July 16, 2024

Stock market: Eicher Motors & Bajaj Auto among top gainers

The stock market ended lower on Tuesday, September 26, 2023, with the Sensex falling 78.22 points or 0.12% to close at 65,945.47 and the Nifty declining 9.80 points to settle at 19,664.70.

The Indian stock market was dragged down by losses in metal, IT, and banking stocks.

The Indian stock market was dragged down by losses in metal, IT, and banking stocks.

Amid hopes of a revival, Indian stocks continued to trade flat on the second day of the week despite hopes of revival and more participation from investors. The stock market ended lower on Tuesday, September 26, 2023, with the Sensex falling 78.22 points or 0.12% to close at 65,945.47 and the Nifty declining 9.80 points to settle at 19,664.70.

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Some of the top performers of the day on the Nifty were Eicher Motors, Bajaj Auto, Nestle India, ONGC, and Hero MotoCorp. However, the top losers included Tech Mahindra, Cipla, Kotak Mahindra Bank, Adani Enterprises, and IndusInd Bank.

The market was dragged down by losses in metal, IT, and banking stocks. Metal stocks were hit by a decline in global commodity prices, while IT stocks were weighed down by concerns over a slowdown in global economic growth. Banking stocks were also under pressure due to rising interest rates.

However, some sectors such as consumer staples and healthcare managed to outperform the broader market.

Here are some of the key factors that influenced the market:

Global cues: Global markets were mostly lower on Tuesday, with European and US markets trading in the red. This weighed on sentiment in the Indian market.

Rising interest rates: The Reserve Bank of India is expected to raise interest rates again in its upcoming policy meeting in October. This is likely to put pressure on corporate earnings and weigh on stock prices.

Inflation concerns: Inflation remains a major concern for the Indian economy. This could lead to a slowdown in economic growth and impact the performance of companies.

Overall, the Indian stock market is likely to remain volatile in the near term due to a number of factors, including global cues, rising interest rates, and inflation concerns. Investors should carefully consider their risk appetite and investment goals before making any investment decisions. 

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