Blockbuster Friday | Nifty at 25,800, Sensex gains 1,360 pts; all sectors in the green

Market Close | Sensex up 1,360 pts, Nifty around 25,800

Indian equity indices ended on strong note with Nifty around 25,800 on September 20. At close, the Sensex was up 1,359.51 points or 1.63 percent at 84,544.31, and the Nifty was up 375.20 points or 1.48 percent at 25,791.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened on a positive note and witnessed a volatile trading session. Intraday volatility was very high however the Nifty managed to hold on to crucial support levels and closed the day in the green up ~375 points. On the daily charts we can observe that the Nifty is moving towards the upper end of the rising channel placed at 26000 which is also our short-term target. Support is placed in the zone of 25500 – 25450.

Bank Nifty has closed above the previous all-time high of 53350 and is now heading toward 55000 in the short term. Intermediate pullbacks or intraday dips should be used as a buying opportunity. The support zone is placed at 52800 – 52700.

Market This Week

Market ends higher for the second straight week, financials outperforms

Nifty Bank up nearly 3 percent for the second straight week

Friday’s surge helps Nifty Midcap end in the green

Nifty IT, Pharma Top laggards in sectoral indices, Nifty IT down nearly 3 percent

Ajit Mishra – SVP, Research, Religare Broking

Markets edged higher amid volatility, gaining nearly one and a half percent, largely tracking global trends. The first half saw a positive tone, though volatility in the latter half kept traders on edge. Reflecting the movement of the benchmark index, all key sectors contributed, with realty, auto, and metal stocks leading the gains. Broader indices also recovered from their recent dip, advancing between 0.9% and 1.6%.

The market continues to closely follow global cues, especially from the US, whose recent strength enabled Nifty to break through the 25,550 resistance level. Attention is now focused on the next milestone of 26,000. Sector-wise, we maintain our preference for banking, financials, auto, and realty, while advising a selective approach in other sectors. Additionally, the emphasis should remain on index heavyweights and large midcaps for long positions.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a range bound action with volatility in the last five sessions, Nifty witnessed an excellent upmove on Friday and closed the day higher by 375 points. Nifty opened on a positive note and showed sustainable upside in the early to mid-part of the session. A sharp knee jerk action of afternoon was followed by a sustainable upside bounce and reach new all-time highs at 25849 levels.

A long bull candle was formed on the daily chart, which indicates a decisive upside breakout in the market of the last 4-5 sessions range movement. The Nifty has broken above the range as well as the trend line resistance around 25500 levels.

Nifty on the weekly chart formed a reasonable bull candle that has surpassed the congestion area of the last three weeks around 25300-25500 levels and closed higher.

The short-term trend of Nifty is sharply positive. Having surged up in one session on Friday, there is a possibility of consolidation/breather pattern in the short term, before moving up further. Next upside targets as per Fibonacci extension to be watched around 26250. Immediate support is at 25650.

Vinod Nair, Head of Research, Geojit Financial Services

The Indian market has joined the rally following the 50bps Fed rate cut and super accommodative monetary policy. It 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. Traction is on rate sensitive sectors like Auto & Finance. Conventional sectors like FMCG are also performing well in anticipation of good results led by the dual benefit of demand and reduction in input cost.

Currency Check | Rupee closes higher

Indian rupee ended 11 paise higher at 83.57 per dollar on Friday versus Thursday's close of 83.68.

Market Close | Nifty at 25,800, Sensex gains 1,360 pts; all sectors in the green

Indian equity indices ended on strong note with Nifty around 25,800 on September 20.

At close, the Sensex was up 1,359.51 points or 1.63 percent at 84,544.31, and the Nifty was up 375.20 points or 1.48 percent at 25,791. About 2346 shares advanced, 1434 shares declined, and 103 shares unchanged.

All the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal and realty up 1-3 percent.

Biggest gainers on the Nifty were M&M, ICICI Bank, JSW Steel, Bharti Airtel and L&T, while losers included Grasim Industries, SBI, IndusInd Bank, TCS and Bajaj Finance.

BSE midcap and smallcap indices up 1 percent each.

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Spot USDINR to trade between 83.35-83.70: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee traded at the highest levels in more than two months on Friday as domestic equities touched fresh all-time highs again and overall weakness in the US Dollar. The greenback is trading with a negative tone after a 50-bps rate cut by the US Federal Reserve. This week, among the other major central banks, Bank of England, PBoC and Bank of Japan kept their interest rates unchanged.

We expect Rupee to trade with a positive bias on positive domestic markets and fresh foreign inflows amid 50-bps rate cut by the Fed. Overall weakness in the US Dollar may also support the Rupee. However, a positive tone in crude oil prices may cap sharp upside. Traders may take cues from speeches by FOMC members. USDINR spot price is expected to trade in a range of Rs 83.35 to Rs 83.70.

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The Sensex was up 1,169.92 points or 1.41 percent at 84,354.72, and the Nifty was up 329.00 points or 1.29 percent at 25,744.80.

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Stock Market LIVE Updates | Why markets are rallying today?

The Indian markets are rallying today, driven by strong global cues. Historically, emerging markets tend to outperform during the onset of a rate-cut cycle in the U.S., especially when coupled with a decline in the dollar index and U.S. bond yields. Indian markets, backed by robust fundamentals, remain resilient despite concerns over valuations. Lage-cap stocks, particularly in the private banking sector, continue to look attractive, fueling the current bullish momentum. However, there is noticeable underperformance in the broader market. This positive trend is expected to persist unless significant negative developments arise on the domestic or global front. For Nifty, 25,921 is the immediate target, while 25,500 should serve as a strong support level. - Santosh Meena, Head of Research, Swastika Investmart Ltd

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