Indian stock market today: M&M, NTPC, Bharti Airtel...300 stocks hit one-year highs on the BSE

300 stocks, including Mahindra and Mahindra and Bharti Airtel, reached new 52-week highs. The Sensex and Nifty 50 peaked but settled flat amid mixed gains and losses. Market sentiment remains positive due to US rate cuts, though profit booking persists.

Nishant Kumar
Published24 Sep 2024, 04:00 PM IST
Indian stock market today: M&M, NTPC, Bharti Airtel...300 stocks hit one-year highs on the BSE. Photographer: Adeel Halim/Bloomberg
Indian stock market today: M&M, NTPC, Bharti Airtel...300 stocks hit one-year highs on the BSE. Photographer: Adeel Halim/Bloomberg(Bloomberg)

Indian stock market today: As many as 300 stocks, including Mahindra and Mahindra (M&M), NTPC, Bharti Airtel, JSW Steel and Sun Pharma, hit their fresh 52-week highs in intraday trade on BSE on Tuesday, September 24.

Zomato, Apollo Hospitals, Bajaj Auto, Hero MotoCorp, DMart, Hindalco, Indian Hotels Company, Max Healthcare Institute, Tata Power Company, Trent, TVS Motor Company and United Spirits were also among the stocks that rose to their new one-year highs during the session on the BSE.

Stock market today

Benchmark indices 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.

Also Read | Sensex tops 85,000 milestone, Nifty 50 reaches 26,000 for the first time

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 per cent. However, the Smallcap index dropped 0.04 per cent.

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

Also Read | Nifty 50 up over 19% in 2024, poised to surpass 2023 full-year gains

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, Head of Research, Geojit Financial Services.

"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 Nair.

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First Published:24 Sep 2024, 04:00 PM IST
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