On September 13, the Indian equity markets experienced a modest decline, with Nifty closing slightly below 25,350. Despite this setback, there were notable gains in several stocks, particularly Wipro, Bajaj Finance, Bajaj Finserv, Tata Steel, and IndusInd Bank. In contrast, ITC, Adani Ports, HDFC Life, Tata Consumer, and SBI Life emerged as the top losers on the Nifty index. While the broader market saw gains, with the BSE midcap index climbing 0.5 percent and the smallcap index achieving a 1 percent increase.
At the close of trading, the Sensex stood at 82,890.94, reflecting a decrease of 71.77 points or 0.09 percent. The Nifty was recorded at 25,356.50, down by 32.40 points, or 0.13 percent. An analysis of the stocks indicated that 2,363 stocks advanced, 1,431 stocks declined, while 102 stocks remained unchanged, highlighting a mixed trading environment.
Notably, all indices except for FMCG, Power, and Oil & Gas closed in the green. The IT, Media, Metal, Realty, and PSU Bank sectors delivered gains ranging from 0.5 to 1.7%, showcasing the market’s resilience amidst the fluctuations.
Market Outlook for September 14
Ajit Mishra from Religare Broking suggests that the recent uptick in foreign investments, paired with a notable recovery in the US markets, is propelling optimism within the Indian markets. He maintains a bullish outlook and advises investors to leverage any temporary dips in the market to accumulate high-quality large-cap and mid-cap stocks.
According to V K Vijayakumar of Geojit Financial Services, a significant trend is emerging: Foreign Institutional Investors (FIIs) have been net buyers for four consecutive days as of September 12, with purchases amounting to โน7,695 crore. Domestic Institutional Investors (DIIs), who initially bought shares when FIIs were selling, are now selling these shares back at higher prices, which illustrates a continuous tug-of-war between both investor factions.
The growing foreign investment alongside a decline in the US 10-year yield heightens the possibility of interest rate cuts by the Federal Reserve, fostering positive sentiment in the domestic market. Vijayakumar emphasizes that fundamentally strong companies, such as Bharti Airtel, HDFC Bank, ICICI Bank, ITC, HCL Tech, Infosys, and TCS, have the potential to drive the market higher. However, this market surge may entice selling from DIIs at elevated levels and prompt profit-taking by retail investors.
Market Technical Analysis
According to Centron Equity Research, the technical outlook suggests that Nifty closing above 25,200 is a positive development. The next resistance level is projected at 25,580. Analysts predict that by the end of September, Nifty might trade within the range of 25,600 to 25,700, underscoring a resilient market despite short-term fluctuations.
Disclaimer: The opinions shared in this article do not necessarily reflect the views of Moneycontrol.com. Readers are encouraged to consult certified investment professionals before making any investment decisions.
