business

Live: Nifty poised to edge higher after making new record?| Tata Steel, L&T in the spotlight

Indian equity market scaled a fresh high on Friday with the Nifty zooming past the 20,200 mark for the first time and the Sensex clocking a fresh record as well. Considering the consistent rally, experts believe that a consolidation may be on the cards, however some are of the view that the index could head higher by another 200-300 points from here. 20,000 is likely to be immediate crucial support. Positive global cues, easing volatility and uptrend in auto, banking & financial services, technology and pharma stocks aided the rally on Friday. The BSE Sensex rose 320 points to 67,839, while the Nifty50 advanced 89 points to 20,192. The broader markets closed moderately higher with the Nifty Midcap 100 and Smallcap 100 indices climbing 0.3 percent and 0.4 percent respectively. Meanwhile, markets will digest a slew of central bank meetings with the US fed, Bank of England and Bank of Japan slated to announce their interest rate decisions this week. Wall Street ended lower on Friday with the Dow shedding over 300 points and key indices suffering a second straight week of losses. Asian markets are largely lower ahead of central bank decisions. The Japanese markets are shut on account of a holiday and the GIFT Nifty is hinting at a flattish start for the Indian market. Stocks in the spotlight are L&T, Tata Steel, Vedanta among others. Catch Nandita Khemka in conversation with Rajesh Palviya of Axis Securities and Deven Choksey, Managing Director of DRChoksey FinServ.

first published: Sep 18, 2023 08:37 am