The Indian benchmark indices ended with marginal gains in a volatile session on September 14, with the Sensex rising 52.01 points or 0.08 percent to end at 67,519.00, and the Nifty ending at 20,103.10, up 33.10 points or 0.16 percent.
After opening at record-high levels, the benchmark indices failed to hold on to the gains and remained rangebound throughout the session amid buying seen in the oil & gas, metal, realty and PSU Banks.
In today's session, the BSE Sensex and Nifty50 touched fresh record highs of 67,771.05 and 20,167.65, respectively.
Also Read - WPI inflation rises to 5-month high of -0.52% in August
UPL, Hindalco Industries, ONGC, M&M and Eicher Motors were among the top gainers on the Nifty, while losers were Asian Paints, Coal India, ITC, LTIMindtree and Britannia Industries.
On the sectoral front, FMCG index ended with marginal cut, while oil & gas, realty, metal and PSU Bank gained one percent each.
The broader indices outperformed the main indices, with BSE midcap and Smallcap indices gaining one percent each.
A long build-up was seen in NMDC, Balrampur Chini Mills and Balkrishna Industries, while a short build-up was seen in Zee Entertainment Enterprises, Torrent Pharma and Asian Paints.
Among individual stocks, a volume spike of more than 300 percent was seen in BHEL, UPL and Chambal Fertilisers and Chemicals.
More than 200 stocks touched their 52-week high on the BSE, including Jyoti, Central Bank Of India, Wipro, Titan Company, Maruti Suzuki India, Tata Steel, Punjab National Bank, NHPC, LTIMindtree, Berger Paints India, HDFC Asset Management Company, Indian Overseas Bank, Tech Mahindra, Tata Consultancy Services, Dhampur Sugar Mills, Indusind Bank, Bank Of India, Balrampur Chini Mills, among others. Click to View Full List
Outlook for September 15
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets traded volatile on the weekly expiry day and ended marginally in the green. After the initial uptick, profit taking in heavyweights trimmed the gains, followed by range bound movement till the end. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein metal and realty posted strong gains while FMCG ended on a muted note. Besides, the continued recovery on the broader front further boosted the sentiment.
The rotational buying across sectors is helping the index to inch gradually higher amid mixed global cues. We are eyeing 20,300 in the Nifty and expect the 19800-19950 zone to offer cushion in case of any dip. Meanwhile, participants should maintain their focus on stock selection and prefer index majors.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities:
While the north-bound journey continued the uptick lacked the firepower as seen in recent sessions as valuations are becoming expensive and investors are taking a cautious route. Rising global crude oil prices are also making investors jittery as this could stoke inflation and force central banks worldwide to maintain the rate hike regime.
Despite early volatility and a range-bound trend thereafter, metals, oil & gas and realty shares sparkled, indicating that traders are willing to take selective bets. On intraday charts the market is holding a higher bottom formation which is indicating that the uptrend wave is likely to continue in the near future.
As long as the Nifty is trading above the 20000 mark the positive sentiment is likely to continue till 20180-20225 levels. On the flip side, below 20000, the selling pressure could accelerate and drag the index up to 19920-19900.
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