In a testament to its resilience, the Indian equity market continued its winning streak on the 11th of September. Both benchmark indices, Sensex and Nifty, showcased gains for the seventh consecutive day, fostering a positive market sentiment.
At noon, the Sensex exhibited robust trading performance, recording a 0.49 percent increase, settling at 66,924.59. Simultaneously, Nifty also saw substantial growth, trading at 19,932.50, marking a 0.57 percent rise. The market witnessed 1,941 shares rising, 1,222 shares declining, and 132 shares maintaining their status quo.
In the futures and options (F&O) segment, Nifty September futures breached the 20,000-mark, touching 20,007, while the October future contract hovered around 20,100.
Broad Market Momentum and Moving Averages
The broad market also exhibited impressive momentum at the beginning of the trading week. Nifty Midcap 100 surged by one percent, and Smallcap 100 experienced a notable 1.3 percent increase. According to Bloomberg data, over 90 percent of stocks in Nifty 500, Nifty MidCap 100, and Nifty SmallCap 100 now trade above their 200-day moving average (DMA).
Sonam Srivastava of Wright Research remarked, “Historically, Nifty’s milestone levels, such as 1K, 5K, 10K, and 15K, were achieved due to economic liberalization, global liquidity, structural reforms, and digitization during the pandemic. The current environment reflects these favorable conditions, leading to market bullishness, positive macroeconomic factors, and a promising global outlook. However, volatility and short-term price corrections remain possible.”
Adani Ports, Adani Enterprises, Apollo Hospitals, IDFC First Bank, and IRFC
Adani Ports and Adani Enterprises stood out on the Nifty charts, witnessing significant gains. These rises were attributed to the Gautam Adani-led promoter group’s increased equity stake in both companies.
Adani Enterprises, for instance, saw its promoter group’s stake rise from 69.87 percent to 71.93 percent, while Adani Ports’ promoter stake increased from 63.06 percent to 65.23 percent. At noon, Adani Ports rose by 5 percent to Rs 867.60 on the NSE, while Adani Enterprises traded 1.7 percent higher at Rs 2,563.05.
Apollo Hospitals experienced a 2 percent increase, with UBS setting a target price of Rs 6,050, indicating a 19 percent upside from current levels. The broking firm anticipated increased occupancy and reduced losses for Apollo Hospitals in the second quarter of FY24.
IDFC First Bank shares also rose by more than 2 percent following increased stake acquisition by American boutique investment firm GQG Partners through a block deal worth Rs 479.50 crore.
In the railway sector, stocks like IRFC and RVNL continued their upward trajectory, each surging by over 10 percent. On September 11, IRFC’s market capitalization surpassed Rs 1 lakh crore, solidifying its position as one of the top ten most valuable government companies in India, surpassing Bharat Electronics Ltd, Bank of Baroda, and Gail India Ltd, and experiencing remarkable growth throughout the year.
