Summary of this article
Sensex, Nifty extended gains for the second straight day on September 17.
The Nifty IT and Nifty Bank indices led the gainers among all sectoral indices, closing with gains of 0.65 per cent and 0.61 per cent, respectively.
On September 17, headline indices extended gains. The 30-share Sensex finished at 82,693.71 with a gain of 313.02 points or 0.38 per cent. The Nifty 50 finished the session with gains of 91.15 points at 0.36 per cent at 25,330.25.
Notably, the two-day rally seen in the stock market comes amid hopes of the US Federal Reserve announcing a rate cut and the resumption of trade talks between India and the US.
Top Gainers And Losers On September 17
Shares of Tata Consumer Products, State Bank of India, Bharat Electronics Ltd emerged as top-gainers among Nifty 50 stocks, closing higher by up to 3.99 per cent on the NSE. Shares of HDFC Life Insurance, Bajaj Finserv, Titan, SBI Life Insurance Company and Hindustan Aluminium Company emerged as the top-losers, finishing the session with declines of up to 1.08 per cent. As many as 34 constituents of the Nifty 50 finished in the green while 16 shares finished in the red.
Nifty Bank and Nifty IT Rally
The Nifty IT and Nifty Bank indices led the gainers among all sectoral indices, closing with gains of 0.65 per cent and 0.61 per cent, respectively. The Nifty Metal and Nifty Consumer Durable indices slid by 0.33 per cent and 0.54 per cent, respectively. The Nifty MidCap 100 and the Nifty SmallCap 100 finished in the green, mirroring the movement of the benchmark indices.
Global Markets On September 17
Asian indices finished the session mixed on September 17, while the KOSPI fell 1.06 per cent at the close, the Nikkei 225 finished the session lower by 0.17 per cent. However, the Hang Seng and the Shanghai Composite finished the session with gains of 1.86 per cent and 0.37 per cent, respectively. The US market indices witnessed declines in trade on September 16, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 finishing the session lower by 0.27 per cent, 0.07 per cent and 0.13 per cent, respectively.
Primary Market Action
Shares of Urban Company, Shringar House of Mangalsutra and Dev Accelerator made their D-street debut on the NSE and BSE. On the other hand, the TechD Cybersecurity IPO bidding window closed for subscription, and the VMS TMT IPO and the Sampat Aluminium IPO opened for subscription.
Market Outlook
Action on D-street will likely be influenced by a mix of domestic macroeconomic data, global market trends, and specific corporate developments in the upcoming sessions. Some of the key factors expected to affect trade include recent GST reforms, the outcome of the US Federal Reserve meeting and fresh developments in the India-US trade negotiations along with India’s trade negotiations with other countries.
