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September 23, 2021 / 04:14 PM IST

Closing Bell: Nifty ends above 17,800, Sensex jumps 958 pts; realty stocks outshine

On the sectoral front, realty index gained nearly 9 percent, while IT, metal, bank, capital goods, oil & gas indices rose 1 percent each.

  • IndexPricesChangeChange%
    Sensex61,738.8122.76 +0.04%
    Nifty 5018,413.30-5.45 -0.03%
    Nifty Bank39,663.15122.65 +0.31%
    Nifty 50 18,413.30 -5.45 (-0.03%)
    Wed, Oct 20, 2021
    Biggest GainerPricesChangeChange%
    Bharti Airtel708.0526.95 +3.96%
    Biggest LoserPricesChangeChange%
    Hindalco518.25-15.50 -2.90%
    Best SectorPricesChangeChange%
    Nifty PSU Bank2776.0556.85 +2.09%
    Worst SectorPricesChangeChange%
    Nifty Metal6030.05-69.30 -1.14%

  • September 23, 2021 / 04:42 PM IST

    Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors:

    USDINR opened lower at 73.79 as FED kept rates on hold but gave a tentative time for tapering from Dec-21 to Jun-22. The Evergrande issue also was also ignored as they paid a small part of their dues. The test will be when their payments get due on 29th September and 4th October. 

    As Indices rose to dizzying heights and Asian currencies rose against the dollar, rupee also gained towards 73.60 before closing at 73.64. After market hours it is heard that China has asked vendors to prepare for eventual downfall of Evergrande. The Hong Kong Futures fell and rupee fell to 73.74 levels (spot) in the NDF. It seems that the issue is not over as yet and could derail the path of recovery. Range for the rupee is 73.30 to 74.00 for tomorrow.

  • September 23, 2021 / 04:42 PM IST

    Sachin Gupta, AVP, Research at Choice Broking:

    The Nifty index gained 1.5% during the day ahead of the weekly expiry. After a positive opening, the benchmark index continued the upward move and set an all-time high at 17843.90 levels, managed to close at a day high at 17826.70 levels while Bank Nifty surged more than 2% in a day to close at 37,771.70 levels. 

    On the technical front, the Nifty50 has been rising continuously upward with making new milestones, which indicates bullish strength and buying interest among the traders. The nifty50 index has reversed after taking support at Middle Bollinger Band on the daily chart and also moved above 21 days SMA. Moreover, on an hourly chart, the Nifty index has settled above 50-HMA with a positive crossover in Stochastic & RSI, which supports the upward trend. At present, Nifty has its immediate support at 17,650 levels, while resistance may come around 18,000 levels.

  • September 23, 2021 / 04:33 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Markets continued to scale new highs on the back of abundant liquidity and strong global cues, with Sensex almost on the verge of hitting the 60,000 peaks. The upsurge was mainly on the back of impressive gains in realty stocks. 

    In the short term, benchmark Nifty has formed a strong bullish breakout candle and has consistently maintained higher bottom series formation, which supports further uptrend from current levels. For day traders, 17,800-17,750-17,720 would be key support levels. On the other hand, 17,900-17,950-17,990 could act as a major resistance level in the short run. Contra traders can take a long bet between 17,750-17,720 with a strict 16,910 support stop loss.

  • September 23, 2021 / 04:31 PM IST

    V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

    This ferocious bull market continues to baffle both bears and bulls. Stock markets are all about ups and downs. But this bull market has been an almost one-way street for almost 18 months now. More importantly, this is almost a global phenomenon with China, Hong Kong and a few other countries being the exceptions. The mother market US is leading from the front, ignoring even tapering indications from the Fed. 

    All previous bull markets in India - 1992-92, 1994, 1998-2000, 2003-07 - had big corrections of 5%, 10%, even 20%. But not now so far. But this will change and the market will correct, perhaps soon, since valuations are hard to justify.

    Amateurish money of retail investors is now dominating over the smart money of institutional investors. This may change when FIIs turn into major sellers. We don't know now when and what might trigger that. Taking some money off the table may not be a bad idea even while riding this bull.

