Indian benchmark indices Sensex and Nifty touched new all-time highs on Monday, buoyed by expectations of increased foreign inflows following the US Federal Reserve’s recent interest rate cut. The market rally was primarily driven by the energy, banking, and auto sectors, while IT stocks lagged behind.

As of 1.00 pm, the Sensex traded at 84,719.99, up 175.68 points or 0.21 per cent from its previous close. The Nifty stood at 25,881.95, gaining 91.00 points or 0.35 per cent.

Stoxkart, a discount broker, provided a mid-session update, stating, “The Nifty now seems set to target 26,000, with momentum likely led by major banking stocks.” The broker added, “From a derivatives perspective, we are seeing significant activity at the 25,900 strike, with option writers active on both calls and puts. This suggests a sideways movement may occur in the latter part of the session.”

Oil and gas stocks emerged as top performers, with Adani Total Gas Ltd (ATGL) leading the pack, surging 5.98 per cent. Other notable gainers in the sector included GAIL (2.91 per cent), Oil India (2.82 per cent), and ONGC (2.74 per cent).

Among the top gainers on the NSE were State Bank of India (SBI), which rose 2.89 per cent, followed by ONGC (2.85 per cent), Mahindra & Mahindra (2.72 per cent), Bajaj Auto (2.48 per cent), and HDFC Life (1.81 per cent).

However, some stocks faced selling pressure. Eicher Motors was the top loser, declining 1.80 per cent, followed by ICICI Bank (-1.50 per cent), Tech Mahindra (-1.41 per cent), Infosys (-1.26 per cent), and IndusInd Bank (-1.20 per cent).

The broader market showed a positive trend, with 2,412 stocks advancing and 1,588 declining on the BSE. A total of 4,145 stocks were traded, with 145 remaining unchanged. Notably, 308 stocks hit their 52-week highs, while only 37 touched their 52-week lows. The market also saw 387 stocks hitting the upper circuit.

Other key indices also showed gains. The Nifty Next 50 rose 1.44 per cent to 76,566.15, while the Nifty Midcap Select index increased by 0.70 per cent to 13,204.85. The Nifty Bank and Nifty Financial Services indices were up 0.36 per cent and 0.45 per cent, respectively.

Stoxkart’s update concluded on a bullish note, saying, “The overall bias remains bullish, and any price dips should be viewed as opportunities to establish new long positions.”

As the trading session progresses, market participants will closely watch for any shifts in momentum and potential profit-booking activities. The market’s performance in the final hours of trading will be crucial in determining whether the indices can sustain their record-breaking levels.

Published on September 23, 2024