with losses ranging from 0.5% to 3.5%.

Market Transactions:

• 📉FII Sell: -2,547.53 cr.

• 📈DII Bought: 2,012.86 cr.

• The US Federal Reserve’s aggressive rate cut announcement spurred a strong rally in early trades, with Indian indices touching new highs. However, profit-taking in telecom, metals, and oil & gas stocks curbed the gains by the end of the session.

• With the Fed policy outcome now out of the way, investor focus shifts to the upcoming RBI monetary policy in October, where decisions on interest rates will be key in shaping market sentiment.

Key Stock Movements and News

• Top Nifty Gainers: NTPC, Nestle India, Titan Company, Kotak Mahindra Bank, and Tata Consumer Products led the gainers.

• Top Nifty Losers: Stocks under pressure included BPCL, Coal India, ONGC, Adani Ports, and Shriram Finance.

• Telecom Sector Hit by AGR Ruling: Shares of Vodafone Idea tumbled 18% and Indus Tower fell 10% following the Supreme Court's ruling upholding the Adjusted Gross Revenue (AGR) dues case against telecom companies.

• Liquor Stocks Rally: Liquor companies like Tilaknagar Industries, Som Distilleries, and United Breweries gained between 3% and 4% after Andhra Pradesh announced a new policy in favor of the industry.

• NTPC shares rose 2% after its arm filed draft papers with the capital markets regulator.

• Power Mech Projects secured an order worth Rs 865 crore, giving its stock a boost.

• GE T&D India hit the lower circuit as its promoters plan to offload 11.7% equity via the OFS (Offer for Sale) route.

• Jefferies maintained its 'buy' ratings on:

  • NTPC with a target of Rs 485

  • Power Grid with a target of Rs 390

  • Adani Green Energy with a target of Rs 1,365

  • Godrej Properties with a target of Rs 3,725

"The market showed resilience amid mixed global cues, with strong buying in banks and FMCG sectors. However, profit-taking in telecom and oil & gas capped gains. Investors now turn their attention to the RBI policy meeting next month for further direction."

😊Thank you for subscribing to our Market Wrap-Up. Stay tuned for tomorrow's update.

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

Follow us on Social Media