On September 11, 2024, despite a dip in the Indian stock market benchmarks, a significant number of stocks soared to record highs. Over 300 stocks, including major players like ITC, Hindustan Unilever (HUL), and Sun Pharma, achieved new 52-week highs in intraday trade on the BSE. This surge in individual stocks came even as both the Sensex and Nifty 50 indices closed in the red.
The BSE Sensex dropped 398.13 points, or 0.49%, closing at 81,523.16. Throughout the day, the index traded between 81,423.14 and 82,134.95, experiencing a choppy session. Meanwhile, the NSE Nifty 50 fell by 122.65 points, or 0.49%, settling at 24,918.45, after trading within the range of 24,885.15 and 25,113.70. This marked the end of a two-session winning streak for Nifty 50.
The downturn in these indices was largely attributed to weak global market sentiment and a broad sell-off across various sectors. Out of the 50 constituent stocks on the Nifty 50, 34 ended lower, significantly dragged by companies like Tata Motors, ONGC, Wipro, L&T, and Adani Enterprises, which saw losses of up to 5.73%.
Conversely, a few stocks managed to post gains, with Bajaj Auto, Asian Paints, Bajaj Finance, and Shriram Finance leading with an increase of up to 4.03%.
On the Sensex, 20 of its 30 listed stocks finished the day in the red. Among the biggest losers were Tata Motors, NTPC, and Adani Ports, all falling by up to 5.77%. However, not all stocks followed this downward trend.
A total of 10 stocks, including Asian Paints, Bajaj Finance, Sun Pharma, and Hindustan Unilever, posted gains of up to 2.18%, providing some relief to investors amidst the overall decline.
In terms of sectoral performance, broader indices also ended lower. The Nifty Smallcap 100 index slipped by 0.81%, reflecting the broader market’s weak sentiment.
Several sectoral indices, such as Nifty PSU Bank, Bank, Auto, Metal, and Realty, saw significant losses of up to 1.75%. This widespread decline across sectors further contributed to the bearish market conditions.
However, one sector stood out amidst the market downturn. The Nifty FMCG (Fast Moving Consumer Goods) index managed to buck the trend, ending the session with a modest gain of 0.28%.
This marked the third consecutive session of gains for the FMCG index, which hit a record high of 65,344.60 during intraday trade on Wednesday. Stocks in the FMCG sector have continued to perform well, even in the face of broader market volatility.
The session was also notable for the performance of key individual stocks. Bajaj Finance, Asian Paints, Sun Pharma, HUL, HCL Tech, and Bajaj Finserv emerged as the top gainers on the Sensex. These stocks managed to end the day in positive territory, with gains ranging from 0.5% to 2.18%. Other gainers included ITC, Axis Bank, Bharti Airtel, and Kotak Bank, contributing to the overall resilience of select sectors.
On the flip side, some of the biggest losers on the Sensex included Tata Motors, which saw a decline of 5.77%, along with NTPC, Adani Ports, L&T, and SBI. Other notable laggards were JSW Steel, M&M, IndusInd Bank, and Titan, all of which saw significant losses during the session.
While the Sensex and Nifty 50 experienced a decline on September 11, over 300 stocks reached new 52-week highs, led by major companies like ITC, HUL, and Sun Pharma. The overall market sentiment remained negative, with weak global cues and widespread selling across sectors contributing to the losses.
However, a few sectors and individual stocks managed to post gains, providing some stability in an otherwise challenging trading session. As investors navigate the current market volatility, attention will remain focused on sectoral performances and global market developments.
Follow us
