Nifty ends near 20,000-mark; Sensex zooms 528 pts amid broad rally

Closing Bell on September 11, 2023: Among sectors, the Nifty PSU Bank index surged 3 per cent, followed by the Nifty Metal and Auto indices (up 1.7 per cent each)

Stock market highlights: Defying the downbeat sentiment across the globe, a broad-based rally took the Nifty50 index to record high levels on Monday. The broader 50-share index hit an all-time high of 20,008, surpassing the previous high of 19,991.85. It, eventually, closed at 19,996, up 176 points or 0.89 per cent.

The BSE Sensex index, meanwhile, reclaimed the 67,000-mark and ended at 67,127, up 528 points or 0.79 per cent.

Adani Ports (up 7 per cent), Adani Enterprises (up 4 per cent), Apollo Hospitals, Hindalco, Power Grid, UPL, HDFC Life, Maruti Suzuki, Axis Bank, HCL Tech, Hero MotoCorp, SBI, NTPC, Tata Motors, Tata Steel, Bajaj Auto, and RIL were ruling the winners' chart.

In the broader markets, the BSE MidCap and Small Cap indices, too, claimed their new record high peaks in the intraday trade. The indices ended 1.2 per cent and 0.7 per cent higher, respectively.

Among sectors, the Nifty PSU Bank index surged 3 per cent, followed by the Nifty Metal and Auto indices (up 1.7 per cent each), and the Nifty Bank and FMCG indices (up 0.9 per cent each).

4:05 PM

Comment :: 'Performance of bank stocks would play crucial role in making sustained up move'

We may see some consolidation around the current levels after reclaiming the record high but the tone is likely to remain positive. While all the sectors are contributing to the move, we feel the performance of banking would play a crucial role in making a sustained up move from hereon. At the same time, participants should maintain caution in stock selection, especially in the midcap and smallcap space.

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

4:03 PM

Comment :: 'Markets are collectively seeing golden decade ahead for India'

20,000 on the Nifty may just be a number but its history, nevertheless. While we may keep talking about valuations and liquidity, the fact is that a lot is changing in India and maybe the markets are collectively seeing this golden decade ahead very differently from the cynics.

Views by: Sandip Raichura - CEO of Retail Broking and Distribution & Director, Prabhudas Lilladher

3:59 PM

Comment :: What drove the markets to all-time highs?

>> 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. The return of China from deflation, growth in new bank loans, and reduced concerns about US rate hikes have paved the way for the domestic markets to reach new all-time highs.

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

3:56 PM

Comment :: 'Nifty can touch 20,500 if it holds this levels'

Bulls continued to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level. On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark.

Views by: Nifty from Rupak De, Senior Technical analyst at LKP Securities

3:54 PM