Business Standard

Sensex rises 300 pts, Nifty tops 17,600 despite global weakness; PSBs lead

CLOSING BELL: Gainers outnumbered the losers on the frontline indices today, led by M&M, Bajaj Finance, SBI Life, Adani Ports, HUL, Bajaj Finserv, Nestle India, Eicher Motors, HDFC, ITC, and Infosys

Image SI Reporter New Delhi
stock market, markets, brokers, trading, nse, bse, sensex, nifty, rally, coronavirus, covid, lockdown

CLOSING BELL

Stock market highlights: 
Benchmark indices moved in a narrow range on Monday as investors awaited key central banks' decisions, including that of the US Federal Reserve, due later this week. The S&P BSE Sensex settled at 59,141, up 300 points or 0.51 per cent. The NSE Nifty, on the other hand, ended at 17,622, up 91 points or 0.52 per cent.

Gainers outnumbered the losers on the frontline indices today, led by M&M, Bajaj Finance, SBI Life, Adani Ports, HUL, Bajaj Finserv, Nestle India, UPL, Eicher Motors, HDFC, Divis Labs, SBI, ITC, Maruti Suzuki, Axis Bank, and Infosys. All these stocks added between 1 per cent and 3 per cent.

On the downside, Tata Steel, NTPC, ICICI Bank, Power Grid, Kotak Bank, Asian Paints, and L&T were the top laggards, down up to 2.4 per cent. 

Meanwhile, the broader indices underperformed today with the BSE MidCap and SmallCap indices slipping 0.16 per cent each. Sectorally, the Nifty Metal, and Realty indices closed in the red, falling in the range of 0.5 per cent to 0.9 per cent. On the contrary, the Nifty PSU Bank index advanced 2 per cent, and the Nifty FMCG and Auto indices surged 1 per cent each.

Global markets
On Monday, major European markets continued their foray into the red. Germany's DAX was 0.3 per cent lower in early-morning trade, France's CAC 40 slipped 0.85 per cent, and Italy's FTSE MIB also fell around 0.7 per cent. Spain's IBEX 35 was trading 0.2 per cent lower. The UK's FTSE 100 is closed Monday to mark the funeral of Queen Elizabeth II.

Shares in Asia-Pacific, too, fell over 1 per cent on Monday, and US futures were slightly lower.

4:19 PM

TECHNICAL VIEW: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index witnessed consolidation in the range of 40,500-41,500 and this is likely to continue ahead of the US FOMC meeting which is lined up this week. On the derivative front, the highest open interest on the call side is built up at 41,500 and support is visible at 40,000 where the highest open interest is built up on the put side. Traders should place up for the volatility in the coming days and should trade on both sides.

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MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services

The global market was expected to battle volatility as we approach the Fed policy announcement, while the latest inflation data remained above the estimates. The policy tone indicates hawkish measures, suggesting elevated hikes, leading to the pull-out of FIIs money from the Indian equities. However, this trend is expected to be short-lived, as future inflation trend forecast a clampdown, bringing stability in policy stance by the end of this year.

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First Published: Sep 19 2022 | 8:16 AM IST

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