Sensex rises 246 pts, Nifty holds 20,050 in broad rally; PSB index zooms 4%

Closing Bell on September 13, 2023:The gains were led by Bharti Airtel (up 2.7 per cent), Titan, Axis Bank, SBI, IndusInd Bank, Power Grid, NTPC, Tata Motors, Ultratech Cement, and Bajaj Finance

Stock market highlights: After a day's hiatus, benchmark indices were back in the positive zone as better-than-expected retail inflation data for August boosted sentiment. The S&P BSE Sensex gained 246 points, or 0.37 per cent, to end at 67,467 levels, while the Nifty50 shut shop at 20,070, up 77 points or 0.38 per cent. 

The gains were led by Bharti Airtel (up 2.7 per cent), Titan, Axis Bank, SBI, IndusInd Bank, Power Grid, NTPC, Tata Motors, Ultratech Cement, and Bajaj Finance.

The broader markets, too, rebounded today after falling up to 4 per cent on Tuesday. The BSE MidCa and SmallCap indices gained 0.2 per cent and 0.85 per cent, respectively.

Amonh sectors, the Nifty PSU Bank index claimed fresh all-time high of 4,939.85 in intraday trade, before closing 4 per cent higher. All other indices, except the IT and Auto pack, gained up to 1.5 per cent. 

IPO Update :: RR Kabel

The initial public offer of RR Kabel, the consumer electrical products company, was off to a slow start. It was subscribed 17 per cent till 3:30 PM on day one of the offer. The employees quota was booked 45 per cent, followed by retail quota at 28 per cent.

4:08 PM

Tech View :: 'Banks, financials, IT hold prominence for up move'

We reiterate our positive view on markets and suggest continuing with stock-specific approach, with a focus on index majors and other heavyweights. Among the sectoral pack, banking, financials and IT hold prominence for further up move so align positions accordingly.

Views by:Ajit Mishra, SVP - Technical Research, Religare Broking

4:06 PM

Tech View :: 'Nifty PSU Bank index will hit 6,000-mark if...'

The Nifty PSU Bank index has broken out to multi-year highs, gaining more than 10% in September alone. The chart pattern suggests that this is just the beginning of a rally, but intermediate corrections cannot be ruled out.

 

Investors can add the top three PSU banks -- State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank (PNB) -- to their portfolios.

They can also allocate a small portion of their portfolio to smaller PSU banks, as these stocks are high-beta and have the potential to generate higher returns.
 

The 4,600-4,450 range has become a strong support zone for the Nifty PSU Bank index. If the index sustains above this level, it could move up to the 5,800-6,000 range.

Views by: Santosh Meena, Head of Research, Swastika Investmart Ltd.

4:04 PM

Tech View :: 'Nifty consolidation to continue in near-term'

On the daily charts, we can observe that the Nifty consolidated within the range 20,110 – 19,914 of the previous trading session. The daily and hourly momentum indicator are providing divergent signals and hence a consolidation is likely in the near term. Moreover, after witnessing a sharp run-up during the last few trading sessions, a consolidation is likely. During this consolidation, we can expect sector rotation and stock specific moves. Overall, the short-term outlook is positive, and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19,865 – 19,810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

 

 

4:02 PM

Tech View :: 'There's potential reversal of previous bearish sentiment in Bank Nifty'

The bulls took charge and dominated the market, resulting in the formation of a bullish engulfing candlestick pattern on the Bank Nifty index. This pattern signifies a potential reversal of the previous bearish sentiment.The lower-end support for the index is now established in the range of 45,700-45,600, serving as a strong cushion for the bulls and providing a crucial level of defense against any downward pressure.Looking ahead, the immediate hurdle on the upside is situated at the 46,000 mark. A successful breach above this level would likely pave the way for further upward momentum, with potential targets at 46,300 and 46,600 levels.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

4:00 PM

Comment :: 'Contraction in UK economy, rise in oil prices creating uncertainty in global markets'

The domestic indices resumed its upward trajectory despite weak global cues. The cooling of domestic CPI inflation to 6.83% in August and the rise in industrial production data reaffirmed the robustness of the Indian economy. The contraction in the UK economy and rise in oil prices have created a level of uncertainty in the global market. Also, investors await US inflation data today, which holds global significance as it will provide insights into the Fed's policy outlook

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:58 PM

Currency check :: Rupee ends at 82.99/$ against Tuesday’s close of 82.92/$

3:55 PM

Buzzing stock :: Coffee Day Enterprises surges 20% as IndusInd Bank withdraws insolvency plea

>> The NCLAT, Chennai, on 13th September 2023, passed an order terminating CIRP Proceedings against CDGL and set aside NCLT order

3:53 PM

Buzzing stock :: NIIT zooms 20% amid heavy volumes

3:50 PM

Broader market update :: SmallCap index outperforms peers, rises 0.8% after steep sell off Tuesday

>> BSE SmallCap index fell 4% yesterday, clocking worst one-day slide of CY23

3:48 PM

Broader market update :: MidCap index ekes out 0.2% gain after 3% slide Tuesday

3:46 PM

Sector check :: Auto index extends slide into second day

3:44 PM

Sector check :: 10 of 12 Nifty Bank constituents rally

3:43 PM

Sector check :: PSBs rally in fag-end; PNB, IOB rally up to 8.5%

3:42 PM

Sectoral trends :: Auto, IT stocks buck the firm market trend

3:41 PM

Sensex Heatmap :: Airtel, Titan, IndusInd Bank lead index winners