Share Market Today: Sensex Surges 300 Points, Adding ₹2.5 Lakh Crore to Stock Market Wealth in a Day
Share Market Today
Indian Stock Markets Rally with Sensex Gaining 320 Points and Nifty Touching 19,637; Investors Gain ₹2.45 Lakh Crore
The Indian stock markets witnessed a remarkable surge on Friday, September 28, with the Sensex recording a substantial gain of 320 points. In tandem, the Nifty index climbed to an impressive level of 19,637, marking a strong finish for the trading week.
This noteworthy upswing was largely attributed to robust global cues and a surge in investor interest in midcap and smallcap shares, which collectively contributed to an astounding increase of approximately ₹2.45 lakh crore in the overall wealth of stock market investors.
All sectoral indices on the Bombay Stock Exchange (BSE) concluded the day in the green, except for the Information Technology (IT) sector, while the pharmaceutical sector led the pack with a gain of over 2 percent.
Sensex and Nifty Soar
The BSE Sensex, India’s premier stock market index, closed the day at 65,828.41 points, registering an impressive increase of 320.09 points or 0.49%. Simultaneously, the NSE’s 50-share index Nifty achieved a closing value of 19,638.30, marking a rise of 114.75 points or 0.59%.
These substantial gains on both indices reflected the overall positive sentiment and bullishness in the market on that particular trading day.
Investors’ Wealth Increases by ₹2.45 Lakh Crore
Perhaps the most significant highlight of the day was the remarkable increase in the total market capitalization of companies listed on BSE, which reached ₹319.10 lakh crore on September 29, up from ₹316.65 lakh crore on the previous trading day, Thursday, September 28.
This increase of approximately ₹2.45 lakh crore in market capitalization translated directly into a corresponding augmentation of wealth for investors.
In other words, investors collectively gained ₹2.45 lakh crore in a single trading session, underscoring the substantial wealth generation potential of the Indian stock market.
Top Performers on the Sensex
Among the individual stocks listed on the Sensex, 20 out of the 30 constituent stocks concluded the day with gains, underlining the widespread optimism among investors.
Notably, NTPC shares stood out as the top performer, with an impressive surge of 3.26%. Following closely behind were shares of Tata Motors, Sun Pharma, Tata Steel, and State Bank of India (SBI), each recording gains ranging from 1.36% to 2.77%.
These stellar performances demonstrated the diverse array of industries that contributed to the market’s upward trajectory on that day.
Sectoral Performance
With the exception of the IT sector, all other sectoral indices on the BSE closed in the green, affirming the broad-based nature of the market’s rally.
The pharmaceutical sector, in particular, exhibited remarkable strength, closing more than 2 percent higher.
This sector’s resilience in the face of market fluctuations is indicative of its significance in the Indian economy and its ability to weather market uncertainties.
Top Losers on the Sensex
On the flip side, the remaining 10 Sensex stocks concluded the day in negative territory, though their losses were relatively modest.
Infosys shares emerged as the top losers, experiencing a decline of 0.62 percent. Alongside Infosys, other notable decliners included HCL Tech, Tech Mahindra, Tata Consultancy Services (TCS), and Titan, with losses ranging from 0.31% to 0.39%.
Despite these declines, the overall bullish sentiment in the market outweighed the losses, leading to a net positive outcome for the day.
Market Activity and New Highs and Lows
During the trading session, a total of 3,781 shares were actively traded on the Bombay Stock Exchange (BSE). Out of these, a significant majority of 2,354 shares concluded the day with gains, underlining the buoyant market sentiment.
In contrast, 1,275 shares witnessed declines, reflecting the selective nature of the market’s downward movement. Additionally, 152 shares remained flat without any notable price movement.
Furthermore, it is worth noting that 192 shares reached their new 52-week highs during the day’s trading. This suggests that a substantial number of companies experienced substantial price appreciation and market confidence, leading them to reach new heights in their stock prices.
Conversely, 35 shares touched their new 52-week lows, indicating that a limited number of stocks faced downward pressure but were largely overshadowed by the overall bullish sentiment in the market.
Final Remarks
The robust performance of the Indian stock markets on September 28, 2023, was characterized by a surge in the Sensex, which gained an impressive 320 points, and the Nifty, which touched the 19,637 mark.
Strong global cues, along with increased investor interest in midcap and smallcap shares, were the primary drivers behind this remarkable upward movement. Investors collectively gained ₹2.45 lakh crore in a single trading session, as evidenced by the surge in the total market capitalization of companies listed on BSE.
While some individual stocks on the Sensex experienced minor declines, the majority of them closed with gains. Notably, the pharmaceutical sector outperformed, closing more than 2 percent higher, showcasing its resilience in the market.
Overall, the market’s broad-based rally and the significant increase in investor wealth highlighted the dynamic and promising nature of the Indian stock market on that particular day.
