Sensex rebounds nearly 100 points to hit lifetime high; Nifty scales record intra-day level

Equity benchmark index Sensex rebounded nearly 100 points to hit a lifetime closing high on Monday (September 16, 2024), while the broader Nifty ended just shy of its record peak, propelled by bargain hunting in energy, utility and banking stocks amid sustained foreign fund inflows.

The 30-share BSE Sensex climbed 97.84 points or 0.12% to settle at a new record peak of 82,988.78. During the day, it jumped 293.4 points or 0.35% to hit a fresh lifetime intra-day high of 83,184.34.

The NSE Nifty rose 27.25 points or 0.11% to settle at 25,383.75, over 5 points lower than its previous record. During the day, the benchmark gained 89.2 points or 0.35% to hit a new intra-day high of 25,445.70.

“The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the Fed’s decision this week. The weakness in the U.S. job market and benign inflation are pointing at a slew of rate cuts on the table.

“The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic,” Vinod Nair, Head of Research, Geojit Financial Services, said.

NTPC was the biggest gainer on the Sensex chart, rising 2.44%, followed by JSW Steel, Larsen & Toubro, ICICI Bank, Axis Bank, Nestle, Mahindra & Mahindra and Tata Steel.

Bajaj Finance declined over 3%. Hindustan Unilever, Bajaj Finserv, Adani Port and Asian Paints were the other laggards.

“The Indian markets continued their bullish trend, with Nifty reaching a new record high, driven primarily by foreign institutional investor (FII) buying and a strong market breadth.

“Investors remain cautiously optimistic ahead of the U.S. Federal Reserve’s meeting later this week, which could influence short-term trends. Investors are advised to stay aligned with the current trend but watch for potential market reactions to the U.S. Fed’s policy announcements,” Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher, said.

In the broader market, the BSE smallcap gauge climbed 0.28% while the midcap index ended marginally up by 0.01%.

Among the indices, utilities jumped 1.97%, power (1.93%), metal (0.65%), capital goods (0.56%), consumer durables (0.49%) and industrials (0.33%).

IT, telecommunication, tech, services and FMCG were the laggards.

In Asian markets, Hong Kong ended with gains. Markets in Japan, mainland China and South Korea were closed for holidays.

European markets were trading mostly higher. The U.S. markets ended in positive territory on Friday (September 13, 2024).

Foreign Institutional Investors (FIIs) bought equities worth ₹2,364.82 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth ₹2,532.18 crore.

Global oil benchmark Brent crude climbed 0.35% to USD 71.90 a barrel.

“Globally equity markets will be focused on the Fed rate action on Wednesday, which is likely to influence the stock market trend in the near-term,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

On Friday (September 13, 2024), the BSE benchmark Sensex fell by 71.77 points or 0.09% to settle at 82,890.94. The NSE Nifty dropped 32.40 points or 0.13% to 25,356.50.