The Indian stock market ended on a positive note on Thursday, August 29, 2024, with both benchmark indices closing higher amid volatile trading on the monthly futures and options (F&O) expiry day. The BSE Sensex gained 349.05 points, or 0.43 per cent, to close at 82,134.61, while the NSE Nifty50 rose 99.60 points, or 0.4 per cent, to finish at 25,151.95.
The Nifty reached a new all-time high of 25,192.90 during intraday trading before settling near this record level. The index experienced significant volatility throughout the session, returning from the 25,000 support level.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the day’s trading, saying, “On the Monthly F&O expiry day the market witnessed a volatile trading session, after a roller coaster activity the Nifty ends 100 points higher while the Sensex was up by 349 points.”
Among the top gainers on the NSE were Tata Motors, surging 3.57 per cent to Rs 1,112.9, followed by Bajaj Finserv (2.61 per cent), Britannia Industries (2.45 per cent), Bajaj Finance (2.42 per cent), and BPCL (2.40 per cent). On the flip side, the top losers included Grasim Industries (-1.50 per cent), Mahindra & Mahindra (-1.25 per cent), JSW Steel (-1.16 per cent), Eicher Motors (-0.89 per cent), and Kotak Mahindra Bank (-0.75 per cent).
The BSE Sensex stocks showed a similar trend, with Tata Motors leading the gains at 4.19 per cent, followed by Bajaj Finance and Bajaj Finserv, both up 2.41 per cent. HCL Technologies and ITC also performed well, rising 1.72 per cent and 1.57 per cent, respectively.
Sector-wise, Oil & Gas, FMCG, Energy, Auto, and IT sectors showed gains of 0.5-0.75 per cent, supporting the upward movement. However, Metals, Pharma, and Media sectors experienced a decline of 0.3-0.5 per cent.
The broader market indices underperformed, with the BSE Midcap and Smallcap indices ending slightly lower due to selling pressure at higher levels. Out of the 4,047 stocks traded on the BSE, 1,426 advanced, 2,522 declined, and 99 remained unchanged. Notably, 297 stocks hit their 52-week highs, while 23 touched their 52-week lows.
Ajit Mishra, SVP of Research at Religare Broking Ltd., provided his market analysis, stating, “Given the current scenario, traders should look for buying opportunities on dips, focusing on less volatile sectors or themes like IT, FMCG, and pharma, while being selective with others.”
The India VIX, which measures market volatility, declined by 1.16 per cent to 13.7875, indicating reduced market volatility and increased investor confidence.
In the commodities market, copper prices plunged to their lowest in over three months due to concerns about demand from China. Saish Sandeep Sawant Dessai, Analyst at Angel One Ltd., noted, “Despite China’s efforts to boost growth, the subdued reaction from the commodities market underscores ongoing concerns about the country’s economic trajectory and its impact on global copper demand.”
As the market closed, traders and investors continued to monitor global cues and domestic economic indicators for further direction in the coming sessions.