Mohit Nigam, Head – PMS, Hem Securities
Indian equity benchmarks continued gaining momentum in late afternoon session on sustained buying activities. Sentiments remained upbeat even after India’s retail inflation rate rose to 7 percent from 6.7 percent in the previous month.
On the technical front, key resistance level for Nifty is 18,200 and on the downside 17,800 can act as strong support. Key resistance and support levels for Bank Nifty are 41,500 and 39,500 respectively.
10-year bond yield slips to 7.11 percent versus previous day’s 7.18 percent, despite higher CPI number
Take a look at the top gainers on Nifty and Sensex
Rupee At Close | Rupee ends at 79.15/$ versus Monday’s close of 79.52/$
Markets close at 5-month highSensex ended the day 451.03 points higher at 60,566.16. Nifty gained 130.50 points to close above 18,000. About 1776 shares advanced, 1600 shares declined, and 101 shares were unchanged. Both indices ended at five-month highs.Among sectors, metals were the biggest gainers with Vedanta surging 3 percent while Jindal Steel and Hindalco adding over a percent each. FMCG stocks also led the rally with Britannia and Tata Consumer Products surging 2.5 percent, among the top Nifty gainers. Reversing Monday’s rally, IT stocks ended the day lower as TCS, HCL Tech and Tech Mahindra ended the day in red.
#JustIn | #Government releases National Lists of Essential Medicines (#NLEM) 2022, includes 384 drugs; 34 new drugs added pic.twitter.com/kiLdAOWuUj
— CNBC-TV18 (@CNBCTV18Live) September 13, 2022
Dairy stocks under pressure after a virus kills over 57 thousand cattle
Parag Milk Foods lost 1.1 percent, Dodla Dairy dropped 1 percent, Heritage Foods fell 1.61 percent, Umang Dairies erased 3.3 percent, Hatsun Agro down 0.1 percent. According to latest reports, about 57,000 cows have died due to Lumpy Virus across the country. Out of these, a maximum of 37 thousand deaths have been registered in Rajasthan. The virus has spread in 6-7 states including Gujarat, Rajasthan, Punjab, Haryana, and Uttar Pradesh.
Oyo, Snapdeal, Droom IPO plans await SEBI nod even after a year
The regulator said it is awaiting clarifications from the lead managers of these companies or has sought comments from other regulators and agencies
GPT Infraprojects bags order valued at Rs 173 crore:
Indian rupee can take care of itself, says CEA Anantha Nageswaran
Indian authorities are not “defending” the rupee as it can take care of itself, Chief Economic Adviser V Anantha Nageswaran has said. “I think India isn’t defending the rupee. India is just making sure that the market forces and the economic fundamentals direct the rupee in a particular direction and making sure that it is happening smoothly and gradually,” the government’s top economist said on September 13 while speaking at the 15th Mindmine Summit. “I don’t think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself,” he added.