Sensex reclaims 67,000 points, Nifty hits record 20,000, driven by domestic investors
- IBJ Bureau
- Sep 12, 2023
Benchmark Sensex jumped by 528 points to regain the 67,000 level, while Nifty scaled the record 20,000 mark for the first time on Monday. Robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session.
The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities.
The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.
The Nifty hit its all-time high of 20,008.15, a gain of 188.2 points or 0.94 per cent, in day trading. The 50-issue barometer closed just below the 20,000 mark at 19,996.35, reflecting gains of 176.40 points or 0.89 per cent.
“Nifty has finally managed to touch the much-anticipated 20,000 mark in the second attempt post-July 2023. Robust flows from local investors amidst mixed or negative flows from foreigners have helped Nifty achieve this landmark.
“Successful achievements recently in space and foreign diplomacy by India have boosted sentiments for Indian stocks generally in an era when the global situation is still shaky,” said Dhiraj Relli, the MD and CEO of HDFC Securities.
Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers. Bajaj Finance and Larsen & Toubro were the laggards.
“The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest. Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fuelled optimistic sentiment, leading to a market rally,” said Vinod Nair, the head of research of Geojit Financial Services.
In the broader market, the BSE Midcap gauge jumped 1.20 per cent and BSE Smallcap index climbed 0.70 per cent.
All the indices ended with gains, with services rallying 3.01 per cent, utilities jumping 2.43 per cent, telecommunication (2.32 per cent), power (2.04 per cent), auto (1.59 per cent), bankex (1.06 per cent), commodities (0.97 per cent), financial services (0.94 per cent) and metal (0.93 per cent).
A total of 2,107 stocks advanced while 1,665 declined and 170 remained unchanged. As many as 370 firms hit their 52-week high, while 17 fell to their one-year low.