Nifty nears all-time high

Posted By: Preeti Dabar Posted On: Sep 11, 2023
People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(REUTERS)

Closing bell: Benchmark Sensex jumped by 528 points to regain the 67,000 level while Nifty scaled the record 20,000 mark for the first time as robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.

The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities.

The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.

The Nifty hit its all-time high of 20,008.15, a gain of 188.2 points or 0.94 per cent, in day trading. The 50-issue barometer closed just below the 20,000 mark at 19,996.35, reflecting gains of 176.40 points or 0.89 per cent.

"Nifty has finally managed to touch the much-anticipated 20,000 mark in the second attempt post-July 2023. Robust flows from local investors amidst mixed/negative flows from foreigners have helped Nifty achieve this landmark.

"Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky," said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.

Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers.

Bajaj Finance and Larsen & Toubro were the laggards.

"The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest.

"Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fueled optimistic sentiment, leading to a market rally," said Vinod Nair, Head of Research at Geojit Financial Services.

India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".

Modi also announced that African Union was admitted as G20's permanent member.

In Asian markets, Seoul and Shanghai ended with gains while Tokyo and Hong Kong settled lower.

European markets were trading in the green. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude declined 0.23 per cent to USD 90.35 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50 per cent to finish at 66,598.91 on Friday. The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹224.22 crore on Friday, according to exchange data.

Source: Hindustan Times
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