Indian Stock Market Hits Record Highs

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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.


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.


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