Nifty50 closes above 20,000, Bank Nifty gains 398 points
The Nifty50 closed above the 20,000 mark on September 13, supported by banks. The index closed at 20,070, up 77 points or 0.39%. The BSE Sensex closed at 67,467, up 246 points or 0.37%.
The market breadth was positive with 1,490 stocks advancing and 1,248 stocks declining.
The Bank Nifty was the star performer, rising 398 points to 45,909. The Nifty Midcap 100 and Smallcap 100 indices rose 0.2% and 1% respectively.
The top gainers on the Nifty50 were Punjab National Bank (8.5%), Aarti Industries (5.6%), and ITI (19.4%).
Punjab National Bank has formed a bullish candlestick pattern on the daily charts, indicating the possibility of more upside. The stock is now trading above all its moving averages.
Aarti Industries has also formed a bullish candlestick pattern on the daily charts and is trading above its 100-day EMA.
ITI has been on a sharp uptrend for the past few sessions and has formed a bullish candlestick pattern on the daily timeframe.
Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends buying Punjab National Bank in the zone of Rs 71-72 with an upside target of Rs 90 and a stop-loss of Rs 61.
He also recommends buying Aarti Industries in the zone of Rs 520-528, with an upside target of Rs 620 and a stop-loss of Rs 470.
For ITI, he recommends booking partial profits in the zone of Rs 200-210 and waiting for fresh longs.
The market is expected to continue its upward momentum in the coming sessions, but investors should be cautious of profit-booking at higher levels.
- 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.