The Indian stock market closed in the green on Wednesday, with Sensex and Nifty recording gains of up to 0.5% as oil prices fell below $99 per barrel.
Sensex gained over 299 points to close at 74,828 while Nifty rose around 118 points to end the session at 23,447. Broader markets outperformed benchmarks, with Nifty Midcap 100 and Nifty Smallcap 100 jumping up to 0.9%.
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Here's how analysts read the market pulse
"Indian equities ended higher despite intraday volatility, as markets shrugged off an intraday surge in crude and focused on signs of strengthening domestic growth momentum. Geopolitical developments at the UN General Assembly kept a risk premium embedded in oil prices, which weighed on the INR amid a firmer U.S. dollar. However, a stronger-than-expected September flash PMI reinforced confidence in the resilience of economic activity, indicating that growth remains intact without a corresponding build-up in inflationary pressures. This constructive macro backdrop supported buying interest across the market, helping domestic equities track gains in Asian peers. Sectorally, metals and banking stocks led the advance, while healthy participation in the broader market reflected improving investor confidence. IT stocks, however, remained subdued, limiting the benchmark's upside at higher levels,” said Vinod Nair, Head of Research at Geojit Investments.
Wall Street's main indexes fell on Wednesday, as crude oil prices resumed their uptrend and bond yields gained, while investors awaited a breakthrough in talks to end the Middle East conflict ahead of the high-stakes US-China summit.
Brent Crude prices climbed over 1% after five straight sessions of declines, though they remained pinned near a two-week low.
Yields on the two-year and 10-year government bonds ticked higher, adding to market concerns that borrowing costs will remain elevated for longer.
The pan-European STOXX 600 index slid 0.27% and an MSCI index of global stocks fell 0.51% after four consecutive days of gains.
Most active stocks in terms of turnover
HDFC Bank (Rs 1,715 crore), Ola Electric (Rs 1,618 crore), Elecon Engineering (Rs 1,434 crore), RIL (Rs 1,042 crore), Ather Energy (Rs 1,002 crore), BSE (Rs 909 crore) and Bajaj Finance (Rs 891 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.
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Most active stocks in volume terms
Ola Electric (Traded shares: 39 crore), Vodafone Idea (Traded shares: 27.2 crore), Suzlon Energy (Traded shares: 9.93 crore), IFCI (Traded shares: 7.75 crore), IDFC First Bank (Traded shares: 6.45 crore), JP Power (Traded shares: 5.82 crore) and Yes Bank (Traded shares: 4.6 crore) were among the most actively traded stocks in volume terms on NSE.
Whirlpool India, Elecon Engineering, Ola Electric, Bikaji Foods International, Wockhardt, SAIL and Aditya Infotech were among the stocks that witnessed strong buying interest from market participants.
Among the ones which hit their 52-week highs on NSE included Inventurus Knowledge, Vijaya Diagnostic, IDFC First Bank, Divi’s Labs, Apollo Hospital, Welspun Corp and Laurus Labs.
Stocks which witnessed significant selling pressure were Prime Focus, Pine Labs, Inox Wind, Devyani International, Gabriel India, Ather Energy and Tenneco Clean Air.
Among the ones which hit their 52-week lows on NSE included Voltas, Britannia Industries, IRB Infra Developers and Aditya Birla Lifestyle.
Out of the 3,689 stocks that traded on the NSE on September 23, Wednesday, 2,344 stocks witnessed advances, 1,232 stocks saw declines while 113 stocks remained unchanged.
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Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimershere.
