Indian Stock Market Hits Record Highs
The Indian stock market continued its winning streak in the third week of September 2023, hitting record highs supported by strong domestic fundamentals, lower US inflation, signs of recovery in the Chinese economy, and the anticipation of a halt in rate hikes by the US Fed next week, and hints of a pause from the ECB.
The BSE Sensex ended the week up 1.86 percent or 1,239.72 points at 67,838.63, and Nifty50 gained 1.87 percent or 372.35 points to finish at 20,192.30.
The Nifty Index gained 1.8 percent this week and breached the 20,000 mark for the first time. Indian midcap and smallcap indices underperformed the large-cap benchmark in a volatile week. However, the BSE Healthcare, BSE IT, BSE Auto and BSE Bankex indices were the major gainers this week. On the other hand, BSE Energy, BSE Capital Goods, BSE Oil & Gas, BSE Power and BSE Realty indices posted negative returns for the week.
The selling from Foreign institutional investors (FIIs) continued in the eighth consecutive week as they offloaded equities worth Rs 746.62 crore, while domestic institutional investors (DIIs) bought equities worth Rs 3,363.36 crore in this week.
Analysts’ Outlook
Analysts remain optimistic about the Indian stock market in the near term, citing positive domestic fundamentals and global cues. However, they advise caution due to the sharp run-up in recent days. The Nifty is expected to remain above the 20,000 mark in the short term, with potential to move towards the 20,480-20,500 range.
Investment Implications
Investors should focus on investing in companies with strong fundamentals and a long-term growth outlook. They should also monitor global factors such as the US Federal Reserve’s interest rate policy and the ongoing war in Ukraine.
Conclusion
The Indian stock market is well-positioned for further growth in the near term. However, investors should remain cautious and adopt a disciplined investment approach.
Related News
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.
Leave a Reply