Mumbai (Maharashtra) [India], September 11 : Stock indices soared to new heights on Monday, buoyed by the positive sentiments stemming from the successful G20 Summit held in New Delhi.
As the market came to a close, the Sensex surged by 550.99 points, reaching 67,127.08, while the Nifty witnessed a substantial uptick of 176.40 points, closing at 19,996.35, marking an all-time high.
Within the Nifty companies, 46 reported advances, while only 4 registered declines.
Notable gainers included Adani Ports, Adani Enterprises, Axis Bank, Apollo Hospitals, and Power Grid. Conversely, Coal India, Bajaj Finance, ONGC, and LT found themselves among the top losers as trading concluded.
Varun Aggarwal, founder and managing director of Profit Idea, expressed his insights on the remarkable market performance, stating, "The market closed on a high note today, hitting an all-time high and touching the 20,000 mark. For the last month, we've been focusing on a bullish strategy. We've already witnessed strong momentum on the index and heavyweight counters like Reliance and HDFC."
Aggarwal continued, "We are still witnessing heavy put writing on the Index at 19,500, and it has now moved to the 19,700-19,800 levels. The bias remains positive, and the market looks poised to reach the 20,160 target, as we mentioned earlier as per the charts".
"Bullish momentum in mid and small-cap stocks is very robust. We expect this momentum to continue, and any corrections will likely provide buying opportunities in quality stocks", Aggarwal added.
Investor confidence was further bolstered by the consensus reached on the New Delhi declaration by all G20 member countries, despite ongoing tensions related to the Ukraine conflict and Western sanctions against Russia.
Additionally, the announcement of an ambitious rail-port economic corridor deal connecting India, the Middle East, and Europe, along with the launch of the Global Biofuel Alliance on the summit sidelines, contributed to the market's positive sentiment.
Looking ahead, market participants are keeping a close eye on the release of August inflation data in India and the United States, scheduled for Tuesday and Wednesday, as potential triggers for fresh market cues.
In July, retail inflation in India surged to 7.44 percent, surpassing the Reserve Bank of India's upper tolerance target of 6 percent, primarily due to sharp increases in vegetable, fruit, and pulse prices.
As the stock market continues to exhibit strength, investors remain vigilant, monitoring both domestic and global economic indicators for further insights into market direction.
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