Indian markets climbed to fresh all-time high and snapped a three-day losing streak on September 16, with Nifty finishing near 25,400 led by bank, metal, and energy names.
At close, the Sensex was up 97.84 points or 0.12 percent at 82,988.78, and the Nifty was up 27.25 points or 0.11 percent at 25,383.75.
After a positive start, the market extended the gains to hit fresh record high. However, it erased the gains as the day progressed, but buying at lower levels helped to close the session in the green territory.
Top Nifty gainers included NTPC, JSW Steel, Hindalco Industries, Shriram Finance and L&T, while losers were Bajaj Finance, HUL, Bajaj Finserv, SBI Life Insurance and Britannia Industries.
Among sectors, except FMCG and Telecom, all other sectoral indices ended in the green with bank, capital goods, power, realty, media, metal up 0.4-1 percent.
Broader indices also rallied to record high with the BSE midcap index ending on flat note, while smallcap index was up 0.3 percent.
Nearly 380 stocks touched their 52-high on the BSE, including, Jubilant Ingrevia, LTIMindtree, Maharashtra Scooters, MCX India, Radico Khaitan, Shriram Finance, Shyam Metalics, Sun Pharma, Tech Mahindra, Bajaj Finserv, Biocon, Dixon Technologies, Galaxy Surfactants, Godfrey Phillips, HCL Technologies, JM Financial, JSW Steel, among others. Click to view full list
Outlook for September 17
Aditya Gaggar Director of Progressive Shares
The Index oscillated in an extremely thin range of 25,350-25,420 and finally settled at 25,383.75 with gains of 27.25 points. Among the sectors, Media was the top performer followed by Energy and Metal while FMCG was the major laggard. Mid and Smallcap segments more or less moved in tandem with the Frontline Index.
On the lower time frame, i.e. hourly chart, it appears that the Index is forming a Bullish Pennant and Pole formation where a strong move above 25,430 will be considered as a breakout point. In case of a breakout, the approximate target comes at 25,770.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty index remained range-bound throughout the session as traders opted for caution ahead of a significant event. The technical chart shows no change in formation compared to the previous day. The trend continues to be strong, though with limited upward potential in the short term.
Key support levels are still intact between 25,150-25,200, while resistance is positioned around 25,460-25,500. A decisive breakout from the current range might initiate a directional move.
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