New Delhi, 16 September (H.S.): Domestic equity markets managed to close firmly today, supported by strong buying in FMCG, automobile and banking stocks, along with value buying at lower levels in the broader market. The market had also opened on a strong note. During the first hour of trading, the market witnessed sharp volatility. Thereafter, the stock market traded within a narrow range throughout the day. At the end of the day's trading, the Sensex closed 0.45 per cent higher, while the Nifty ended with a gain of 0.43 per cent. Despite the overall strength in the market, stock market investors suffered a loss of around Rs 60,000 crore today.

The BSE Sensex opened today at 74,249.31 points, up 245.49 points, or 0.33 per cent. Soon after the start of trading, buying support pushed the index up by 502.04 points, or 0.68 per cent, to an intraday high of 74,505.86 points. Thereafter, selling triggered by profit booking dragged the Sensex down by 524.53 points from its upper level, taking it to 73,981.33 points, a marginal decline of 22.49 points, or 0.03 per cent.

However, buyers immediately stepped in and helped stabilise the market. Supported by sustained buying, the index climbed to around 74,464.30 points at about 1 p.m. Towards the end of the session, profit booking led to some decline, and the Sensex finally closed at 74,336.45 points, registering a gain of 332.63 points, or 0.45 per cent.

Like the Sensex, the NSE Nifty also opened on a strong note, rising 83 points, or 0.36 per cent, to 23,201.60 points. With market support, the index jumped nearly 80 points from its opening level within the first five minutes, reaching 23,281.15 points. Selling emerged at this level, causing the index to decline steadily. Continuous selling pressure dragged the Nifty down by 165.05 points within the first half hour, bringing it to 23,116.10 points, a marginal decline of 2.50 points, or 0.01 per cent.

Thereafter, buyers began supporting the index through value buying at lower levels. Sustained buying pushed the Nifty up by 168.65 points from the day's low, taking it to 23,284.75 points at around 1 p.m., a gain of 166.15 points, or 0.72 per cent. However, the rally failed to sustain for long. Subsequent profit booking pulled the index down by 67.15 points from its day's high, and the Nifty eventually closed at 23,217.60 points, up 99 points, or 0.43 per cent.

During the day's trading session, heavy selling was witnessed in IT, pharmaceutical and capital goods stocks. The IT sector, in particular, remained under persistent selling pressure, causing the Nifty IT index to decline 1.58 per cent. Similarly, the BSE Tech index ended the session 0.86 per cent lower.

In contrast, FMCG, banking and automobile stocks witnessed sustained buying throughout the day. FMCG stocks, in particular, remained in strong demand, resulting in the BSE FMCG index closing 1.44 per cent higher. In addition, the Consumer Durables, Oil & Gas, Metal and Public Sector Enterprises indices also ended the session in positive territory.

In the broader market, overall pressure persisted despite value buying at lower levels. As a result, the Nifty Midcap index closed with a marginal decline of 0.01 per cent. The Smallcap index also ended 0.18 per cent lower. Despite the gains in the benchmark indices, pressure in the broader market reduced the wealth of stock market investors by around Rs 60,000 crore. The market capitalisation of companies listed on the BSE declined to Rs 473.03 lakh crore (provisional) after today's trading session, compared with Rs 473.63 lakh crore on the previous trading day, Tuesday.

A total of 4,561 stocks were actively traded on the BSE today. Of these, 1,979 stocks closed higher, while 2,351 declined and 231 remained unchanged. On the NSE, 3,232 stocks witnessed active trading, of which 1,476 ended in the green and 1,756 closed in the red. Among the 30 Sensex constituents, 17 stocks advanced, 12 declined and one remained unchanged. Of the 50 Nifty constituents, 31 stocks closed higher, while 19 ended lower.

Following the day's buying and selling activity, HDFC Life gained 2.73 per cent, SBI Life Insurance rose 2.65 per cent, State Bank of India advanced 2.42 per cent, ITC climbed 2.38 per cent and Nestle gained 1.65 per cent, making them the top five gainers among the major stocks.

On the other hand, TCS declined 2.76 per cent, Wipro fell 1.83 per cent, Infosys dropped 1.58 per cent, Tech Mahindra declined 1.14 per cent and Larsen & Toubro slipped 1.12 per cent, placing them among the top five losers of the day.

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Hindusthan Samachar / Jun Sarkar