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Taking Stock: Bull run continues on seventh day; Nifty hits fresh record high, Sensex up 528 pts

Biggest gainers on the Nifty were Adani Ports, Adani Enterprises, Apollo Hospitals, Axis Bank and Power Grid Corporation, while losers included Jio Financial, Coal India, ONGC, Bajaj Finance and L&T

September 11, 2023 / 16:17 IST
The BSE midcap and Smallcap indices hit fresh 52-week highs with a gain of 1 percent and 0.7 percent, respectively

The benchmark indices continued their winning run on the seventh straight session on September 11 with Nifty closing at a record high.

At close, the Sensex was up 528.17 points or 0.79 percent at 67,127.08, and the Nifty was up 176.30 points or 0.89 percent at 19,996.30.

Despite mixed global cues, the market opened on a firm note with Nifty around 19,900 and extended the gains as the day progressed. In the final hour, the Nifty50 index hit a fresh record high and also crossed the 20,000 mark. However, Sensex is 492 points away from its record high of 67619.17, touched on July 20, 2023.

The biggest gainers on the Nifty were Adani Ports, Adani Enterprises, Apollo Hospitals, Axis Bank and Power Grid Corporation, while losers included Jio Financial, Coal India, ONGC, Bajaj Finance and L&T.

"Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post-July 2023. Robust flows from the local investors amidst mixed/negative flows from foreigners have helped Nifty achieve this landmark. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky," said Dhiraj Relli, MD & CEO, HDFC Securities.

"Smallcap and midcap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised," he added.

All the sectoral indices ended in the green with power, auto, bank and metal up 1-2 percent each, while realty, healthcare, FMCG and Information Technology added 0.5 percent each.

The BSE midcap and Smallcap indices hit fresh 52-week highs with a gain of 1 percent and 0.7 percent, respectively.

IndexPricesChangeChange%
Sensex84,562.7884.11 +0.10%
Nifty 5025,910.0530.90 +0.12%
Nifty Bank58,517.55135.60 +0.23%
Nifty 50 25,910.05 30.90 (0.12%)
Fri, Nov 14, 2025
Biggest GainerPricesChangeChange%
Eternal303.756.00 +2.02%
Biggest LoserPricesChangeChange%
Infosys1,502.80-39.00 -2.53%
Best SectorPricesChangeChange%
Nifty PSU Bank8399.9096.85 +1.17%
Worst SectorPricesChangeChange%
Nifty IT36301.30-378.10 -1.03%

Also Read - Nifty hits 20,000-mark for first time ever; domestic, foreign investors pour in money

A long build-up was seen in Adani Ports, Vodafone Idea and Canara Bank, while a short build-up was seen in BHEL, PVR Inox and Indian Energy Exchange.

Among individual stocks, a volume spike of more than 200 percent was seen in BHEL, ABB India and Biocon.

More than 350 stocks touched their 52-week high on the BSE, including Havells India, NTPC, Jindal Saw, Marico, TVS Motor Company, Tata Communications, Exide Industries, BEML, Macrotech Developers, Axis Bank, RITES, among others. Click to View More

Outlook for September 12

Shrikant Chouhan, Head of Research (Retail), Kotak Securities

India's resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled benchmark Nifty past the 20K mark. The 7th consecutive session of gains has come despite persisting selling by foreign institutional investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns. While undertone appears bullish, the market seems to be in an overbought position and hence caution may prevail going ahead.

Technically, for the short-term period benchmark Nifty is holding a strong formation. On daily charts, the index has formed a bullish candle and on intraday charts it is consistently forming a higher high and higher low series formation, which is largely positive.

For the trend following traders, 19935 could act as a key support level, above which the index could move up till 20100-20175. On the flip side, below 19935, traders may prefer to exit from long positions and below the same, we could see a one quick intraday correction till 19850-19825.

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets made a robust start to the week and gained nearly a percent, in continuation of the prevailing trend. On the benchmark front, Nifty finally tested the new milestone of “20,000” and settled almost at the day’s high as well. The majority of the sectors contributed to the move wherein metal and auto were among the top gainers. The broader indices traded in tandem and rose over a percent each.

We may see some consolidation around the current levels after reclaiming the record high but the tone is likely to remain positive. While all the sectors are contributing to the move, we feel the performance of banking would play a crucial role in making a sustained up move from hereon. At the same time, participants should maintain caution in stock selection, especially in the midcap and smallcap space.

Rupak De, Senior Technical analyst at LKP Securities:

Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level.

On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark.

Disclaimer: The views and investment tips expressed by investment 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 decisions.

Rakesh Patil
first published: Sep 11, 2023 03:47 pm

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