Nifty rises 20,000, Sensex returns to 67,000 as stocks rise for seventh day - watsupptoday.com
Nifty rises 20,000, Sensex returns to 67,000 as stocks rise for seventh day
Posted 11 Sep 2023 05:50 PM

Agencies

The benchmark Sensex jumped 528 points to return to the 67,000 level, while the Nifty touched a record 20,000 for the first time, as strong buying by domestic investors helped the stock market extend its winning streak to a seventh straight on Monday.
A successful G20 summit and major index companies Reliance Industries and HDFC Bank also added to the gains in stocks.
The 30-share BSE Sensex returned to 67,000 levels. The benchmark index jumped 528.17 points or 0.79 percent and reached 67,127.08 points. It rose 573.22 points or 0.86 percent to 67,172.13 points during the day. The Nifty hit an all-time high of 20,008.15, up 188.2 points or 0.94 percent in intraday trade. The 50-digit barometer closed just below the 20,000 mark at 19,996.35, up 176.40 points or 0.89 percent.

“Nifty finally managed to touch the expected 20,000 mark in its second attempt since July 2023. Strong inflows from domestic investors amid mixed/negative flows from foreign investors helped the Nifty achieve this landmark.
"India's recent successes in space and foreign diplomacy have boosted sentiment on Indian stocks in general at a time when the global situation remains volatile," HDFC Securities Ltd said. CEO Dhiraj Relli. Among the Sensex companies, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra, and Mahindra were the top gainers.

Bajaj Finance and Larsen and Toubro were behind.
"Domestic markets started the day on a positive note, supported by the historic consensus reached at the G20 summit, which buoyed investor confidence. Stronger than-expected credit growth data and strong profitability and lower NPAs of PSU banks sparked investor interest. .
"Furthermore, optimistic sentiment was fueled by expectations of a slowdown in inflation due to a fall in vegetable prices, leading to a market rally," said Vinod Nair, head of research at Geojit Financial Services. India scored a major diplomatic victory on Saturday after the G20 summit adopted a consensus declaration resolving major differences over the Russia-Ukraine war as Prime Minister Narendra Modi called for an end to the "global trust gap".
Modi also announced that the African Union has been accepted as a permanent member of the G20.
In Asian markets, Seoul and Shanghai finished higher, while Tokyo and Hong Kong fell.

Trading was green on the European market. US markets ended Friday in positive territory. Brent crude, the global oil benchmark, fell 0.23 percent to $90.35 a barrel.
The BSE benchmark jumped 333.35 points, or 0.50 percent, to settle at 66,598.91 on Friday. The broader Nifty rose 92.90 points, or 0.47 percent, to settle at 19,819.95.

Foreign institutional investors (FIIs) bought shares worth 224.22 billion rubles, according to stock exchange data on Friday.

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