Nifty and Sensex soar as metal stock gains lead

Metal Stocks Propel Market Surge: Nifty and Sensex Climb Higher

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 20, 2024

Summary: The main NSE sector gauges were trading higher, with the Nifty Metal index leading the way with a 1.7% rise. This indicated that buying was evident across the board.

Friday saw a little increase in the benchmarks for Indian equities, reflecting advances in worldwide markets following Wall Street's breakout to all-time highs the day before. Up to 440 points were gained by the Sensex, and the Nifty 50 index reached an intraday high of 25,547.85. Some of the top movers in the Sensex were Mahindra & Mahindra, Reliance Industries, JSW Steel, ITC, Infosys, HDFC Bank, and Tata Steel.

The Nifty 50 index increased by 55 points to 25,470 at 9:20 am, while the Sensex gained 123 points to 83,317.

Most Asian markets saw higher closing tracking record trades on Wall Street. Taiwan weighed up by 0.91 percent, South Korea's KOSPI climbed by 1%, Hong Kong's Hang Seng advanced by 0.73 percent, and Japan's Nikkei increased by 2%.

The day after the Federal Reserve lowered interest rates by 50 basis points and signaled that more rate cuts were likely, the S&P 500 soared to a record high closing on Thursday.

The blue-chip Dow Jones Industrial Average finished the session above 42,000 for the first time, setting a record closing high.

The S&P 500 reached its highest close ever at 5,713.64 points at the end of the session, up 1.70 percent. The Dow Jones Industrial Average increased 1.26 percent to 42,025.19 points, while the Nasdaq climbed 2.51% to 18,013.98 points.

Back home, purchasing was evident in all key sector gauges, with the National Stock Exchange's Nifty Metal index leading the way with a 1.7% increase in trading. Also rising by 0.5% to 1.7% were the Nifty Realty, Auto, Pharma, IT, PSU Bank, and Oil & Gas indices.

Larger markets also saw buying interest, as evidenced by the 0.73 percent increase in the Nifty Smallcap 100 index and the 0.58 percent increase in the Nifty Midcap 100 index.

The highest Nifty gainer was JSW Steel, whose shares increased 3.24 percent to Rs 979. A further 0.8–1.8% increase was seen at Hindalco, Tata Steel, Mahindra & Mahindra, HDFC Life, Coal India, Divi's Labs, Bharat Petroleum, and Bajaj Finserv.

On the other hand, the biggest losers included NTPC, Hero MotoCorp, Asian Paints, Titan, Axis Bank, and Tata Motors. 1,809 shares were rising on the BSE, while 1,040 shares were rising overall, indicating a favorable market breadth.

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