-Investors’ Wealth Erodes by Nearly Rs 6,000 Crore Despite Benchmark Rally

New Delhi/Mumbai, 21 September (H.S.):

Indian equities ended Monday’s session on a firm note, with the benchmark Sensex and Nifty closing higher, buoyed by softer global bond yields and a decline in international crude oil prices. The market, however, witnessed bouts of volatility through the day, with late-session profit booking tempering the gains from the intraday highs.

The trading session opened on a mixed note. The BSE Sensex advanced 240.22 points, or 0.32 per cent, to open at 74,535.18, while the NSE Nifty began 16.20 points, or 0.07 per cent, lower at 23,330.20.

The initial hour saw alternating bouts of buying and selling. After an early phase of profit-taking, buying interest returned across key sectors, lifting both benchmark indices steadily into positive territory.

The Sensex gathered momentum as the session progressed and climbed 692.44 points, or 0.93 per cent, from the previous close to touch an intraday high of 74,987.40 around 2 pm. Selling pressure emerged shortly before 3 pm as investors booked profits, pulling the index down 128.41 points from its day’s peak. The Sensex eventually closed at 74,858.99, up 564.03 points, or 0.76 per cent.

The Nifty followed a similar trajectory. After opening in negative territory, the index recovered on the back of renewed buying and touched 23,410.75 during the early session. It subsequently slipped to 23,314.80, down 31.60 points, or 0.14 per cent, amid selling pressure.

Buying interest returned shortly before 10:30 am, setting the stage for a steady recovery. The Nifty rose 152 points from its intraday low to reach 23,466.80 around 2 pm, marking a gain of 120.40 points, or 0.52 per cent. Late profit booking subsequently pared the gains, with the index closing at 23,414.30, up 67.90 points, or 0.29 per cent.

Sectoral performance remained mixed but broadly constructive. Realty and consumer durables stocks attracted sustained buying interest, while FMCG, pharmaceuticals, banking, automobiles, capital goods, oil and gas, and public sector enterprise stocks also ended in positive territory. IT and metal stocks, however, remained under pressure.

The broader market did not mirror the gains in the benchmark indices. The Nifty Midcap index declined 0.29 per cent, while the Smallcap index slipped 0.07 per cent.

The weakness across mid-cap and small-cap stocks also weighed on overall market capitalisation. The combined market capitalisation of BSE-listed companies stood at Rs 481.55 lakh crore on a provisional basis at the close of trade, compared with Rs 481.61 lakh crore on Friday. This represented an erosion of approximately Rs 6,000 crore in investors’ wealth despite the rise in the benchmark indices.

Trading activity remained substantial. Of the 4,706 stocks actively traded on the BSE, 2,213 closed higher, 2,243 declined and 250 remained unchanged. On the NSE, 3,283 stocks were actively traded, with 1,564 advancing and 1,719 declining.

Among the 30 Sensex constituents, 24 ended higher and six lower. On the Nifty, 30 of the 50 constituent stocks closed in positive territory, while 20 ended with losses.

Eternal emerged as the strongest Sensex gainer, rising 2.77 per cent, followed by HCL Technologies at 2.54 per cent, ITC at 1.79 per cent, Sun Pharmaceutical Industries at 1.72 per cent and Reliance Industries at 1.71 per cent.

On the other side, Bharti Airtel was the biggest decliner, falling 3.33 per cent. Adani Ports dropped 2.02 per cent, Bajaj Finance 1.83 per cent, Power Grid Corporation 1.55 per cent and Adani Enterprises 1.49 per cent.

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Hindusthan Samachar / Jun Sarkar