| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,983.31 | 715.69 | +0.89% |
| Nifty 50 | 24,836.30 | 225.20 | +0.92% |
| Nifty Bank | 55,347.95 | 712.10 | +1.30% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Motors | 718.35 | 38.15 | +5.61% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 987.70 | -11.20 | -1.12% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 55347.95 | 712.15 | +1.30% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7499.20 | -27.55 | -0.37% |
Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today’s market rally was driven by strong buying in banking stocks, especially in PSBs.
The banking sector is expected to perform well in the coming days as the sector, which failed to fairly participate in the ongoing rally due to fear over asset quality, is gaining traction.
It is generally seen that when an underperformer makes a much-awaited up-move, it creates a feel-good effect on others. Ahead of the operationalisation of the NARCL, banks provided the much-needed ammunition to the bulls to notch up record highs of 59,000 for the Sensex. The charge of the energised bulls took India's market capitalisation ahead of France as PSU banks lent the firepower.
Indian market benchmarks ended with strong gains on September 16, supported by banking heavyweights.
Sensex hit the fresh all-time high of 59,204.29 in intraday trade while Nifty made a fresh peak of 17,644.60.
At close, Sesnex was 418 points, or 0.71 percent, up at 59,141.16 while Nifty was at 17,629.50, up 110 points or 0.63 percent.
BSE Midcap and smallcap indices also hit their fresh record highs of 25,384.22 and 28,456.77, respectively, in intraday trade. BSE Midcap index closed 0.48 percent higher at 25,336.56 while the smallcap index closed 0.08 percent up at 28,306.05.
Among the sectors, the Nifty PSU Bank index jumped 5.43 percent while the Nifty Private Bank index clocked a gain of 2.67 percent. Nifty Bank index rose 2.22 percent.
On the flip side, the Nifty Media index fell 1.71 percent while Nifty Metal and IT indices fell 0.62 percent each.
Nearly 400 stocks, including Zee Media Corporation, North Eastern Carrying Corporation, Inventure Growth & Securities, MRO-TEK Realty, Pritish Nandy Communications, Nureca, Indbank Merchant Banking Services, Urja Global, Techindia Nirman and Reliance Communications, hit their upper circuits in intraday trade on BSE.
More than 280 stocks, including Bharti Airtel, IndusInd Bank, Larsen & Toubro, NTPC, ONGC, TCS and Titan, hit their fresh 52-week highs in intraday trade on September 16.
: Markets have made New all-time high with Sensex touching the 59000 marks for first time. The rally is driven by various PLI schemes introduced by the government. Further, we expect the bank to perform well as they have not yet participated in the rally, other than we don’t recommend any fresh buying at this level as markets have made a huge move in a short time.
We advise investors to keep strict stop loss to their positions. Some correction is required to get a good valuation to enter fresh in the market, but scenarios which we are witnessing along with the developments from government. shall surely keep us in a bull run, except if any global scenario changes take place. Nifty short term target 18000 and long term target 20000. Sensex short-term target 60500 and long term target 66000.
: Sensex is up 321.40 points or 0.55% at 59044.60, and the Nifty up 82.10 points or 0.47% at 17601.60. IndusInd Bank, ITC and SBI are the top gainers while IndusInd Bank, ITC and Bharti Airtel are the most active stocks.
Among the sectors, the PSU Bank index jumped over 3 percent while the midcap and smallcap indices are also trading in the green.
