Sensex and Nifty closed higher on September 20 fueled by robust gains across the banking, auto, and energy sectors. Global optimism following stronger-than-expected US jobless claims, a buying spree in midcap and smallcap stocks, and the Federal Reserve kicking off a rate-cutting cycle on September 18 propelled the Indian market upward.
Today, Sensex hit a milestone of 84,694, while Nifty reached a record high of 25,849. At close, Sensex was up 1,389 points or 1.7 percent at 84,574 and Nifty was up 375 points or 1.5 percent at 25,790.
“Nifty has dislodged China as the largest country in MSCI EM and is hitting all-time highs with 2 active wars. This shows that India is becoming a safe haven instead of an emerging country where money is flowing in to keep it safe and out of conflict,” said Abhishek Banerjee, Founder and CEO of LotusDew Wealth and Investment Advisors.
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12 out of 13 sectoral indices flashed green, with Nifty FMCG, Auto, Realty, and Metal rising between 1-2 percent. The Nifty Bank index marked its seventh consecutive session of gains and hit a fresh high of 54,066. ICICI Bank, HDFC Bank, and Kotak Mahindra led the charge, with HDFC Bank gaining nearly 2 percent on reports that its subsidiary, HDFC Credila Financial Services, is eyeing a public listing.
The Nifty Metal index rebounded from a three-day slump and rose 1.7 percent driven by gains in JSW Steel, Tata Steel, and Hindalco. This uptick followed target price increases for several key players in the sector by both Macquarie and Morgan Stanley, boosting investor confidence.