Market Wrap, September 4: NIFTY50 ends at 24,734, SENSEX up 150 points as indices pare gains; M&M, Bajaj twins shine

The Indian stock market ended higher on Thursday, September 4, but gave up most of its intraday gains as GST reform euphoria faded. Profit booking and weakness in heavyweight stocks such as Maruti Suzuki and Reliance Industries dragged indices off the day’s peak.

Though sectors like auto and FMCG settled with gains, the banking and oil and gas sectors closed with cuts. The broader market also slipped at the end of the session.

According to exchange data, on Wednesday, the foreign institutional investors (FIIs) sold shares worth ₹1,666.46 crore, while the domestic institutional investors (DIIs) bought equities worth ₹2,495.33 crore on a net basis.

On the global front, most of the Asian stocks were trading higher after dovish comments from Federal Reserve officials boosted investors’ sentiment on global growth and a selloff in bond markets. However, stocks in China declined on fears of regulators intervening amid excessive stock gains and liquidity.

Japan's Nikkei closed 1.40% up, and South Korea's KOSPI rose 0.51%, while the Shanghai Composite declined 1.27%, and Hong Kong's Hang Seng was seen 1.15% lower.

The US stocks were also seen to close higher on the Fed’s comment; however, the Dow Jones index slipped.

At the close, the Dow Jones Industrial Average lost 0.06%, while the S&P 500 index climbed 0.51%, and the Nasdaq Composite gauge gained 1.02%.

As many as 3,141 stocks traded on the NSE on Thursday. Out of this, 1,818 declined and 1,226 stocks advanced, while 97 scrips remained unchanged.

This indicates that the market breadth was in favour of declines.

A total of 96 stocks hit their 52-week highs, while 36 stocks touched their one-year lows. Besides, 105 stocks hit their upper circuit limits, and 50 touched their lower circuit bands on Thursday.

NSE-listed firms' market capitalisation stood at ₹447.98 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 10.85 levels, declining 0.70%.

The broader market gave up early gains and closed lower on Thursday. The Nifty Smallcap 100 index fell 0.71% to 17,621.95 levels, while the Nifty Midcap 100 index closed 0.67% lower at 56,959.15 levels.

Among sectors, Nifty Auto (0.85%) led the gains, followed by FMCG (0.24%), Consumer Durables (0.06%) and Private Bank (0.02%). On the other hand, PSU Bank (-1.11%), Oil & Gas (-0.96%), IT (-0.94%), Realty (-0.78%) and Media (-0.68%) were the top laggards of the day.

On the Nifty50, 31 stocks ended in the red, while 19 managed to advance on Thursday.

Mahindra & Mahindra led the gainers on the 50-share index, with a 5.9% jump, followed by Bajaj Finance (4.1%), Apollo Hospitals (2%), Bajaj Finserv (1.88%) and Nestle India (1.39%).

On the downside, HDFC Life Insurance (-2.82%), Tata Consumer Products (-2.75%), IndusInd Bank (-1.71%), Maruti Suzuki (-1.65%) and Wipro (-1.65%) emerged as the top losers.