September 2, 2024: Indian Stock Market Surges to New Heights
Equity Indices Break Records Amid Foreign Investment Surge
On Monday, the Indian stock market experienced a remarkable surge, with the benchmark equity indices—the Sensex and Nifty—reaching unprecedented closing highs. This surge was fueled by robust foreign fund inflows and a buoyant rally in the US markets. Investors are increasingly optimistic about the potential for rate cuts in the US, which, combined with renewed foreign investment, has created a positive environment for domestic equities.
The 30-share BSE Sensex achieved an all-time closing high, rising by 194.07 points or 0.24% to end the day at 82,559.84. Earlier in the session, the index soared by 359.51 points or 0.43% to hit a new intra-day record of 82,725.28. Similarly, the NSE Nifty climbed 42.80 points or 0.17% to close at a lifetime high of 25,278.70, marking its 13th consecutive day of gains. At its peak during the day, the Nifty soared by 97.75 points or 0.38% to reach a new intra-day high of 25,333.65.
Rupee Faces Pressure as Regional Currencies Struggle
In currency markets, the Indian rupee experienced a slight decline on Monday. This drop was influenced by the weakness observed across other major Asian currencies. Investors are closely monitoring economic data for insights into the Federal Reserve’s future monetary policy decisions, which could impact global financial markets.
Maithan Ferrous Expands Operations in West Bengal
In corporate news, Maithan Ferrous Private Ltd (MFPL), a subsidiary of a larger conglomerate, marked a significant milestone by commencing operations at its new Ferro Alloy plant in Bankura, West Bengal. The company activated its two 16.5 MVA Submerged Arc Furnaces at the newly established plant, signaling a critical step towards full operational readiness. Despite this positive development, Maithan Alloys Limited’s shares closed slightly lower at ₹1,149, down by ₹1.00 or 0.09% on the BSE.
ICX Takes Major Step as Local Issuer of I-RECs
In another significant development, the International Carbon Exchange Pvt Ltd (ICX), a wholly-owned subsidiary of Indian Energy Exchange Ltd, has formalized an ‘Issuer Agreement’ with the International Tracking Standard Foundation (I-TRACK Foundation) and Evident EV Ltd. This agreement positions ICX as the local issuer of International Renewable Energy Certificates (I-RECs) in India, marking a pivotal moment in the country’s renewable energy certification landscape.
Top Gainers and Losers on the NSE
Among the top performers on the NSE, several stocks stood out. Bajaj Finserv led the gainers with a notable increase of 3.31%, followed closely by Bajaj Finance, which rose by 3.05%. HCL Tech also saw a significant uptick of 2.67%, while Hero Motocorp and SBI Life gained 2.19% and 2.01%, respectively. These gains reflect investor confidence in these companies’ future prospects and their performance in the current market environment.
Overall, the Indian stock market’s exceptional performance today highlights a favorable investment climate, driven by external factors and positive corporate developments. As foreign fund inflows continue and US monetary policy remains a key focus, market participants will be keenly watching for further indications of future trends and potential shifts in the financial landscape.