Stock Market News: Sensex, Nifty Extend Gains For Third Straight Day Buoyed By Firm Global Cues

• The Sensex and the Nifty continued to gain for the third straight day on September 18.

• Eternal shares emerged as the top-gainers among Nifty 50 stocks, closing at Rs 337.85 apiece, up by 2.9 per cent on the NSE

Stock Market News: The benchmark indices continued to gain for the third straight day amid positive global cues. The Sensex finished at 83,013.96 up by 320.25 points or 0.39 per cent. On the other hand the Nifty 50 finished at 25,423.6 up by 93.35 points or 0.37 per cent.

The global cues included the US Federal Reserve’s announcement of a rate-cut. The US Fed reduced interest rates by 0.25 per cent, the first rate-cut in nine months. Other cues such as the GST rate revision also aided gains in select sectors.

Top Gainers And Losers On September 18

Eternal shares emerged as the top-gainers among Nifty 50 stocks, closing at Rs 337.85 apiece, up by 2.9 per cent on the NSE. Other major gainers included HDFC Life Insurance Company, Sun Pharmaceutical and Cipla Ltd, which finished higher by 2.22 per cent, 1.75 per cent and 1.31 per cent, respectively. On the other hand, losers among the Nifty 50 pack included Coal India Ltd, Bajaj Finance Ltd and Trent Ltd, which closed lower by as much as 1.69 per cent.

Nifty Pharma and Nifty IT Surge

The Nifty Pharma and the Nifty IT gained in trade on September 18, closing higher by 1.54 per cent and 0.9 per cent, respectively. Notably, the two indices emerged as top-gainers among all sectoral indices. While most sectoral indices finished in the green, the Nifty Oil & Gas and the Nifty Realty indices finished the session lower by 0.02 per cent and 0.09 per cent, respectively. The Nifty MidCap 100 and the Nifty SmallCap 100 closed higher with gains of 0.44 per cent and 0.31 per cent, respectively.

Global Markets On September 18

On September 18, Japan’s Nikkei 225 finished the session with gains of 1.3 per cent, and South Korea’s KOSPI index closed higher by 1.3 per cent. On the other hand, the Hang Seng index and the Shanghai Composite closed in the red, down by 1.3 per cent and 1.17 per cent respectively. US market indices closed mixed on September 17, the Nasdaq Composite and the S&P 500 finished the session lower by 0.33 per cent and 0.1 per cent, respectively. On the other hand the Dow Jones Industrial Average finished higher by 0.57 per cent.

Primary Market Action

Shares of Airfloa Rail Technology Ltd. made their D-street debut on September 18. JD Cables IPO and Ivalue Infosolutions IPO opened for subscription on September 18, and Euro Pratik Sales IPO closed for subscription on September 18.

Market Outlook

D-street is expected to factor in the outcome of the ongoing trade talks between the United States and India. Additionally D-street is also expected to react to the announcement of financial earnings by companies, global uncertainties, changes in commodity prices, and institutional flows in upcoming trades.