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Tuesday, October 3, 2023

Stocks Surge For Fourth Straight Session; Nifty Crosses 18,000-Level

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Mumbai, Sept 13: Equities rallied for the fourth straight session on Tuesday with Sensex jumping 455 points and Nifty closing above the key 18,000-mark for the first time since April as foreign institutional investors remained bullish on the domestic market.


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The Sensex surged 455.95 points or 0.76 per cent to close at a five-month high 60,571.08 points and 24 constituents of the 30-share index ended in the green.

In a reflection of strong investor sentiments, the broader Nifty climbed 133.70 points or 0.75 per cent to settle at 18,070.05 points. Previously, the Nifty had closed above the 18,000-mark on April 4 this year.


In four consecutive sessions, Sensex has gained over 1,540 points or 2.59 per cent while Nifty has risen by 445 points or 2.9 per cent.

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Analysts said the market rally was primarily driven by Foreign Institutional Investors (FIIs) who have turned net buyers of domestic equities. Retail investor participation also added to the momentum.

FIIs continued to invest in domestic equities, mainly in financial and FMCG shares.

Among the Sensex shares, Bajaj Finserve, IndusInd Bank, Bharti Airtel, Titan and Bajaj Finance were the main gainers. HDFC Bank, HDFC, Power Grid, L&T, ITC, Reliance, SBI and Infosys also closed in the positive territory.


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TCS was the biggest loser among the Sensex pack, declining 0.37 per cent.

“The ongoing market rally is primarily driven by the sudden reversal of FII strategy: from relentless sellers to relentless buyers. Retail investor support and fundamental support to the market from a strong economy are aiding the rally,” V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.

FIIs pumped in Rs 2,049.65 crore into the domestic equities on Monday, according to data available on BSE.


Markets started the week on a firm note and gained over half a per cent, in continuation of the prevailing trend, Ajit Mishra, VP – Research at Religare Broking Ltd, said.

“The global markets have recently joined the rally ahead of the release of US inflation data, as the market expects further ease in inflation, which would help the Fed take a less hawkish stance.

“Although the domestic CPI at 7 per cent indicates a rising inflation trend due to increased food prices, core inflation of 5.9 per cent offers some solace,” Vinod Nair, head of Research at Geojit Financial Services said.


In the broader market, BSE MidCap advanced 0.32 per cent to 26,252.08 points while BSE SmallCap gained 0.24 per cent to 29,893.97 points.

Among the sectoral indices, FMCG rose 0.77 per cent, Finance went up 0.85 per cent, both Industrials and Metals gained 0.74 per cent, Capital Goods went up 0.69 per cent and Consumer Durables increased 0.66 per cent.

On the other hand, Energy, Oil & Gas and Realty indices closed with losses.

Gains in global equities also supported the local markets.


In Asia, the Shanghai Composite Index gained nearly 0.1 per cent, Japan’s Nikkei 225 advanced 0.3 per cent and South Korea’s key Kospi index jumped 2.7 per cent.

However, Hong Kong’s benchmark Hang Seng index declined 0.2 per cent.

Brent crude rose to USD 95.15 per barrel in London. (PTI)

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