On September 15, Indian equity indices continued their record run with the Nifty crossing the 20,200 mark for the first time while a mixed trend was witnessed on the sector front.
The National Stock Exchange of India (NSE) and BSE will remain closed on September 19 due to Ganesh Chaturthi.
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On September 15, Indian equity indices continued their record run with the Nifty crossing the 20,200 mark for the first time while mixed trends were witnessed on the sector front.
At the close, the Sensex rose 319.63 points or 0.47 percent to 67,838.63, while the Nifty gained 89.20 points or 0.44 percent to 20,192.30.
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The top gainers were Bajaj Auto, Grasim Industries, M&M, Hero MotoCorp and Bharti Airtel, while BPCL, Asian Paints, HUL, Jio Financial and Tata Consumer Products were among the losers.
A mixed trend was observed across sectors: FMCG, oil and gas, power and real estate declined by 0.4 to 1 percent, while automobile, banking, pharmaceuticals and information technology increased by 0.3 to 1 percent.
The BSE midcap and smallcap indices ended on a positive note.
“Along with clear global market signals, investors are expecting a halt to rate hikes by the US Federal Reserve at its monetary policy meeting amid easing inflation, which would bode well for local markets that are already experiencing a strong recovery. A status quo on interest rate hikes would further strengthen this. “This would give further impetus to the economy and hope for future easing of interest rate policy,” said Amol Athawale, vice president of technical research at Kotak Securities.
“A decline in US Treasury yields has led to a recovery in global equity markets and an attrition effect on local markets. On daily and weekly charts, the Nifty has formed a breakout continuation pattern, indicating that the uptrend wave is likely to continue soon.”
“Although the overall structure of the market is bullish, the market is in a temporary overbought state and therefore we could see some profit booking at higher levels. For short-term traders, 20075 and 20000 would act as key support zones, while 20300-20375 could serve as crucial resistance areas for the bulls,” he added.
On Friday, the Indian rupee closed 15 paise lower at 83.18 per dollar against Thursday’s close of 83.03.
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