Indian Equity Markets Close on a Positive Note, Nifty50 at Record Closing High
The Indian equity markets closed on a positive note on September 14, tracking positive global cues. The Nifty50 index closed at a fresh record high of 20,103, while the BSE Sensex rose 52 points to 67,519.
The market breadth was positive, with the advance-decline ratio standing at 1.4. A total of 1,795 shares advanced, 1,328 shares declined, and 122 shares remained unchanged.
The Nifty50 formed a spinning top candle on the daily charts, which is a neutral signal. However, the index closed above the 20,000 level, which is a positive sign.
The Bank Nifty failed to give a decisive breakout above the 46,000 mark, but it also closed in positive territory.
The call writing at 20,100 strike indicates that there is some resistance at this level. However, the put writing at 20,000 strike suggests that the market is likely to consolidate in the near term.
A high delivery percentage was seen in stocks such as Shree Cement, Pidilite Industries, and Godrej Consumer Products. This suggests that investors are actively trading these stocks.
71 stocks saw a long build-up, while 9 stocks saw long unwinding. This suggests that there is still some buying interest in the market.
44 stocks saw a short build-up, while 63 stocks saw short-covering. This suggests that some short sellers are covering their positions.
Overall, the market is likely to remain rangebound in the near term. Investors should adopt a cautious approach and avoid taking any large positions.
Here are some stocks that were in the news on September 14:
- NTPC signed a supplementary joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL).
- Schneider Electric Infrastructure appointed Udai Singh as its new MD and CEO.
- Bharat Forge and Kalyani Strategic Systems agreed to broaden their development and manufacturing partnership for armoured vehicles.
- Strides Pharma Science received tentative approval from the USFDA for Dolutegravir 50mg tablets.
- Tata Power Renewable Energy signed a power delivery agreement with Xpro India for the development of a 3.125 MW AC group captive solar plant.
- 22 Sep
Technical Analysis Report for Nifty and Three Buy Calls
The Nifty index has been on a strong uptrend in the past three weeks, but it has recently retraced some of those gains. It is now expected to oscillate within the 19,605 to 19,878 range over the next few sessions. Three stocks that look good for buying over the next 2-3 weeks are Havells India, KSB, and Gujarat Ambuja Exports. All three stocks have strong bullish momentum and are trading above their key moving averages.
- 22 Sep
Maruti Suzuki Stock Gains on Bullish Stance from Global Brokerages
Maruti Suzuki stock gains on bullish stance from global brokerages Shares of Maruti Suzuki India surged on Friday after global brokerages Citi and Morgan Stanley maintained bullish stance on the counter. Both brokerages cited the company's improving product mix and attractive valuation as key reasons for their optimism. In addition, Maruti Suzuki reported strong sales performance in August 2023, with total domestic sales jumping 14 percent year-on-year and sale of utility vehicles jumping 118 percent year-on-year. Overall, the bullish stance from global brokerages and the company's strong sales performance are providing a boost to Maruti Suzuki stock.
- 22 Sep
PNB Gilts Hits Upper Circuit on Inclusion of Indian Bonds in JPMorgan Index
Shares of PNB Gilts hit upper circuit on September 22, 2023, following news that India's inclusion in JPMorgan's bond index is seen driving billions of dollars of inflows. The index provider will add Indian bonds to its widely-tracked emerging market index starting June 28, 2024. PNB Gilts is a primary dealer in government securities and other fixed-income instruments. The inclusion of Indian bonds in JPMorgan's index is expected to attract significant foreign inflows, which is likely to benefit PNB Gilts and other primary dealers in government securities.
- 22 Sep
Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion
Indian bond markets are expected to remain stable in the near term after JPMorgan's inclusion of India in its widely tracked emerging market debt index, according to BlackRock's head of Asia Pacific fixed income, Neeraj Seth. Seth expects inflows of around $20 billion to $25 billion into India after the maximum weight threshold is achieved on the GBI-EM index. Given the size of the global government bond market, this is relatively small and is unlikely to have a significant impact on volatility.
- 22 Sep
Indian market drops on September 22 despite inclusion of Indian bonds in JP Morgan index
Indian benchmark indices Sensex and Nifty fell for the fourth consecutive day on September 22, despite the inclusion of Indian bonds in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024. The market is expected to remain volatile in the near term, with key support at 19,600 for Nifty.