Key Highlights:
- Nifty closes above 26,200 for the first time, ending the session at 26,216.05, up by 211.80 points or 0.81%.
- Sensex surged 666.25 points or 0.78%, closing at 85,836.12.
- All major sectors rallied, with Auto, Metal, and FMCG leading gains.
- Midcap index ended flat, while the Smallcap index declined by 0.4%.
Market Overview: On the monthly expiry day, Indian equity indices closed at record highs, driven by favorable global cues, rotational buying, and positive sectoral participation. Nifty showed strong momentum in the second half, closing above 26,200, marking a significant psychological milestone. Despite the broader indices showing mixed performance, key sectors, especially Auto and Metal, supported the rally.
The Sensex surged by 666.25 points to close at 85,836.12, reflecting a 0.78% gain. Nifty moved up 211.80 points to finish at 26,216.05, up by 0.81%. The broader market, however, showed signs of caution as 1,603 shares advanced and 2,200 shares declined, suggesting selective stock-picking.
Sectoral Performance:
Top Gainers:
- Auto and Metal sectors gained around 2% each, showing robust buying interest.
- FMCG and PSU Bank indices were up 1% each, contributing to the positive market sentiment.
Underperformers:
- The Capital Goods index was the lone laggard, down by 0.6%, reflecting some profit-booking.
Broader Market:
- The BSE Midcap index ended flat, indicating subdued performance in mid-cap stocks.
- The Smallcap index declined by 0.4%, continuing its recent underperformance.
Top Gainers:
- Maruti Suzuki
- Tata Motors
- Shriram Finance
- Grasim Industries
- Mahindra & Mahindra (M&M)
Top Losers:
- ONGC
- Cipla
- NTPC
- Hero MotoCorp
- Larsen & Toubro (L&T)
Technical Analysis:
Nifty Outlook:
Nifty has broken out of its consolidation phase, signaling strong bullish momentum. On the daily charts, the index formed a Marubozu Open candlestick pattern, indicating a firm grip of bulls. Nifty is now heading towards the upper end of the rising channel at 26,560, with immediate support at 25,970. The upward trend remains intact, and any move below 26,000 could indicate caution, but the overall sentiment is expected to remain positive.Bank Nifty:
Bank Nifty broke out of its sideways consolidation range of 53,800 – 54,300 on the upside, indicating strength. The next target for Bank Nifty is around 55,000, with immediate support at 54,000 – 53,900.
Global & Domestic Cues: Global markets have been buoyed by falling bond yields in the US and stimulus measures in China, contributing to renewed optimism in equity markets worldwide. Domestically, positive sentiment and strong buying in rate-sensitive sectors such as Banking, Auto, and Realty continue to push the indices higher.
Outlook for September 27, 2024:
- The current trend indicates a continuation of the bullish momentum with Nifty targeting 26,500 in the coming sessions.
- Investors are advised to maintain caution, with trailing stop-losses at 26,000 to protect against sudden reversals.
- Sector Watch: Focus on rate-sensitive sectors like Auto, Banking, Realty, and Financials, while selectively picking stocks in Metal and Energy sectors.
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