Indices Log Record Closing Highs; Sensex Ends With Gains Of 958 Points

The headline indices in trade today (September 23, 2021) logged fresh closing highs with Nifty ending with gains of 276 points or 1.57% at 17,823, while Sensex settled higher at 59,885, up 958. In intra-day trade, unperturbed by mildly hawkish Fed, Indian indices logged fresh highs on both the benchmark indices, with Nifty scaling to new all time high of 17,843.9, while Sensex gained to levels of 59,957.25.

Indices Log Record Closing Highs; Sensex Ends With Gains Of 958 Points

This bullish response to a mildly hawkish Fed is surprising but indicative of the strong bullish undercurrent, says an analyst.

In the US FOMC meet, the Federal Reserve provided that it will begin to taper its monthly bond purchases in November and also interest rate hike will be possibly advanced to 2022. On the development, all the 3 major US indices ended the overnight session with gains of around 1 percent. The sentiment also got a boost owing to positive development around China's Evergrande crisis.

Bajaj Finserv, Hindalco, Tata Motors, Larsen and Toubro and Coal India led the list the top gainers on the Nifty, while losers in the bullish market have been HDFC Life, Britannia, Dr Reddys, Nestle and ITC.

Among Nifty sectoral indices, realty segment outperformed with gains of over 10 percent intra-day, led by counters such as Oberoi Realty and Godrej Properties, which gained more than 12 percent.

Reliance Industries shares with gains of over 2 percent climbed to new record high of Rs. 2497 level. As per the TRAI data, the company's Jio division added net 6.5 million mobile users in July

Bharti Airtel roped in Tejas Networks for strengthening its optical network capacity in key metropolitan markets. The stock was locked in 5 percent upper circuit at Rs. 416.5.

Meanwhile, European markets also traded with gains of over 1 percent on both German DAX and French CAC.

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