Nifty Surpasses 25,750 as Bulls Dominate Dalal Street

Ira Singh
Khabar Khabaron Ki,20 Sep’24

Indian benchmark indices soared to new record highs for the second consecutive session on Friday,driven by positive global cues and broad- based buying across sectors.At close, the Sensex was up 1,359.51 points or 1.63 percent at 84,544.31, and the Nifty was up 375.15 points or 1.48 percent at 25,790.95.

Meanwhile,on September 20,the bullish momentum on Dalal Street continued as Sensex and Nifty advanced over 1% in Friday’s session, driven by the Federal Reserve’s significant interest rate reduction and rising expectations of a soft landing for the U.S. economy, lifting global risk appetite. BSE Sensex and Nifty reached fresh highs of 84,694.46 and 25,849.25, respectively.

Market This Week

●Market ends higher for the second straight week, financials outperforms,
●Nifty Bank up nearly 3 percent for the second straight week,
●Friday’s surge helps Nifty Midcap end in the green,
●Nifty IT, Pharma Top laggards in sectoral indices, Nifty IT down nearly 3 percent,
●For the week, both the benchmarks rose 2 percent each.
●Sensex rises above 84,100 for the first time,
●Bitcoin surges over 2%, breaches $63,500 mark
●Leading sectors included metals, auto, and realty,
●Nifty PSU Bank index was the only underperformer amidst broad-based sectoral gains.

M&M, ICICI Bank, JSW Steel, Bharti Airtel and L&T were the top gainers on the Nifty, while losers included Grasim Industries, SBI, IndusInd Bank, TCS and Bajaj Finance.

On the sectoral front,all the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal and realty rising 1-3 percent. Broader markets, BSE midcap and smallcap indices, rose 1 percent each.

Rupee Close:
On 20 Sep’24,the Indian The rupee stayed on the upward track for a record seventh straight session and settled 11 paise higher at 83.57 against the dollar on Friday, as robust domestic equity markets and retreating crude oil prices boosted investors’ sentiment.Forex traders reportedly stated a weak greenback against Asian peers supported the Indian currency. They attributed the lower dollar index to investors’ shifting focus towards emerging market currencies after the U.S. Federal Reserve reduced benchmark interest rate by 0.50%.

Trading Week:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the Indian market has joined the rally following the 50bps Fed rate cut and super accommodative monetary policy. It is expected to bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust. Traction is on rate sensitive sectors like Auto & Finance. Conventional sectors like FMCG are also performing well in anticipation of good results led by the dual benefit of demand and reduction in input cost.

Market experts have recommended three stock to buy for today- Indian Hotels, Century Textiles & Industries, and Dabur India.