Stock Market: Sensex Zooms 528 Points, Nifty Ends Near 20,000-Mark Amid Broad Rally. All Sectors In The Green

Stock update: On the 30-share Sensex platform, PowerGrid, Axis Bank, Maruti, HCL, SBI, Tata Motors, ITC were among the prominent gainers. On the downside, only L&T and Bajaj Finance emerged two losers

In the broader markets, the BSE Midcap and Smallcap indices closed 1.2 per cent and 0.7 per cent higher, respectively.

The two key equity benchmarks, Sensex and Nifty, on Monday closed at record highs amid broad-based rally, defying muted global sentiment across the globe. The BSE Sensex reclaimed the 67,000-mark and ended at 67,127, up 528 points. On the other hand, the Nifty50 index hit an all-time high of 20,008, surpassing the previous high of 19,991.85. It, eventually, closed at 19,996, up 176 points.

On the 30-share Sensex platform, PowerGrid, Axis Bank, Maruti, HCL, SBI, Tata Motors, ITC were among the prominent gainers. On the downside, only L&T and Bajaj Finance emerged two losers. Adani Ports (up 7 per cent) and Adani Enterprises (up 4 per cent) settled higher.

#ABPLiveStockMarketWatch | Sensex and Nifty, on Monday closed at record highs amid broad-based rally

At 04:00 PM, #Sensex gained points to 67,127 & #Nifty went up 176 points to close at 19,996

Here's a look at the stocks in focus: #ABPLive #ClosingBell #MarketWatch pic.twitter.com/P0hXNUboFC

— ABP LIVE (@abplive) September 11, 2023

In the broader markets, the BSE Midcap and Smallcap indices closed 1.2 per cent and 0.7 per cent higher, respectively. The two indices hits fresh 52-week high during intra-day trade.

Sectorally, the Nifty PSU Bank index surged 3 per cent, followed by the Nifty Metal and Auto indices (up 1.7 per cent each), and the Nifty Bank and FMCG indices (up 0.9 per cent each).

In the previous session on Friday, the S&P BSE Sensex settled 333 points higher at 66,599, while the NSE Nifty that hit a high of 19,867 closed with a gain of 93 points at 19,820.

"The domestic markets began the day on a positive note, bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors. Higher-than-expected loan growth data and strong profitability along with lower NPA in PSU banks attracted investor interest. Additionally, expectations of easing inflation, driven by a decline in vegetable prices, fueled optimistic sentiment, leading to a market rally," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul, and Shanghai ended with gains while Tokyo and Hong Kong settled lower. European markets were trading in the green. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude declined 0.23 per cent to $90.35 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 224.22 crore on Friday, according to exchange data.

Meanwhile, the rupee settled 1 paisa lower at 83.03 (provisional) against the US dollar on Monday, as positive cues from domestic equity markets failed to allay investors' concerns over elevated crude prices. A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.93 against the US dollar and moved between the peak of 82.83 and the lowest level of 83.06. The rupee finally settled 1 paisa lower at 83.03 (provisional) against the previous close. On Friday, the Indian unit had appreciated 21 paise to close at 83.02 against the greenback.