- Sensex rises by 90.88 points to 83,079.66; Nifty adds 34.80 points, closing at 25,418.55.
- Bajaj Housing Finance surges, hitting a 10% upper circuit for the second consecutive day.
- Nifty Realty index leads sectoral gains, while PSU Bank index lags.
The Indian stock market showed resilience on September 17, 2024, with both Sensex and Nifty50 recording modest gains despite significant volatility.
The Sensex advanced by 90.88 points (0.11%) to close at 83,079.66, while Nifty50 inched up by 34.80 points (0.14%) to 25,418.55.
Markets Close Higher as BHFL Rallies; PSU Banks Under Pressure
On the sectoral front, the Nifty Realty index was the top gainer, driven by strong performances from Prestige and Sobha. Meanwhile, the Nifty PSU Bank index struggled, with declines in Punjab National Bank (PNB) and Indian Overseas Bank (IOB). Shares of Bajaj Housing Finance soared for the second day, hitting the 10% upper circuit at Rs 181.50, reflecting positive market sentiment around the stock.
Bajaj Housing Finance (BHFL) extended its bullish run for the second consecutive day, with shares hitting the 10% upper circuit at Rs 181.50. The stock has been riding a wave of positive investor sentiment, contributing to its strong performance over the past two days. BHFL’s momentum reflects the overall strength in the financial services sector.
Sectorally, the Nifty Realty index emerged as the top performer, with Prestige and Sobha leading the rally. On the flip side, the Nifty PSU Bank index was the worst hit, weighed down by losses in Punjab National Bank and Indian Overseas Bank. Broader market indices like Nifty Smallcap 100 and Midcap 100 faced pressure, snapping winning streaks, and closing slightly lower.
Despite the gains, market volatility remains a concern, with many sectoral indices and constituent stocks struggling for traction. The real estate and telecom sectors provided crucial support, while auto stocks like Hero MotoCorp and Bajaj Auto boosted investor sentiment.
The Indian equity markets ended the day with a positive tilt, driven by gains in select sectors like real estate and telecom, despite ongoing volatility. BHFL’s surge and sector-specific momentum in realty led the recovery, although PSU banks and mid-cap stocks faced pressure.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.” — Philip Fisher
