Sensex gains over 1,300 points, Nifty surpasses 25,800; banking, auto stocks lead charge

In the broader market, the BSE Midcap index climbed 1.2 percent, and the Smallcap index gained 1.4 percent.

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Sensex and Nifty closed higher on September 20 fueled by robust gains across the banking, auto, and energy sectors. Global optimism following stronger-than-expected US jobless claims, a buying spree in midcap and smallcap stocks, and the Federal Reserve kicking off a rate-cutting cycle on September 18 propelled the Indian market upward.

Today, Sensex hit a milestone of 84,694, while Nifty reached a record high of 25,849. At close, Sensex was up 1,389 points or 1.7 percent at 84,574 and Nifty was up 375 points or 1.5 percent at 25,790.

"Nifty has dislodged China as the largest country in MSCI EM and is hitting all-time highs with 2 active wars. This shows that India is becoming a safe haven instead of an emerging country where money is flowing in to keep it safe and out of conflict," said Abhishek Banerjee, Founder and CEO of LotusDew Wealth and Investment Advisors.

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12 out of 13 sectoral indices flashed green, with Nifty FMCG, Auto, Realty, and Metal rising between 1-2 percent. The Nifty Bank index marked its seventh consecutive session of gains and hit a fresh high of 54,066. ICICI Bank, HDFC Bank, and Kotak Mahindra led the charge, with HDFC Bank gaining nearly 2 percent on reports that its subsidiary, HDFC Credila Financial Services, is eyeing a public listing.

The Nifty Metal index rebounded from a three-day slump and rose 1.7 percent driven by gains in JSW Steel, Tata Steel, and Hindalco. This uptick followed target price increases for several key players in the sector by both Macquarie and Morgan Stanley, boosting investor confidence.

Defence stocks also staged a powerful comeback, with gains of up to 10 percent, adding to the session's momentum. "We have been seeing a correction in defence stocks post-budget announcement in July. Most stocks have corrected 20-30 percent following budget disappointment," said Anchal Kansal, Senior Research Analyst at Green Portfolio PMS.

Also Read | India set for $1 billion boost from FTSE rebalancing, ICICI Bank to see inflows of $236 million

In the broader market, the BSE Midcap index climbed 1.2 percent, and the Smallcap index gained 1.4 percent.

Among the Nifty 50, Coal India, L&T, JSW Steel, ICICI Bank, and M&M led the pack with gains of 2.8-5.3 percent. On the flip side, Hero MotoCorp, IndusInd Bank, NTPC, SBI, and Grasim slipped, posting losses of 0.1-2.3 percent.

Vinod Nair, Head of Research, Geojit Financial Services said that the Fed's 'super accommodative monetary policy' is expected to bring positivity to the economy and foreign inflows in the short to medium term as the global economy continues to be robust.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.