The Indian stock market closed up on 16 September. The Nifty today closed firmly over 25,200. At the end of the trading session, the Sensex rose 594.95 points or 0.73 percent to 82,380.69 and the Nifty rose 169.90 points or 0.68 percent to close at 25,239.10. Today around 2294 shares rose, 1470 shares declined and 131 shares remained unchanged. BSE midcap and smallcap indices increased by 0.6 percent.
Except for FMCG, all regional index today closed in green mark. Auto, realty and telecommunications increased by 1 percent. Kotak Mahindra Bank, L&T, Maruti Suzuki, Bharti Airtel and Tata Steel were the most profitable in Nifty today. While Shriram Finance, Bajaj Finance, Tata Consumer, Nestle and Asian Paints were among the most declining shares in the Nifty.
There are good signs for Indian markets. The index sees heavy short coverings and foreign institutional investors (FIIs) are purchasing both in cash and futures. Powell’s comment, the dollar weakened by expectations of interest rate cuts. On Wednesday, the US dollar remained close to a four -year low of a four -year low and a month -low against the yen as against the Euro on Wednesday, as traders expected a nearly fixed deduction in interest rates by the Federal Reserve at the end of the session. The euro remained unchanged at $ 1.1858, which was slightly below the four -year high of $ 1.18785, which touched on Tuesday. Sterling remained stable at $ 1.3649, hovering around two and a half months high. The dollar index, which assesses the US currency against six other currencies, was at 96.686, which is close to its lowest level since the beginning of July.
Dhupesh Dhemeja of Samco Securities said that the Nifty Bank Index has broken a major resistance level of 55,000 and has been building high and low levels for two consecutive weeks. Call writing has now moved towards out-of-the-money strike, and the association of close puts has increased the chances of faster. The open interest of 13.87 lakh contracts on 56,000 strikes makes it strong resistance.
VK Vijaykumar of Geojit Financial said that the notion of investors has improved as the talks on tariff issues between India and the United States have improved. US trade representative Brendon Lynch is in New Delhi to discuss trade agreements. VK Vijaykumar, the main investment strategist of Geojit Financial Services, said that if we make a trade agreement to remove 25 percent of the additional tariffs, it can actually be a big positive step for Indian markets.
How was the market performance on 16 September? The Indian stock market closed up on 16 September. At the end of the session, the Sensex rose 594.95 points or 0.73 percent to 82,380.69 and the Nifty rose 169.90 points or 0.68 percent to close at 25,239.10. All the regional index, except FMCG, were closed in the green mark today.
Daily Nifty, a metaphor of LKP Securities, has a double-bottle breakout on the daily chart and is above 21-ma. The speed is stronger by crossing RSI’s swing high. Support for Nifty is at 25,000 and the target is above 25,500.
Block deal possible today in Gujarat Flooro Chemical. The promoter can sell shares worth about Rs 450 crore. The floor price has been fixed at 3500 shares with a discount of about 5%.
The American Fed will decide on interest rates today. The decision on the US Fed interest rates will come tonight. Interest rates are expected to deduct 25 basis points. Gold continues to rise before the Fed’s decision. Prices on comex remain above 3700. The spot in America has reached close to $ 3700.
How can the market move forward
Investors’ trends have improved as the talks on tariff issues between India and America continue. US trade representative Brendon Lynch is in New Delhi to discuss a trade agreement. VK Vijaykumar, the main investment strategist at Geojit Financial Services, said that if a trade agreement is made that removes an additional 25% tariff, it can be an important positive step for Indian markets.
Vaibhav Vidwani of Bonanza says that the decision of SEBI to give equity status to Reits has led to a sharp jump in realty shares. The upcoming hearing of the Supreme Court on Godfrey Philips’ Bonus Issue and Vodafone Idea has given share-specific pace. The market will now monitor the upcoming decisions of the US Fed. Fed’s decision can decide the direction of interest rates and global liquidity. The possibility of Indo-US trade agreement and good domestic macro figures are also auspicious signs for the market. We hope that share-specific activities will continue. Keep an eye on shares that are showing strong income growth and are expected to benefit from favorable policy results later.
He further stated that overall, the market’s strong closing reflects the increasing confidence of investors and raises the hope of continuing to continue in the Indian stock market in the rest of the week. Investors will look at the news of global interest rates and business agreements.