Indian Stocks Hit Record Highs Amid Volatility
Indian stock markets continued their record-breaking run on September 15, with the Nifty crossing the 20,200 mark for the first time. The Sensex closed at 67,838.63, up 319.63 points, or 0.47%, while the Nifty closed at 20,192.30, up 89.20 points, or 0.44%.
The markets opened on a positive note, supported by strong global cues, and remained in the green throughout the session. However, there was some profit-booking towards the end, but the indices managed to close at record highs.
The broader markets also ended on a positive note, with the BSE Midcap and Smallcap indices rising 0.4% and 0.5%, respectively.
The auto, IT, and banking sectors were the top gainers, while FMCG, oil & gas, and realty were the laggards.
Analysts expect the positive trend to continue in the near term, but there could be some profit-booking at higher levels. They advised investors to maintain a “buy on dips” approach.
Here are some of the key factors that supported the market:
- Strong global cues: The US markets closed on a positive note on September 14, and Asian markets were also trading higher on September 15.
- Expectations of a rate hike pause by the US Federal Reserve: The US Federal Reserve is scheduled to meet next week, and there are expectations that the central bank will pause its rate hike cycle. This would be positive for emerging markets like India.
- Drop in US treasury yields: US treasury yields have fallen in recent weeks, which has made Indian equities more attractive to foreign investors.
Here are some of the key resistance levels for the Nifty:
- 20,300
- 20,375
- 20,450
Here are some of the key support levels for the Nifty:
- 20,075
- 20,000
Overall, the outlook for the Indian stock market remains positive in the near term. However, investors should be prepared for some volatility.
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