BSE Sensex surged 594.95 points (0.73%) to 82,380.69
NSE Nifty50 gained 169.9 points (0.68%), settling at 25,239.10
The broader market also showed strength, with the Nifty MidCap and SmallCap indices rising by 0.54% and 0.95%, respectively.
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Impact on the stock market
Sector-wise performance
Nifty Auto was the star performer, closing 1.44% higher, driven by strong demand expectations linked to the upcoming festive season and the recent GST reforms.
Nifty Realty also gained 1.07%, showing continued investor confidence in the real estate sector.
On the flip side, Nifty FMCG ended 0.24% lower, possibly reflecting profit-taking in consumer staples stocks.
| Sector/Index | Performance |
| IT & BPM sector | -0.86% |
| Healthcare sector | 0.06% |
| Oil & Gas sector | 0.86% |
| Real estate sector | 1.07% |
| PSU Bank in India | 0.43% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Kotak Mahindra | 2,021.70 | 2.58 |
| Larsen | 3,667.80 | 2.28 |
| Maruti Suzuki | 15,573.00 | 2.02 |
| Bharti Airtel | 1,939.50 | 1.84 |
| Tata Steel | 172.02 | 1.65 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Shriram Finance | 617.50 | -0.99 |
| Asian Paints | 2,478.50 | -0.96 |
| TATA Cons. Prod | 1,096.50 | -0.55 |
| HDFC Life | 773.50 | -0.48 |
| Bajaj Finance | 1,006.25 | -0.36 |
Market aftermath: Impact on stocks
Textile stocks: A rise on trade optimism
The textile sector saw a sharp rise in stock prices on the back of renewed optimism surrounding the India-US trade talks. With Brendan Lynch arriving in India for discussions on trade issues, investors hoped for progress in negotiations.
- Indo Count Industries soared 10% to ₹307.79
- KPR Mill gained 7%, reaching ₹1,121.80
- Raymond Lifestyle rose 4%, while Arvind climbed 2%
The improvement in India-US trade relations and the hopes of a favourable Bilateral Trade Agreement (BTA) were key drivers for this surge. While Lynch’s visit isn’t the sixth round of official talks, it still rekindled hopes that trade tensions would ease and benefit export-oriented sectors like textiles.
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Auto stocks: Boosted by GST cuts and festive demand
Auto stocks bounced back from recent losses, rising amid optimism about GST 2.0 cuts and growing expectations of a pickup in demand during the festive season.
- The Nifty Auto index rose 0.84% to 26,986.75
- Maruti Suzuki, M&M, Eicher Motors, Bosch, and MRF were among the key gainers, showing a strong 1-3% increase
- Notably, Maruti Suzuki reported a 15% surge in customer inquiries since the announcement of the GST cuts, adding to positive sentiment.
The India-EU trade deal also played a part in boosting investor sentiment, as both parties continue working towards finalising the agreement. Analysts are now expecting a two-three-year cyclical recovery in the auto sector.
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Gold stocks: A golden opportunity amid record high prices
The price of gold hit a new lifetime high, with futures on the Multi Commodity Exchange (MCX) crossing ₹1,10,548 per 10 grams for October expiry.
- IIFL Finance, Manappuram Finance, and Muthoot Finance saw their stock prices rise, reflecting the growing value of gold as a collateral asset.
- IIFL Finance rose 3.5%, Manappuram Finance surged 2%, and Muthoot Finance also gained 2%
As gold prices rise, the value of collateral against loans also increases, reducing the risk of defaults and improving profitability for gold financiers. Analysts remain optimistic, especially as the Fed’s expected rate cuts could further support the rally in precious metals.
Crude oil: Prices edge up amid geopolitical tensions
Crude oil prices ticked up on concerns about supply disruptions, with tensions between Russia and Ukraine continuing to escalate.
- Brent crude: $67.61 (+0.25%)
- WTI crude: $63.47 (+0.27%)
- On the MCX, September futures traded at ₹5,597, up by 0.18%
The tension surrounding Russian oil infrastructure and ongoing geopolitical events, including Israeli air strikes and the Ukraine conflict, kept crude prices on an upward trajectory. Investors are keeping a close watch on how these global issues will affect supply chains and pricing.
Conclusion
Today’s market performance was mixed but ultimately positive, with key sectors like auto, textiles, and gold showing strength.
- Auto stocks were buoyed by hopes of GST-driven demand and positive trade developments with the EU and the US.
- The textile sector gained as the India-US trade talks brought fresh optimism, while gold stocks benefitted from a surge in precious metal prices.
- Crude oil prices rose slightly, reflecting global supply concerns amid geopolitical issues.
With the US Federal Reserve’s policy decision looming, the market seems poised for a potentially volatile turn, with investors waiting for clarity on future interest rate movements. Keep an eye on these sectors as they continue to evolve in the coming days.
For more stock market insights, check out the StockGro blog.
