Market Wrap: Sensex and Nifty Close in Red Amid Mixed Sectoral Performance
The Indian stock market ended on a negative note with Sensex down 0.26% and Nifty shedding 0.18%. Castings, Forgings & Fasteners sector led gains at 4.54%, while Printing & Stationery sector declined 2.37%. Reliance Industries rallied over 2% post-AGM, but Tata Motors fell nearly 1% on declining PV dispatches. Market breadth remained positive with 2,729 advancing stocks against 1,779 declining.
*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock market concluded on a negative note, with both benchmark indices, Sensex and Nifty, closing in the red. The BSE Sensex ended the day at 80,157.88, down 206.61 points or 0.26% from its previous close. Similarly, the NSE Nifty 50 closed at 24,579.60, shedding 45.45 points or 0.18%.
Sectoral Performance
The day saw a mixed performance across various sectors:
Top Performing Sectors
| Sector | Avg. Percentage Change |
|---|---|
| Castings, Forgings & Fasteners | 4.54% |
| Cables | 2.10% |
| Diamond, Gems and Jewellery | 1.53% |
| Telecom | 1.17% |
Top Losing Sectors
| Sector | Avg. Percentage Change |
|---|---|
| Printing & Stationery | -2.37% |
| Capital Markets | -0.16% |
| Engineering Services | -0.14% |
Buzzing Stocks
Reliance Industries
Reliance Industries shares saw a rally of over 2% following positive brokerage reports after the company's AGM. Mukesh Ambani outlined AI and FMCG as new growth engines for the company. Multiple brokerages issued bullish calls with target prices ranging from Rs 1,602 to Rs 1,733.
However, it's worth noting that over the past year, ten companies controlled by Mukesh Ambani, including Reliance Industries, experienced a combined market value erosion of Rs 2.4 lakh crore.
Tata Motors
Tata Motors shares fell nearly 1% after reporting a 7% decline in domestic passenger vehicle dispatches for August. The company's total domestic dispatches decreased by 2% year-on-year. However, total wholesale sales increased by 2%, and commercial vehicle sales rose by 6%.
Additionally, an Indian panel has recommended increasing the tax rate on electric vehicles from 5% to 18% for cars priced between 2-4 million rupees, potentially affecting Tata Motors' EV segment.
Market Breadth
The overall market breadth remained positive, with advancing stocks outnumbering declining ones:
| Category | Number of Scrips |
|---|---|
| Total Scrips Traded | 4,508 |
| Positive Scrips | 2,729 |
| Negative Scrips | 1,779 |
Conclusion
The Indian stock market ended the day on a slightly bearish note, with key indices closing in the red. While some sectors like Castings, Forgings & Fasteners and Cables showed strength, others such as Printing & Stationery faced pressure. Despite the overall negative close, the market breadth remained positive, indicating a mixed sentiment among investors.
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