Markets end flat as profit booking caps early gains

The Indian stock market closed with only nominal gains on September 8, after giving up most of its intraday rise. Investors booked profits as concerns over tariffs and continued foreign capital outflows kept sentiment cautious.

The Sensex jumped 461 points, or 0.60%, to hit an intraday high of 81,171.38 before slipping back. It finally ended just 77 points, or 0.09%, higher at 80,787.30. The Nifty 50 touched 24,885.50 during the day, up 0.60%, but closed with only a 32-point, or 0.13%, gain at 24,773.15.

The broader market fared slightly better. The BSE Midcap index added 0.33% and the Smallcap index rose 0.30%, both outperforming the benchmark indices. Market capitalisation of all BSE-listed firms increased by over ₹1.5 lakh crore in a single session, rising to nearly ₹453 lakh crore.

Caution despite reforms

GST reforms remain a positive trigger, but the market seemed to have already priced that in. Instead, attention stayed on fresh tariff flows from the US. Any signs of progress towards a trade deal between India and the US could shift mood in the days ahead.

Global sentiment improved slightly after softer US jobs data increased expectations of a Fed rate cut in September. At the same time, concerns over sanctions on Russian oil pushed crude prices higher, while gold extended gains as a safe-haven asset.

Auto stocks in the fast lane

Auto companies led the pack on September 8. Tata Motors surged 4.25%, Bajaj Auto gained 4.08%, and Mahindra & Mahindra rose 4.01%. Their performance lifted the Nifty Auto index by 3.30%, with demand recovery hopes post-GST rate cuts driving optimism.

Among the laggards, Trent slipped 4%, Asian Paints lost 1.74%, and Dr. Reddy’s Laboratories declined 1.35%.

Mixed signals across sectors

PSU Bank (up 0.49%) and Realty (up 0.46%) ended with modest gains. Nifty Bank inched up 0.13%, while the Financial Services index rose 0.21%. On the other hand, Nifty IT shed nearly 1%. Healthcare and Consumer Durables fell 0.40% and 0.34%, respectively.

Buzz in the broader market

Trading volumes remained high. Vodafone Idea led with 79.32 crore shares changing hands, followed by Ola Electric Mobility with 33 crore shares and Salasar Techno Engineering with 7 crore shares.

On the BSE, 19 stocks gained over 15%, including Mahalaxmi Fabric Mills, S.A.L. Steel, Dhanalaxmi Roto Spinners, Precision Camshafts, and Century Extrusions. Nearly 168 stocks, including Mahindra & Mahindra, Tata Steel, Cummins India, TVS Motor Company, JSW Steel, and Eicher Motors, touched their 52-week highs during intraday trade.

In contrast, 69 stocks, including Aurionpro Solutions, Deepak Nitrite, and Quess Corp, hit 52-week lows.

{By arrangement with livemint.com}