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The Indian stock market experienced a significant surge on September 16, 2023, as the Sensex and Nifty indices reached fresh all-time highs. This positive movement marked a break from the previous three days of losses, fueled by strong performance in the banking, metal, and energy sectors.
At the close of the trading day, the Sensex climbed 97.84 points (0.12 percent) to settle at 82,988.78, while the Nifty gained 27.25 points (0.11 percent) to end at 25,383.75. The upward trend began early in the session, pushing the market to record highs, although gains were partially eroded as the day progressed. However, buying activity at lower levels ultimately secured a positive close.
Among the leading gainers on the Nifty index were NTPC, JSW Steel, Hindalco Industries, Shriram Finance, and L&T. On the other hand, Bajaj Finance, HUL, Bajaj Finserv, SBI Life Insurance, and Britannia Industries were among the top losers. Sector-wise, all indices except FMCG and Telecom closed in the green, with bank, capital goods, power, realty, media, and metal sectors witnessing gains ranging from 0.4 to 1 percent.
The broader market indices also mirrored the upward trend, reaching new highs. The BSE midcap index ended the day on a flat note, while the smallcap index recorded a 0.3 percent increase. A significant number of stocks, nearing 380, reached their 52-week highs on the BSE, including notable names such as Jubilant Ingrevia, LTIMindtree, Maharashtra Scooters, MCX India, Radico Khaitan, Shriram Finance, Shyam Metalics, Sun Pharma, Tech Mahindra, Bajaj Finserv, Biocon, Dixon Technologies, Galaxy Surfactants, Godfrey Phillips, HCL Technologies, JM Financial, JSW Steel, and others.
Looking ahead to September 17, experts offered their perspectives on the market's future trajectory. Aditya Gaggar, Director of Progressive Shares, observed that the index oscillated within a tight range of 25,350 to 25,420, ultimately closing at 25,383.75. He highlighted the media sector as the top performer, followed by energy and metal, while FMCG lagged behind. Gaggar also noted that the midcap and smallcap segments broadly moved in line with the frontline index.
Analyzing the hourly chart, Gaggar identified a potential bullish pennant and pole formation, suggesting that a move above 25,430 could indicate a breakout, with a possible target of 25,770. Rupak De, Senior Technical Analyst at LKP Securities, described the Nifty index as range-bound throughout the session, with traders exercising caution ahead of a significant event. He observed that the technical chart showed no change in formation from the previous day, indicating a continued strong trend but with limited upward potential in the short term.
De identified key support levels between 25,150 and 25,200 and resistance around 25,460 and 25,500. He emphasized that a decisive breakout from the current range could trigger a directional move. It's important to note that the views and investment tips expressed by experts are their own and should not be considered as recommendations from Moneycontrol.com. Users are advised to consult with certified professionals before making any investment decisions.
Source: Taking Stock: Markets break 3-day losing streak to hit record high