Domestic benchmark indices Sensex and Nifty hit their fresh record highs on Friday, September 15, on gains led by banking, auto and IT heavyweights, including HDFC Bank, TCS and Mahindra and Mahindra. Market sentiment remained upbeat tracking positive global cues after recent data signalled China’s economy could see a revival.
Sensex closed at 67,838.63, up 320 points, or 0.47 per cent, while the Nifty settled at 20,192.35, rising 89 points, or 0.44 per cent. Thus, both indices ended at their fresh closing highs. The Sensex rose for the eleventh straight session, adding 4.64 per cent over the period, logging its longest series of daily gains since October 3, 2007.
Mid and smallcaps underperformed the benchmarks. The BSE Midcap index inched up by 0.09 per cent while the BSE Smallcap index rose 0.27 per cent. For the week, both the Sensex and the Nifty rose almost 2 per cent each. On the flip side, the BSE Smallcap index fell over a per cent and the Midcap index declined by half a per cent for the week ended September 15.
Auto stocks climbed 1.58 per cent to a record high, powered by a 5.9 per cent jump in Bajaj Auto after BofA Global Research upgraded the stock to “buy” from “neutral”. The high-weightage IT index rose 0.94 per cent, helped by rising expectations of a rate hike pause from the US Federal Reserve next week.
“The market is inching towards a new direction with renewed buying in auto and IT stocks in expectation of strong festive demand and a strong deal wins. Better-than-expected economic data from China and stimulus hopes further added optimism in global markets. The ECB hinted at a potential pause in rates due to receding inflation,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here is the list of stocks which are the top gainers and losers during September 15th trading session:
Sensex:
Top gainers: Bharti Airtel (2.37%), Mahindra & Mahindra (2.23%), HCL Technologies (1.66%), Tata Motors (1.57%), and Tech Mahindra (1.51%)
Top losers: Asian Paints (-1.32%), Hindustan Unilever (-1.26%), Bajaj Finserv (-0.80%), NTPC (-0.69%), and IndusInd Bank (-0.49%)
Nifty50:
Top gainers: Bajaj Auto (6.29%), Hero MotoCorp (2.25%), Mahindra & Mahindra (2.17%), Grasim (1.99%), and HCL Technologies (1.60%)
Top losers: Bharat Petroleum Corp Ltd (BPCL) (-1.60%), Hindustan Unilever (-1.27%), Asian Paints (-1.32%), Britannia Industries (-0.97%), and Tat Consumer Products (-0.92%)
Where is Nifty headed?
Ajit Mishra, SVP – Technical Research, Religare Broking expects a positive tone to continue in the Nifty, with some intermediate consolidation citing a hurdle at 20,300 levels. ‘’Participants should maintain a “buy on dips” approach and look for stocks offering a favorable risk to reward ratio,” said Mishra.
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Updated: 15 Sep 2023, 04:27 PM IST