Sensex Nifty record high early trade stock market LATEST business updates Equity benchmark indices OPENING BELL
Stock market today: The stock market opened on a positive note today (September 14) with both the Sensex and Nifty indices hovering near their all-time highs. At the start of the trading day, the Sensex showed a green signal, rising 179.77 points to reach 67,646.76. Similarly, the Nifty opened in positive territory, with a gain of 66.35 points, taking it to 20,136.65.
Among the Nifty listed companies, 22 were in the advance category, 27 were decliners, and 1 was unchanged, indicating mixed sentiment among investors.
Notable gainers in the early trading session included- Wipro, Adani Enterprises, M&M, Coal India, and SBI, while LTIMindtree, SBI Life, Sun Pharma, Axis Bank, and Asian Paints were among the top losers.
Market analyst, Varun Aggarwal, founder and managing director of Profit Idea, expressed optimism about the direction of the market. Aggarwal noted, “A strong write-up around 19,500 PE (price-to-earnings ratio) indicates a positive trend in the market. The small-cap to mid-cap ratio is in favor of bullish momentum, and we are only halfway through the channel. In short, the bull is clearly being run).-caps are not over, and the corrections are healthy for the market.”
“The ratio is only halfway done, which means we are in the midpoint of the channel at 0.62, and the upper end at 0.85. It will take time to get there, and the bull run in small caps is not over. Neurological corrections are good for shaking weak hands as we move forward”, said Aggarwal.
Many sectors, including IT, Infrastructure, Media, Banks, and Pharma stocks, showed promise, while specific mid-cap and small-cap stocks still have potential for significant growth from current levels. looking favorable. Specific mid-cap and small-cap stocks can still rise from current levels”, said Aggarwal.
The recent strong performance of the stock market is partly attributed to India’s strong GDP growth rate of 7.8 percent in the first quarter (April-June) of the fiscal year 2023-24. This positive economic outlook, together with continued foreign portfolio investments, has boosted investor confidence.
Global markets are also being closely watched, particularly in the United States. Anticipation of the release of August inflation data, which is expected to shed light on the US Federal Reserve’s monetary policy decisions, influenced market sentiment.
With consumer inflation at 3.2 percent in July 2023, investors are eager to see if the Federal Reserve will adjust its policy in the upcoming meeting scheduled for September 19-20.
As the trading day progresses, market participants will closely monitor economic developments and indicators to gauge the direction of the market in the coming days. India’s stock market is still poised for more excitement as it struggles to hit record highs.
(With inputs from agencies)
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