Sensex, Nifty soar to new peaks; auto, banking stocks lead rally
Indian frontline indices soared to an all-time high on Monday, driven by strong performances from major players like Bharti Airtel, State Bank of India (SBI), and Mahindra & Mahindra (M&M). In early trade, the Sensex and Nifty reached unprecedented levels of 84,862 and 25,911, respectively.
By 9:46 a.m., the Sensex was up by 259 points, or 0.31%, standing at 84,803, while the Nifty gained 110 points, or 0.43%, to reach 25,903.
Midcap and smallcap stocks also showed positive momentum, with the Nifty midcap index rising by 305 points, or 0.51%, to 60,514, and the Nifty smallcap index increasing by 154 points, or 0.80%, to 19,486.
Among the sectoral indices, Auto, PSU Bank, financial services, metals, realty, and oil & gas were the top contributors to the gains. However, the IT and private banking sectors lagged behind.
Top gainers and losers
In the Sensex, notable gainers included Bharti Airtel, M&M, SBI, NTPC, UltraTech Cement, Tata Steel, Kotak Mahindra Bank, Maruti Suzuki, Titan, Nestle, Bajaj Finserv, and Hindustan Unilever. In contrast, the top losers were ICICI Bank, Wipro, HCL Technologies, Infosys, IndusInd Bank, and JSW Steel.
According to provisional figures, Foreign Institutional Investors (FIIs) and (FPIs) purchased shares worth a net of Rs.14,064.05 crore, while Domestic Institutional Investors (DIIs) sold shares worth a net of Rs.4,427.08 crore on September 20.
Market outlook
Choice Broking noted that Asian markets were buoyed by ongoing optimism following recent interest rate cuts, particularly after the People’s Bank of China (PBOC) lowered its 14-day reverse repo rate. However, gains were moderated by the PBOC’s decision to maintain its benchmark loan prime rate.
On the US front, Wall Street closed flat on Friday, remaining near previous record-high levels for the Dow and S&P 500. Meanwhile, oil prices saw a slight increase amid concerns over potential disruptions in the Middle East and expectations that last week’s US interest rate cut would enhance demand.
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