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HomeNewsBusinessMarketsTaking Stock: Sensex up 246 pts, Nifty above 20,050; midcaps recover smartly

Taking Stock: Sensex up 246 pts, Nifty above 20,050; midcaps recover smartly

The BSE midcap index made smart recovery from the day's low and ended flat, while Smallcap index added 0.8 percent.

September 13, 2023 / 16:20 IST
Market Today

After a muted previous session, the bulls were back in action on September 13, helping benchmark indices inch closer to their record highs led by metal, oil & gas and banking names.

At close, the Sensex was up 245.86 points or 0.37 percent at 67,466.99, and the Nifty was up 76.80 points or 0.38 percent at 20,070.

Amid mixed global cues, the market started with marginal cut and stayed in a range. However, mid-session buying helped indices to turn positive to end near day's high, with Nifty closes above 20,000 for the first time.

Grasim Industries, Coal India, Bharti Airtel, Tata Consumer Products and Titan Company were among the major gainers on the Nifty, while losers included HDFC Life, Jio Financial, L&T, M&M and Adani Ports.

Among sectors, metal and oil & gas were up one percent each and PSU Bank index gained four percent, while capital goods, auto and Information Technology indices ended on a negative note.

The BSE midcap index recovered 500 points from the day's low and ended flat, while Smallcap index added 0.8 percent.

A long build-up was seen in Punjab National Bank, Aarti Industries and Glenmark Pharma, while a short build-up was seen in Info Edge, Bata India and Interglobe Aviation.

Among individual stocks, a volume spike of more than 400 percent was seen in Hindustan Copper, India Cements and Indiabulls Housing Finance.

IndexPricesChangeChange%
Sensex85,267.66449.53 +0.53%
Nifty 5026,046.95148.40 +0.57%
Nifty Bank59,389.95180.10 +0.30%
Nifty 50 26,046.95 148.40 (0.57%)
Fri, Dec 12, 2025
Biggest GainerPricesChangeChange%
Hindalco852.1027.75 +3.37%
Biggest LoserPricesChangeChange%
HUL2,260.60-45.00 -1.95%
Best SectorPricesChangeChange%
Nifty Metal10536.45269.55 +2.63%
Worst SectorPricesChangeChange%
Nifty FMCG54490.80-128.85 -0.24%

Nearly 150 stocks touched their 52-week high on the BSE, including Grasim Industries, Canara Bank, Bharti Airtel, Tata Coffee, Suven Life Sciences, Axis Bank, Titan Company, Jyoti, Bank of India, ITI, Jammu & Kashmir Bank, , among others. Click to View Full List

Outlook for September 14

Rupak De, Senior Technical analyst at LKP Securities:

Bulls successfully regained control from bears, pushing Nifty back above the 20,000 mark. Notably, it closed above this threshold, marking a historic closing high for Nifty.

The prevailing sentiment remains optimistic, contingent on put writers safeguarding the 19,900 level. A drop below 19,900 could unsettle put writers, potentially triggering market corrections.

On the upside, the 20,100-20,150 range is poised to act as resistance. A clear breakthrough above 20,150 might propel Nifty into a sustained upward trend.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty opened on a flat note and traded with a positive bias throughout the day to close with gains of around ~70 points. On the daily charts, we can observe that the Nifty consolidated within the range 20110 – 19914 of the previous trading session. The daily and hourly momentum indicator are providing divergent signals and hence a consolidation is likely in the near term. Moreover, after witnessing a sharp run-up during the last few trading sessions a consolidation is likely. The range of consolidation is likely to be 20100 – 1980.

During this consolidation, we can expect sector rotation and stock specific moves. Overall, the short-term outlook is positive, and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 – 19810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.

Bank Nifty was the star performer today as it managed to breach the previous day high of 45894 and closed above that indicating that it has started next leg of upmove. On the upside it has the potential to retest the swing high of 46370 and above that 46500. Daily and hourly momentum indicator has a positive crossover which is a buy signal.

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 13, 2023 03:38 pm

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