The Indian stock market extended its winning streak for the fifth consecutive session on Thursday, September 7, 2023, as the Nifty reclaimed the 19,700 mark and the Sensex closed above 66,000. The rally was led by gains in capital goods, realty, banking and power stocks, which offset the weakness in FMCG and pharma sectors.
The NSE Nifty 50 gained 0.59% to settle at 19,727.05, while the BSE Sensex added 385.04 points to settle at 66,265.56. The broader market also performed well, with the Nifty Midcap 100 and the Nifty Smallcap 100 rising 0.77% and 0.86%, respectively.
Among sectors, except FMCG and pharma, all indices traded in the green. Bank, capital goods, PSU Bank, power and realty were up 1-2 percent. The Nifty PSU Bank index was the top performer, gaining 1.19%, followed by the Nifty Realty index, which rose 1.16%. The Nifty Capital Goods index also surged 1.11%, while the Nifty Bank index advanced 1.06%.
The top gainers on the Nifty were Coal India, L&T, IndusInd Bank, SBI Life Insurance and Tech Mahindra, which rose 7.11%, 2.83%, 2.64%, 2.54% and 2.41%, respectively. On the other hand, the top losers on the Nifty were Tata Consumer Products, M&M, Britannia Industries, Sun Pharma and Infosys, which fell 2.30%, 1.79%, 1.67%, 1.65% and 1.56%, respectively.
The market sentiment was boosted by positive global cues, as investors shrugged off concerns over the spread of the Delta variant of Covid-19 and focused on the prospects of economic recovery and corporate earnings. The US markets closed at record highs on Wednesday, while the Asian markets also traded higher on Thursday.
The domestic market also witnessed strong buying interest from foreign institutional investors (FIIs), who net bought shares worth Rs 2,265 crore on Wednesday. The domestic institutional investors (DIIs) also net bought shares worth Rs 624 crore on Wednesday.
The market breadth was positive, as out of 2,259 stocks traded on the NSE, 1,333 advanced, 669 declined and 257 remained unchanged. The volatility index (VIX), which measures the fear factor in the market, eased by 4.38% to end at 13.29.
The market is expected to remain upbeat in the near term, as analysts believe that the second wave of Covid-19 has peaked and the vaccination drive is picking up pace. The upcoming festive season is also likely to boost consumer demand and corporate earnings. However, some caution is also advised, as the market valuations are stretched and any negative news or policy change could trigger profit booking or correction.
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(1) Closing Bell: Sharp rebound after volatile start, Nifty breaches key .... https://www.financialexpress.com/market/closing-bell-sharp-rebound-after-volatile-start-nifty-breaches-key-resistance-zone-closes-above-19700-levels-sensex-settles-above-66260-realty-psu-bank-stocks-soar-3236148/.
(2) Taking Stock: Market extends gains; Sensex up 385 pts, Nifty above 19,700. https://www.moneycontrol.com/news/business/markets/taking-stock-market-extends-gains-sensex-up-385-pts-nifty-above-19700-11328931.html.
(3) Closing Bell: Nifty above 19,700, Sensex up 385 points; capital goods .... https://www.youtube.com/watch?v=k5dgWnVuXwQ.
(4) Closing Bell: Sensex Up 385 Points For Third Straight Day, Nifty Above .... https://news.abplive.com/business/closing-bell-sensex-up-385-points-for-third-straight-day-nifty-above-17-050-1501588.
(5) undefined. https://bit.ly/3L6GG0C.
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