Sensex, Nifty Gain as IT, Pharma Surge on GST Cut

Ira Singh
Khabar Khabaron Ki,10 Sep’24

The domestic equity share market indices saw significant gains on Tuesday, following a strong rally in global markets and an influx of foreign funds.At close, the Sensex was up 361.75 points, or 0.44 percent, at 81,921.29, while the Nifty gained 104.70 points or 0.42 percent to reach 25,041.10. Market breadth remained positive, with 2,473 stocks advancing, 1,300 declining, and 98 remaining unchanged.

Sensex and Nifty gained marginally by midday on September 10, lifted by IT and pharmaceutical stocks after a turbulent start. IT companies tracked the 1% rise in the Nasdaq Composite, buoyed by hopes of a US rate cut, while healthcare stocks surged following a GST cut on cancer drugs and progress in the US Biosecure Act draft.

Divis Labs, LTIMindtree, Bharti Airtel, Wipro and HCL Tech were the top gainers on the Nifty, while losers included HDFC Life, SBI Life Insurance, Bajaj Finserv, Bajaj Finance, and Shriram Finance.

On the sectoral front,except oil & gas, all other sectoral indices ended in the green with Telecom and Media up 2 percent each, while capital goods, IT, healthcare, power up 1 percent each.BSE Midcap index was up 0.5 percent and Smallcap index gained 1.5 percent.

Rupee Close:
On 10 Sep’24,the Indian rupee traded in a narrow range on Tuesday and depreciated 2 paise to close at 83.97 against the American currency, weighed down by the strengthening of the American currency in the overseas market.Forex traders reportedly stated the US dollar recovered amid mixed non-farm payrolls data. The slight recovery in crude oil prices also weighed on the rupee. However, a surge in the domestic markets cushioned the downside.

Trading Guide:
There are some significant recent trends in the market: One, there is weakness in the mid and small caps segments; two, the banking segment which has been a consistent underperformer is exhibiting resilience and is moving up; three, defensives like pharmaceuticals and FMCG are slowly gaining and there are signs of accumulation in these segments, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, reportedly quoted as saying.

Market experts have recommended five shares to buy today — Doms Industries, Glenmark Life Sciences, NCC, Reliance Industries, and Tata Power