Sensex rises for 9th straight session, Nifty closes at record high as banking, metal shares gain -
Sensex rises for 9th straight session, Nifty closes at record high as banking, metal shares gain
Posted 13 Sep 2023 04:48 PM

Image Source: Agencies

The benchmark Sensex posted a ninth straight gain, while the Nifty closed above the record 20,000 mark for the first time on Wednesday, as positive macroeconomic data spurred buying in banking, energy and telecom stocks.
The 30-share BSE Sensex rallied from early lows to trade near its all-time high of 67,565.41 in intraday trade. The barometer reached the level of 67,466.99, which is an increase of 245.86 points or 0.37 percent. As many as 20 Sensex stocks ended in the green and 10 declined.
The broader Nifty closed above 20,000 for the first time, rising 76.80 points, or 0.38 percent, to 20,070, an all-time high. Of the 50 Nifty stocks, 31 closed higher and 19 lower.
Among the Sensex companies, Bharti Airtel was the top gainer at 2.72 percent. Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC, and Tata Motors were the top gainers.

The biggest laggards were Mahindra and Mahindra, Larsen and Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra, and Maruti.
“Domestic indices returned to the top despite weak global signals. The cooling of domestic CPI inflation to 6.83% in August and the increase in industrial production data confirmed the strength of the Indian economy," said Vinod Nair, head of research at Geojit Financial Services.
The contraction of the British economy and the rise in oil prices caused uncertainty in the world market. Investors are also looking forward to US inflation data, which has global significance as it provides insight into the outlook for central bank policy, Nair added.

Retail inflation fell to 6.83 percent in August from a 15-month high of 7.44 percent in July, mainly due to lower vegetable prices, but remains above the Reserve Bank's comfort zone.
India's industrial output growth rose to a five-month high of 5.7 percent in July, official data released on Tuesday showed. In Asian markets, Seoul, Shanghai and Hong Kong were lower, while Tokyo remained in the green. European stock prices fell. US markets ended Tuesday in negative territory.

Brent crude, the global oil benchmark, rose 0.66 percent to $92.56 a barrel.
Foreign institutional investors (FIIs) bought stocks worth Rs 1,047.19 billion on Tuesday, according to stock exchange data. The BSE index gained 94.05 points or 0.14 percent to settle at 67,221.13 on Tuesday. But the Nifty pared all its gains and fell 3.15 points, or 0.02 percent, to 19,993.20.

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