The domestic equity indices, Sensex and Nifty, opened on a strong note on September 20, tracking a rally in global markets. Shortly after, both benchmarks and Nifty Bank hit their record highs. Nifty 50 and Sensex rose by a percent each and reached record highs of 25,692 and 84,159. Meanwhile, Nifty Bank achieved a new milestone of 53,434, buoyed by gains in ICICI Bank, HDFC Bank, and Kotak Mahindra.
Metal stocks witnessed a renewed buying interest as Macquarie and Morgan Stanley raised target prices for several companies in the sector. In contrast, IT stocks continued to decline for the third consecutive session.
At 9.25 AM, Sensex had gained 190 points or 0.2 percent to reach 83,378, while Nifty advanced 88 points or 0.4 percent to 25,504.
Following the US Federal Reserve's rate decision, attention has now shifted to the RBI's upcoming monetary policy, with key focus on the central bank's stance on interest rates to support economic growth, noted Prashanth Tapse, Senior VP of Research at Mehta Equities.
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The broader market rebounded today after facing selling pressure in the prior session. Both the BSE Midcap and Smallcap indices rose by 0.5 percent.
"Sell-on-news is the phenomenon seen in Indian markets – especially in the broader markets," said Deepak Jasani, Head of Retail Research at HDFC Securities.
In the Nifty 50 pack, Coal India, M&M, Hindalco, Tata Steel, and JSW Steel were top performers, climbing 1-3 percent each. Notably, JSW Steel surged 3.5 percent in early trade, hitting a 52-week high of Rs 984 after Macquarie upgraded its rating to 'Outperform' and increased the target price to Rs 1,077 from Rs 884. The Nifty Metal index rose 1.5 percent in early trade, snapping a three-day losing run.
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On the flip side, Asian Paints, Titan, Cipla, Axis Bank, and Tata Motors saw minor losses, slipping 0.3-0.8 percent.
Overnight, US benchmarks closed higher after the Fed cut interest rates by 50 basis points and signalled more cuts ahead. The S&P 500 and Dow Jones hit record highs, fueled by stronger-than-expected jobless claims data, boosting global risk appetite.
Asia-Pacific markets opened strong today, led by Japan's Nikkei 225. Japan's core consumer price index rose 2.8 percent year-on-year, ahead of the Bank of Japan’s upcoming policy meeting, where rates are expected to remain steady at 0.25 percent.
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