The bulls return: Indices scale fresh record highs on upbeat Asian cues; Nifty tops 20,150

India’s benchmark indices, Sensex and Nifty 50, opened at fresh record highs and extended their opening gains on September 14. Sensex and Nifty 50 hit new all-time highs respectively 67,771.05 and 20,167.65 in early trading.
Upbeat signals from Asian markets, as investors shrugged off a slightly higher-than-expected US consumer price index for August, also helped boost sentiment towards national action. . US CPI in August rose 3.7% year-on-year, slightly above the consensus estimate of 3.6%. However, investors decided not to react too much to the data as they did not see the impact of slightly higher inflation in the US in August on the Federal Reserve’s monetary policy decision. next week. Prashanth Tapse, Senior Vice President (Research) said: “The market is likely to maintain its uptrend amid recovery in other Asian indices. US August CPI figures reinforce speculation that the Federal Reserve may delay raising interest rates at its policy meeting next week. ), Mehta. Act.
Along with that, strong profits recorded in small and mid-cap companies in the previous two sessions stimulated buying from lower levels, leading to upward momentum across sectors. All major industry indices are trading in the green, reinforcing the overall market sentiment.
At 9:56 am, Sensex was up 245.35 points or 0.36% at 67,712.34 and Nifty was up 81.80 points or 0.41% at 20,151.80. The general sentiment of the market is also in favor of winning with about 2,281 stocks increasing in price, 516 stocks decreasing and 87 stocks remaining unchanged. This shows that for every 4 stocks that increased in price, there was 1 stock that decreased. “Furthermore, the technical backdrop continues to be bullish with Nifty bulls now actively targeting the psychological mark of 20,500,” Tapse added. However, persistent selling by FIIs and high valuations may limit the upcoming upside momentum.”
Deepak Jasani, head of retail research at HDFC Securities, also expects the momentum in the Nifty and the market in general to continue. “Nifty is likely to remain in the 19,865 – 20,140 range in the near term,” he said.