Sensex and Nifty have managed to close at historic highs with attractive buying in metal, auto, realty, banking shares in the stock market on Friday. The Sensex today rose 1509 points intraday to hit an all-time high of 84694 and finally closed up 1360 points at 84544. Nifty surged 377 points intraday to hit an all-time high of 25798 and finally closed at 25767, up 278 points. Bank Nifty rose 466 points intraday to hit an all-time high of 53643 and finally closed 373 points higher at 53550. 12 of the top 13 sectoral indices in the stock market closed in the green zone.
Nifty FMCG, Auto, Realty, Metal Index rose 2%. The Nifty Bank Index closed higher for the seventh consecutive trading session. Shares of ICICI Bank, HDFC Bank and Kotak Mahindra Bank rose. BSE market cap hit a record high of Rs 472 lakh crore today amid a universal rally in the stock market. Investors' capital has increased by 6.16 lakh crores today. In the Investable Market Index, the Indian stock market has crossed China and reached the sixth position. The effect of which has also been seen on the stock market.
On the other hand, the possibility of increasing foreign investment has increased as interest rates are reduced by the Fed. The Nifty Investable Market Index climbed to the sixth position in the MSCI EM after crossing over China. Which shows India as a safe country for investment even in the midst of war.
Top gainers in today's trade include Torrent Pharma, Mahindra & Mahindra, Indigo, Larsen, Kolpal, Havells, Shriram Finance, Reliance, Hindustan Unilever, Infosys, Kotak Mahindra Bank, Sun Pharma, HCL Technology, Bharti Airtel, Tech Mahindra, Adani Ports, Bata India. , Jindal Steel, JSW Steel, DLF stocks have increased. Today's top losers Grasim, ACC, Lupine, Cipla, Sun Pharma, EPCA Lab, Aurobindo Pharma, Axis Bank stocks have decreased.
Out of a total of 4059 scrips traded in BSE, the number of losers was 1502 and the number of gainers was 2442, 115 stocks saw no change in price. While in 04 stocks there was an upper circuit of bullish only buyers against a bearish lower circuit of only sellers in 04 stocks.
Nifty Future Technical Levels Nifty Future Close :- ( 25767 ) :- On the next move, Nifty Future is likely to touch the crucial level of 25808 to 25979, 26008 points with respect to the first of 25606 points and a very important strong stoploss of 25474 points. Positioning cautiously around 25474 points.
Bank Nifty Future Technical Levels Bank Nifty Future Closed :- ( 53550 ) :- The next fluctuation is likely to touch the most important level of 53676 points to 53808 points, 54008 points with respect to the first of 53303 points and the very important strong stoploss trading of 53008 points. Positioning cautiously around 53008 points…!! Specific technical level regarding future stock TVS Motors ( 2823 ) :– The share price of this leading company of TVS Group is currently trading around Rs.2787. Buyable with a stoploss of Rs.2770, this stock is likely to register a price of Rs.2848 to Rs.2860 in a short period of time…!! Bullish focus on Rs.2888…!! Metropolis Gas (1824):- Positive breakout around Rs.1787 as per technical chart…!! Buyable at support of Rs.1770, this stock is likely to touch Rs.1844 to Rs.1860…!! Grasim Limited (2676) :- According to the technical chart, this stock of the Cement & Cement Products sector is likely to trade profitably around Rs.2707 with a target price of Rs.2644 to Rs.2630. Consider a trading stoploss of Rs.2730. Oberoi Reality (1851):- Registering an overbought position around Rs.1888, this stock is sellable with a stoploss of Rs.1894..!! It is likely to show the price of Rs.1833 to Rs.1808 in a phased manner…!! Consider bullish above Rs.1908.
Future direction of the market… Friends, the stock market has hit new highs again, with the Federal Reserve cutting interest rates by half a percentage point to a range of 4.75 to 5.00%. The decision of the Federal Reserve will have a steady impact in India as the signal that the interest rate will increase has already shown an impact on the market. There is a possibility of a massive investment waterfall by global funds and investors in emerging markets including India. With the strong position of the Indian economy in the emerging markets and the return of foreign institutional investors, FPI investors, who have become buyers of stocks in India, which is now offering the best returns, are expressing the possibility of diverting their fund flow to India. India is looking optimistic as an investment destination.
In the event of a cut in interest rates, foreign investors usually look to emerging markets. Due to the decline in yields on American bonds and other assets, foreign investors are turning to emerging markets. The figures show that the highest attraction of foreign institutional investors in emerging markets in the current month has been in Indian equities. FIIs have poured $2.19 billion into Indian equities so far in September. Indonesia is second with USD 3.70 billion. Foreign investors are expected to see inflows in India only in select sectors, especially in the IT sector. Foreign investors' interest may increase. While the US Fed policy has been released, the investors in the other three central banks, viz. BOJ, BOE and China will monitor results.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
