The Indian stock market saw the Sensex and Nifty indices ending on a high note on Friday (September 15), marking a day of robust trading.
Sensex rose 319.63 points to close at fresh lifetime high of 67,838.63 while Nifty climbed 89.25 points to record 20,192.35. This bullish trend was further supported by the performance of individual stocks.
Investors celebrated as the indices consistently climbed, reflecting positive sentiment.
32 Nifty companies showed advances while 18 recorded declines.
Those among top gainers were Bajaj Auto, Hero Motocorp, M&M, Grasim, and HCL Technologies, while those on the flip side were BPCL, Hindustan Unilever, Asian Paints, Britannia, and TATA Consumer Products.
Varun Aggarwal, the founder and managing director of Profit Idea, commented on the market's performance, stating,“Nifty closed around 20200, hitting a new lifetime high. Nifty hits intraday record high of 20,223 & Sensex 67,927. Technical outlook is bullish with good support at 19698-19517 these levels. As Nifty managed to close above 20160, it can potential target 20466-21234 on the upside”.
Automobile shares witnessed significant trading volumes during the day. Additionally, the IT, banking, and pharmaceutical sectors showed strength with a bullish bias.
Aggarwal noted that there are numerous opportunities for investors in mid and small-cap companies, many of which are potentially breaking out from the bottom.
While the broader market may consolidate around these levels, holding long positions with a trailing stop loss of 19,698 seems promising.
“Automobile shares saw good volumes today. Apart from that IT, Banks, Pharma stocks are looking good with bullish bias. Lot of opportunities for investors in mid and small cap companies. Many are potentially giving breakout from bottom. Broader market might consolidate around these levels but long can be kept with TSL of 19698”, said Aggarwal.
Indian stock indices reached fresh highs on Friday, largely influenced by strong overnight cues from the US markets and continuous fund inflows from foreign portfolio investors.
This impressive performance follows a month in which the benchmark indices each gained over 3 percent, driven in part by India's robust economic growth in the April-June quarter.
The Indian economy's firm GDP growth rate of 7.8 per cent in the first quarter of 2023-24, along with sustained foreign portfolio investments, has evidently boosted investor sentiment in recent times.
(With ANI inputs)