  • September 23, 2021 / 04:18 PM IST

    Mohit Nigam, Head - PMS at Hem Securities:

    Indian benchmark indices extended the early gains and hit record high levels with Sensex closing at 59,885(+1.63%) and Nifty at 17,823(+1.57%). Indian market are continuing positive trend from global market after the US Federal reserve hinted that it may begin easing its support measures for the economy later this year. 

    On the technical front, market is witnessing a continuous positive trend and it has sustained well above 17,700-750 levels and we believe this up move will extend till 18,000 level in the short term. On the downside 17,600 is the immediate support in Nifty 50 followed by 17,400.

  • September 23, 2021 / 04:14 PM IST

    Santosh Meena, Head of Research, Swastika Investmart:

    Indian market witnessed a stellar rally where Nifty and Sensex hit their fresh all-time high of 17,844 and 59,957 respectively. Our market is in a roaring bulls market and outperforming global peers where the market took minor correction as a buying opportunity. 

    The recent correction was driven by China's Evergrande issue and this matter is easing for time being therefore we are seeing a short-covering rally across the globe. The outcome of the Fed meeting is not favorable for the equity market as Fed has mentioned the timeline of bond tapering but the global markets had already corrected ahead of this meeting, so we are seeing a short-covering rally because the market likes clarity instead of uncertainty. 

    The Indian market has its own positive factors like unlocking, strong growth in the real estate sector, good monsoon, positive developments in government policy, and investor's confidence. The growth momentum in the real estate sector is boosting the sentiment because it has a ripple effect on multiple sectors.

    It will be important to see global markets' behavior from here and if they remain calm then our market may continue its outperformance where 18,000 & 60,000 are the psychological hurdle for Nifty and Sensex respectively, however if global markets start to fall once again then we can expect profit booking in our market as well.

  • September 23, 2021 / 04:03 PM IST

    Devang Mehta, Head – Equity Advisory, Centrum Broking:

    The market took the US Fed statement of starting tapering as soon as November in its stride. Encouraging news on Evergrande crisis also helped to clear some uncertainty on the global front.

    Indian markets have been on a roll & the rally today was symbolic of the prevailing strong sentiment locally on the back of reduction in covid cases & the strong vaccination numbers. With improvement in economic activity & the optimism around the capex cycle revival, the earnings trajectory for India Inc will naturally get a big boost. 

    Most of the companies which are market leaders in their respective domains have seen operating efficiencies & productivity improve & also been able to reduce debt with prominent gain in market share as well. Liquidity remains extremely strong, be it Foreign portfolio investors, Local mutual funds, Insurance companies, Family offices, HNI’s or even the retail investors.

  • September 23, 2021 / 03:58 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services: 

    Amidst a strong start, bulls showed no signs of weakness to soar higher boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022. 

    However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the property space.

  • September 23, 2021 / 03:51 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Index witnessed a decisive breakout and closed a day at 17,823 with good gains of one & a half percent forming a bullish candle on the daily chart. The index has witnessed a range breakout which hints if current levels are held then we may witness next quick move towards 18k mark.

    Immediate supports for Nifty is shifted to 17,770-17,700 zone and any dip near mentioned supports zone will be again buying opportunity with keeping immediate stop out level below 17,700 zone and if said levels are held we may see the index to march towards 17,900-18,000 zone, which is immediate hurdle zone on the higher side.

  • September 23, 2021 / 03:48 PM IST

    S Ranganathan, Head of Research at LKP securities:

    Buoyed by positive tailwinds like the progress of the monsoon and pace of vaccinations, bulls upped the ante today in style as the Sensex inched closer towards the 60K mark. 

    The slew of reforms undertaken during the Pandemic has now begun yielding results and most of the sectoral indices barring the Media Index was up in trade today. Mortgage & Real Estate names were seen buzzing around on incremental positive newsflow.

  • September 23, 2021 / 03:43 PM IST

    Ashis Biswas, Head of Technical Research at CapitalVia Global Research:

    The market witnessed some positive movements after the market was able to sustain the Nifty 50 Index level of 17,500. Market research shows sustaining above 17,850, the market expect to gain momentum, leading to an upside projection till 18,000 level. 

    The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. 

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