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Updated on: Friday, September 24, 2021, 05:03 PM IST

Sensex hits new milestone, breaches 60,000-mark for first time as markets defy weak European cues; watch video

Sensex scales mount 60,000 on September 24. Both Nifty 50 and Sensex ended at fresh record highs in a volatile trading day | BL Soni

Sensex scales mount 60,000 on September 24. Both Nifty 50 and Sensex ended at fresh record highs in a volatile trading day | BL Soni

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The stock market brought out the cake and celebrated as the Sensex scaled 60,000 for the first time. Though the benchmark indices erased early gains, at close, the Sensex was up 163.11 points or 0.27 percent at 60,048.47. The broader Nifty was up 30.20 points or 0.17 percent at 17,853.20. About 1286 shares have advanced, 1894 shares declined, and 152 shares are unchanged.

Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were among major gainers on the Nifty, while losers included Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank.

"Nifty made a new lifetime high of 17,947 today and then consolidated in a small range of 70 points. It closed at 17,842 , up by 20 points since September 24, close. Nifty has a strong support in 17,580-17,620 range. Trades can use buy on dips strategy with strict stoploss for 17,980-18,040 as targets," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

The Sensex has hit 60,000 much ahead of target date of December 2021, said Amar Ambani, Senior President & Head of Institutional Equities at Yes Securities said,. We continue to remain positive on the long-term outlook of Indian equities. Corporate balance sheets have been significantly strengthened with record equity raise in last two years. On the revenue front, the listed universe is on firm ground with accelerated trend of unorganized to organized, digital super-cycle and sustained cost management. We expect the government to continue spending on infrastructure and fast track the reform agenda."

The interest of foreign investors in Indian markets will sustain due to continued policy support from the government and accelerated pace of vaccination, offering incremental growth visibility.

Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co. Ltd. said, "We believe that India’s average daily vaccination run rate in September has seen a 48 percent jump to 8.1 mn doses compared to 5.4 mn doses in August. This augurs well for economy as well as investor sentiment.”

The important point is the index successfully cleared the resistance of 17,800 and is comfortably trading above the same, said Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities. For the index, 17,775-17,700 could be the important support levels. On the flip side, 18,000 and 18,200 could act as a major resistance level. "Contra traders can take a long bet near 17,700 with a strict 16,650 support stop loss, while partial profit booking is advisable between 18,100 to 18,200 level. Meanwhile, the Bank Nifty has maintained a higher bottom formation. The key support levels are placed at 37,200 followed by 36,800. The structure suggests a further upside if it succeeds to trade above 37,200," he added.

Mohit Nigam, Head-Hem Securities said, "After Accenture’s robust results for August Quarter, we believe Indian IT company’s rull run can extend further in the coming time. Markets have sustained above 17,850 levels and we expect this momentum to continue which may lead Nifty50 to 18,000 levels in near term. 17,650 may act as immediate support in Nifty 50. Overall we believe that market trajectory continues to be positive and any significant dip should be utilized to invest in quality stocks for good returns."

On a day when the volumes on the NSE were higher than the recent averages, Realty, Telecom and IT indices rose the most, while Power, Metals, Consumer Durables, and Healthcare indices fell the most, said Deepak Jasani, Head-Retail, HDFC Securities. "BSE midcap index fell 1 percent, while smallcap index was down 0.3 percent. Global shares were on edge on Friday, hurt by persistent uncertainty around the fate of debt-ridden China Evergrande, even as increased risk appetite drove U.S. stocks and Treasury yields higher.

"Nifty closed higher for the fifth consecutive week, closing 1.52 percent higher for the week. Nifty is now close to 18,000 and once that round number is achieved we could see a broad-based correction in the markets. 17,645-17,792 band is the support for the Nifty," Jasani added.

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Published on: Friday, September 24, 2021, 03:51 PM IST
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