In yet another rangebound session on September 11, the Indian equity markets ended higher with Nifty finishing above 25,000 for the first time since August 21.
The Nifty50 index extended the winning run on 7th straight session, closing at 25,005.50, up 32.40 points or 0.13 percent, while BSE Sensex also extend rally on fourth day, closing at 81,548.73, up 123.58 points or 0.15 percent.
Broader indices underperformed the man indices with BSE Midcap and smallcap indices finishing on flat note.
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Adani Enterprises, Shriram Finance, NTPC, Axis Bank, Power Grid were among major gainers on the Nifty, while losers were Bajaj Auto, Infosys, SBI Life Insurance, Wipro, Titan Company.
On the sectoral front, energy, PSU Bank, pharma, oil & gas, media up 0.5-1%, while IT index declined 0.5%, auto index shed 0.3%.
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In stock-specific action, SpiceJet shares rose 2% on securing $89.5 million liquidity boost through Carlyle settlement, Jupitar Wagons shares added 4% on order win worth Rs 113 crore, ACME Solar shares jumped 3% on securing Rs 3,892 crore project funding for 400 MW FDRE project from SBI, Gujarat Fluorochemicals shares down 3% on gas leak incidence at Ranjitnagar plant.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 83,167.85 | 562.42 | +0.68% |
Nifty 50 | 25,494.60 | 171.05 | +0.68% |
Nifty Bank | 57,235.20 | 435.30 | +0.77% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Titan Company | 3,637.60 | 88.60 | +2.50% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
HDFC Life | 748.35 | -12.80 | -1.68% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Auto | 27061.00 | 352.30 | +1.32% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty PSU Bank | 7712.80 | -10.30 | -0.13% |
Kalpataru Projects shares added 2.4% on bagging orders worth RS 2,720 crore, Infosys shares ended 1.4% lower ahead of board meeting for buyback, Adani Power shares down 1.5% despite receiving LoA from MPPMCL, Tega Industries shares fell 2% on firm planning to acquire Molycop in consortium with Apollo Funds.
More than 100 stocks touched their 52-week highs on the BSE, including Waaree Energies, Zydus Wellness, Indian Bank, Fortis Healthcare, Gujarat Mineral, among others. Click to View More
Outlook for September 12
Ajit Mishra – SVP, Research, Religare Broking
Markets traded in a subdued manner on Thursday and ended marginally higher, taking a breather after the recent surge. After a positive start, the Nifty moved in a narrow range throughout the session and finally settled at 25,005.5 level. Sectoral performance was mixed, with energy and pharma emerging as top gainers, while IT and auto witnessed profit booking. Meanwhile, the broader indices remained largely flat, underperforming the large-cap space.
It appears that markets have absorbed the initial reaction to favorable developments such as GST reforms and optimism around US–India trade talks, and may now witness a brief pause. However, rotational buying across key sectors and early signs of a reversal in themes like defense and railways are likely to keep the undertone positive. Amid this backdrop, we continue to advocate a “buy on dips” strategy in the index and suggest focusing on accumulating quality names across sectors and themes that are moving in line with the benchmark.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
The upmove with range bound action continued in the market on Thursday and Nifty closed the day with modest gains of 30 points. After opening on a negative note, the market recovered initially but later shifted into a usual small range movement and that continued till the end.
A small positive candle was formed on the daily chart with minor upper shadow. Technically this action signals a range bound action in the market. Though, Nifty placed at the crucial hurdle of 25000 mark (down sloping trend line and previous two weeks highs) but not showing any strength to witness a decisive break out of the hurdle. The recent opening upside gap of 9th and 10th Sept remains unfilled.
The underlying trend of Nifty remains positive with choppy movement. Any failure to move sharply above the important resistance of 25000-25100 levels in the next 1-2 sessions could open short term weakness in the market. Immediate support is at 24800.
Disclaimer: The views and investment tips expressed by 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 decision.
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