The Indian stock market’s benchmarks, Sensex and Nifty 50, surged to record highs today, climbing almost one percent. Automakers such as Mahindra and Mahindra, Maruti, and Tata Motors were among the top performers.
On Thursday, September 26, India’s stock market benchmarks, the Sensex and Nifty 50, surged almost one percent each to reach new all-time highs. Gains were led by automaker powerhouses Mahindra and Mahindra, Maruti Suzuki, and Tata Motors. The Sensex peaked at 85,930.43, closing 0.78% higher at 85,836.12, while Nifty 50 hit a record 26,250.90 before finishing at 26,216.05, up 0.81%.
While large caps dominated, mid and small-cap segments were subdued, with the BSE Midcap index ending nearly flat and the BSE Smallcap index falling 0.39%. Despite this, the total market capitalization of BSE-listed companies surged to ₹477 lakh crore from ₹475 lakh crore in the previous session, enriching investors by about ₹2 lakh crore in a day. As many as 257 stocks, including ITC, Mahindra and Mahindra, NTPC, Bharti Airtel, Bajaj Finserv, and Sun Pharma, reached fresh 52-week highs in intraday BSE trade.
Why did the Indian stock market rose on 26th September?
On the monthly derivatives expiry day, positive global cues and gains in select auto, FMCG, and other index heavyweights propelled the Indian stock market benchmarks higher. Shares of Maruti Suzuki, Mahindra and Mahindra, Reliance Industries, Tata Motors, ITC, and Hindustan Unilever were the top contributors to the Nifty index’s gains. As many as 41 stocks ended in the green within the Nifty 50 index. The Nifty Auto index surged 2.26%, followed by the Nifty Metal index’s 2.13% rise
China’s recent economic stimulus announcement has significantly boosted investor confidence, leading to substantial positive momentum in global markets, particularly in Asia. The Indian market is reaching new highs, anticipating a strong H2FY25 corporate earnings recovery fueled by expected government spending. This rally, led by fairly valued large-cap stocks, contrasts with signs of fatigue in mid and small caps,” said Vinod Nair, Head of Research, Geojit Financial Services.
Global markets in Europe and Asia traded higher following China’s economic bolstering measures. The start of the US rate-cut cycle added to the positive sentiment, further buoying market optimism.
The monthly expiry day’s position unwinding by investors, along with positive Asian and European cues, triggered a sharp upsurge as both the Sensex and Nifty reached fresh highs,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
“Falling US and other developed economies’ bond yields, along with China’s stimulus, have fueled new optimism in global equity markets, including India, as the Sensex nears the 86k mark. Banking, auto, and metal stocks led the benchmark indices’ rally,”
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