Sensex, Nifty End At New Record Highs; IT & PSU Bank Stocks Outperform

Sensex and Nifty ended with major gains after reaching record highs on Wednesday, September 15 led by gains in IT, Public Banks, and Energy stocks in the afternoon trade. The BSE Sensex made a fresh high of 58,777.06, and the Nifty-50 hit 17,532.70.

At close, the Sensex was up 476.11 points at 58,723.20, and the Nifty-50 was up 139.45 points at 17,519.45. The 30-share pack Sensex witnessed 22 advances and just eight declines in the intraday session on Wednesday. Shares of NTPC surged more than seven per cent in the day's trade and topped the list, while those of Bharti Airtel and Titan Company gained more than four and two per cent, respectively. On the flipside, Axis Bank and Asian Paints dipped about half a per cent each.

On the other hand, the broader equity markets continued their stellar performance for the third straight day as both BSE Midcap and Smallcap surged to new record levels of 25,241.55 and 28,298.53, respectively. Shares of GMR Infra and Supreme Industries were the top Midcap gainers, advancing above eight and five per cent, respectively. Among the Smallcap space, Varroc Engineering and Zensar Technologies hit 20 per cent upper band in the day's trade.

Sectorally, the PSU Banks gained the most in the trading session as the Nifty PSU Bank index jumped more than two per cent led by shares of Canara Bank(+4.09 per cent), Indian Bank(+4.08 per cent), and Bank of Baroda (+3.37 per cent). The technology and energy sectors gained more than one per cent each too. On the flipside, media stocks saw some profit booking after a sharp rally in the previous session, Network 18 and Dish Tv declined between 3-4 per cent each in the intraday session.

Moving ahead, experts feel that bulls have joined the party back as we saw renewed buying interest today which led the indices to fresh highs and trade above their resistance levels. Furthermore, as the Nifty-50 has managed to close above 17,500, there is a strong possibility of the index heading towards 17,625 in the coming sessions, said experts.

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said, "The index succeeded to close above 17500, which indicates strong possibility of a continuation uptrend wave up to 17575. Above the same, the index could rally up to 17625, whereas trading below 17450 may trigger a quick intraday correction up to 17400-17350 levels".

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.