The Indian equity market continued head north on September 11 as well, with benchmarks the 30-pack Sensex and the broad-based Nifty gaining seventh day in a row.
At noon, the Sensex was up 0.49 percent at 66,924.59, and the Nifty was trading 0.57 percent higher at 19,932.50.
About 1,941 shares advanced, 1,222 declined and 132 remained unchanged.
In the F&O segment, Nifty September futures scaled past the 20,000-mark and touched 20,007. The October futures contract was trading near 20,100.
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Momentum continues in broader markets as well. The Nifty midcap 100 was up a percent and smallcap 100 1.3 percent. More than 90 percent of the stocks in Nifty 500, Nifty MidCap 100, and Nifty SmallCap 100 are now trading above their 200-day moving average (DMA), data from Bloomberg shows.
"Historically, Nifty's landmarks — 1K, 5K, 10K, and 15K, were achieved due to economic liberalisation, global liquidity, structural reforms, and digitisation due to the pandemic," Sonam Srivastava, smallcase manager & Founder of Wright Research said.
"The current scenario mirrors these favourable conditions with buoyant markets, positive macroeconomic and global outlooks, coupled with the potential for volatility and short-term price corrections.”
Stock-specific action
Adani Ports and Adani Enterprises were among the top Nifty gainers after Gautam Adani-led promoter group raised equity stakes in the two firms.
The promoter group has increased its stake in flagship Adani Enterprises to 71.93 percent from 69.87 percent, according to stock exchange filings. In Adani Ports, promoter stake has gone up from 63.06 percent to 65.23 percent.
At noon, Adani Ports was up 5 percent on the NSE at Rs 867.60 and Adani Enterprises 1.7 percent at Rs 2,563.05.
Apollo Hospitals gained 2 percent after foreign broking firm UBS set a target for the stock at Rs 6,050, indicating 19 percent upside from the current level.
The broking firm said Apollo Hospitals' occupancy would improve to 65 percent in Q2 FY24, and Apollo HealthCo's losses will reduce sequentially.
Shares of IDFC First Bank also inched over 2 percent after US boutique investment firm GQG Partners hiked its stake through a Rs 479.50-crore block deal.
Railways stocks like IRFC and RVNL continued to gain, both up more than 10 percent. IRFC's market capitalisation crossed Rs 1 lakh crore on September 11, as the stock climbed to a new high, doubling in value this year. The company is now the 10th most valuable state-run enterprise in the country, surpassing Bharat Electronics Ltd, Bank of Baroda, and Gail India Ltd.
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