Markets are expected to be in sync with global cues. Upside seems to be limited considering the lack of fresh domestic triggers for the market.
Indian market rallied for the second consecutive day in a row on September 16 supported by strong global cues and ahead of the outcome of the FOMC meeting.
Bulls helped Nifty reclaim 11,600 levels for the first time since February while the S&P BSE Sensex rallied over 250 points led by buying in heavyweights such as HDFC Bank, Infosys, RIL, ICICI Bank and M&M.
Let’s look at the final tally on D-Street – the S&P BSE Sensex was up 258 points to 39,302 while the Nifty50 was up 82 points to close at 11604.
"Benchmark indices ended the day with gains, with most sectoral indices contributing to the gains. However, the continued border tensions and unabated virus infections limited the gains.
Global cues were also positive as participants awaited policy statement from US FOMC meeting. Any indication of increased bond-buying will be a positive trigger for the markets. Markets are expected to be in sync with global cues tomorrow. Upsides seem to be limited, considering the lack of fresh domestic triggers for the market".
Sectorally, the action was seen in the Realty, Auto, Healthcare, and IT stocks while profit taking was visible in Utilities, telecom, public sector, and power stocks.
On the broader markets front – the S&P BSE Mid-cap index rose 0.2 percent while the S&P BSE Mid-cap index gained 0.4 percent – underperforming the benchmark indices.
Top Nifty gainers include Bajaj Auto, Dr Reddy’s Laboratories, and M&M.
Top Nifty losers include Bharti Infratel, IndusInd Bank, and NTPC.
Stocks & Sectors:
Sectorally, the S&P BSE Realty index was up 2 percent, followed by the S&P BSE Auto index which was up 1.49 percent, and the S&P BSE Healthcare index gained 1.5 percent.
Profit taking was visible in the S&P BSE Telecom space that was down 0.9 percent, followed by the S&P BSE Public Sector that fell 0.5 percent, and the S&P BSE Utilities fell 0.9 percent.
Volume spike of more than 100% was seen in stocks like LIC Housing Finance, Sun TV, Bajaj Auto, and NMDC.
Long Buildup was seen in stocks like NMDC, Havells India, and LIC Housing Finance.
Short Buildup was seen in stocks like ITC, Sun TV, and UBL.
More than 160 stocks on the BSE hit a fresh 52-week high that includes names like Atul, Info Edge, RIL, Ipca Labs, and Paushal.
Nifty formed a bullish candle on the daily charts
The Nifty has witnessed fresh breakouts on intra time frames which suggest the current pullback can extend up to above 11650 levels, suggest experts.
The up move can extend up to 11650-11700 zone which is a strong hurdle on the higher side while support shifted towards 11550-11500 zone.
Traders with high-risk appetite are advised to go for fresh buying on an intraday dip, if any in the first two hours, around 11550 levels with a stop below 11500, says Mazhar Mohammad of Chartviewindia.in.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.