Taking Stock: Nifty back above 25,100, Sensex up 356 points after biggest week in nearly three months
Dalal Street extended the winning streak for an 8th consecutive session on September 12, with Nifty 50 comfortably closing above 25,100 for the first time since July 23, powered led by auto, pharma and metals names.
This also turned out to be the biggest weekly gain in nearly three months, as BSE Sesnex and Nifty gained 1.5 percent each.
At close, the Sensex was up 355.97 points or 0.44 percent at 81,904.70, and the Nifty 50 was up 108.50 points or 0.43 percent at 25,114.00. Broader indices underperformed the main indices with BSE Midcap and Smallcap indices closing with marginal gains. On the sectoral front, auto, pharma, metal, telecom added 0.5-1 percent, while realty, FMCG, media, PSU Bank ended lower.
Bharat Electronics, Bajaj Finance, Shriram Finance, Hindalco, Bajaj Finserv were among major gainers on the Nifty, while losers were HUL, Wipro, Trent, Eternal, Bajaj Auto.
Also Read: Tata Capital to launch $2 billion IPO in first half of October
In stock-specific action, Infosys shares jumped 1% on higher-than-expected share buyback of Rs 18,000 crore, Consolidated Construction shares surged 20% on orders win of Rs 180 crore, BSE shares rose 1.5% ahead of Sebi board meet outcome, JBM Auto's shares soared 14% on IFC's largest e-mobility investment worth $100 million, HFCL shares jumped 4% as Andhra government allotted 1,000 acres land to set up defence manufacturing facilities, Lupin shares rose 2.7% after Investec upgraded to 'buy' with a target of Rs 2,265.
More than 120 stocks touched their 52-week highs on the BSE, including GMDC, Bajaj Finance, Aditya Birla Capital, Anand Rathi, L&T Finance, Affle 3I, Zydus Wellness, Waaree Energies, among others. Click to View More
Outlook for September 15
Ajit Mishra – SVP, Research, Religare Broking
Markets extended their winning streak on Friday, gaining nearly half a percent, in line with favorable global and domestic cues. After a positive start, the benchmark advanced during the first half and later consolidated in a narrow range until the close. Sector participation was broad-based, with metals, financials, and autos leading the gains, while FMCG lagged behind. The broader markets also reflected strength, as both midcap and smallcap indices registered gains in the range of 0.30% to 0.67%.
The up move was supported by a mix of triggers. Corporate developments, such as Infosys’ Rs 18,000 crore mega buyback, boosted sentiment in IT blue chips. Strong inflows from domestic institutional investors offset continued selling by foreign portfolio investors, while positive cues from global markets further strengthened momentum.
Nifty is now approaching its previous swing high of 25,150, which may lead to some consolidation before the index advances towards the 25,250–25,500 zone. A decisive breakout above 54,900 in the banking index could act as a major catalyst for fresh momentum; otherwise, the move may remain gradual. Meanwhile, traders should continue to focus on the sustained strength in metals, autos, and pharma, while remaining selective in other sectors and themesDisclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.