Market Ahead Podcast, Sept 17: Factors that may guide the markets today

On Thursday, the BSE Sensex climbed the 59,000-mark for the first time, hitting a new high of 59,204. The Nifty50, meanwhile, claimed a new lifetime high of 17,645.

Going-forward, market watchers are betting on a swift move towards 20,000 for the Nifty and 66,000 for the Sensex in the long-term.

Rahul Sharma, co-Founder of Equity99 has attributed Thursday’s stellar move in the markets to various PLI schemes introduced by the government, bargain hunting in bank stocks, and overall economic recovery.

Over the short-term, he expects the Nifty index to hit 18,000 and the Sensex to claim 60,500 albeit amid intermittent corrections.

Echoing similar views, Santosh Meena, head of research at Swastika Investmart, expects the 30-share pack to cross 60,000 over the next fortnight but sees correction in October.
 

On Friday, all eyes would be on bank stocks on the back of the announcements done by Finance Minister Nirmala Sitharaman, post market hours on Thursday.

Auto stocks, especially two-wheeler manufacturers, may remain in focus as well as the government's Rs 26,000-crore PLI scheme is set to benefit the segment the most.

According to D-Street experts, the scheme will lay a strong foundation for rapid adoption of electric vehicles in India. This will give a fillip to two-wheeler manufacturers but four-wheeler manufacturers will have to step up.

In the telecom space, the government’s four-year breather to companies from paying spectrum and adjusted gross revenue has fired up related stocks.

Tech charts suggest a 7% upside in the BSE Telecom index, up to 17% in Airtel, and a whopping 25% up move in Vodafone Idea.

Fundamentally, analysts expect the measures to substantially eliminate "going concern" risk for VIL and result in $11 billion cash-flow savings till FY25. They will, however, monitor tariff trajectory going ahead.
 

Stock-specific triggers, global cues, and foreign fund flows will guide the overall market mood.