The Sensex ended at 73,896, up 315 points, while the Nifty closed at 23,141, gaining 77 points. The Nifty Bank rose 142 points to 55,580, while the Nifty Midcap index slipped 84 points to 60,906.
Market breadth was mildly in favour of advances, with the advance-decline ratio at 5:4.
Why did the stock market rise today?
1. Buying in select financial stocks
Select financial stocks saw buying, with Axis Bank and Bajaj Finance among the top Nifty gainers. HDFC Bank ended 1% higher and remained in focus on expectations of a chief executive officer announcement.
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IDBI Bank rose 2% after sources said the government is evaluating revised bids. Federal Bank declined, while Jana Small Finance Bank gained on expectations of a deal announcement.
2. Auto stocks recover
Most auto stocks recovered to end in the green, with Mahindra & Mahindra emerging as the top gainer, rising 2%.
3. Midcaps and select stocks remain under pressure
The broader market underperformed the benchmarks, with the Nifty Midcap index ending 84 points lower at 60,906. Hospital stocks, including Max Health and Fortis, remained under pressure, declining 3-5%.
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PB Fintech and TurtleMint extended Thursday’s losses, falling 4% and 20%, respectively. MCX declined 3% on profit booking after the Securities and Exchange Board of India (SEBI) approved foreign portfolio investors (FPIs) for non-agricultural commodities.
Among midcaps, Kaynes, Supreme, Indian Renewable Energy Development Agency (IREDA), Blue Star and Manappuram were among the top gainers.
From the Sensex basket, Axis Bank Ltd, Mahindra & Mahindra Ltd, Asian Paints Ltd, Bajaj Finance Ltd, HCL Technologies Ltd and Titan Company Ltd were the major gainers.
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Max Healthcare Institute Ltd, Trent Ltd, Oil and Natural Gas Corporation Ltd, Infosys Ltd, Jio Financial Services Ltd and Kotak Mahindra Bank Ltd were the biggest laggards.
Market This Week (September 21-25)
The equity benchmark indices declined for the seventh consecutive week, marking the first such streak since the COVID period. The Nifty fell 1% this week, taking its decline over the last seven weeks to nearly 6%.
The Sensex declined 0.6% during the week, while the Nifty Bank and Nifty Midcap indices slipped 2% each. Among sectoral indices, IT was the biggest loser, declining 2%. FMCG was the top gainer, rising 1%.
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As many as 33 Nifty stocks ended the week lower, with 15 of them falling 2% or more. Tata Motors Passenger Vehicles, Bajaj Finance, Bajaj Finserv, HDFC Life and Adani Enterprises were among the top Nifty losers.
On the other hand, Coal India, ITC, Eternal, Titan and Dr Reddy’s Laboratories were among the top Nifty gainers. Among midcaps, PB Fintech, Paytm, Oracle Financial Services Software (OFSS), L&T Finance, Ather Energy and Container Corporation of India (CONCOR) were among the top losers.