After scaling peaks, Nifty and Sensex return to base camps

The Sensex and the Nifty 50 scaled their fresh peaks of 85,163.23 and 26,011.55 but settled flat as gains in shares of select heavyweights, such as HDFC Bank, Tata Steel, and Power Grid, were offset by losses in shares of Hindustan Unilever, Kotak Mahindra Bank, ICICI Bank, and Reliance Industries.

The Sensex ended the day at 84,914.04, down 15 points, while the Nifty 50 settled at 25,940.40, up 1 point. The BSE midcap index climbed 0.21 percent. However, the smallcap index dropped 0.04 percent.

The overall market capitalisation of BSE-listed firms stood stable at ₹476 lakh crore.

The start of the rate reduction cycle in the US has kept market sentiment positive. However, investors are booking some profit at record-high levels as concerns over rich valuation persist. Experts say the RBI monetary policy in October, Q2 earnings, and global cues will remain major triggers for the market in the near term.

"Domestic benchmarks are attempting to sustain new highs, driven by the US Fed’s aggressive rate cut. Meanwhile, the Chinese central bank’s rate cut and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks," said Vinod Nair of Geojit Financial Services.

FMCG, banks down

"FMCG and banking stocks exhibited declines due to profit booking at higher levels. In the near term, strong inflows from FIIs, driven by the US Fed’s dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum," said Mr Nair.

The Nifty, during the day's trading, reached a high of 26,011.55 and a low of 25,886.85. The Sensex experienced fluctuations within a range of 85,163.23 and 84,716.07, ultimately closing at 84,928.61, which represents a decline of 0.02%, or 14.57 points below its opening price.

In contrast, the midcap index outperformed the Nifty 50, with the Nifty midcap 50 closing up by 0.41%. Conversely, smallcap stocks lagged behind, as evidenced by the Nifty smallcap 100, which ended at 19,548.90, down by 108.85 points, or 0.56% lower.

Nifty top gainers and losers today

The leading gainers in the Nifty index included Tata Steel (up 4.25%), Hindalco Industries (up 3.95%), Power Grid Corporation of India (up 2.61%), Tech Mahindra (up 1.86%), and Adani Enterprises (up 1.64%). The top losers were SBI Life Insurance Company (down 2.91%), Hindustan Unilever (down 2.58%), Grasim Industries (down 1.78%), Ultratech Cement (down 1.68%), and Shriram Finance (down 1.44%). The Bank Nifty concluded at 54,105.80, with an intraday high of 54,247.70 and a low of 53,904.65.

(By arrangement with livemint.com)