THE NIFTY CROSSED 20000 MARK FOR THE FIRST TIME

NIFTY:

The NIFTY opened at 19890 with a gap up of 71 points. The index continued moving higher after the opening tick and saw a mild up move after recording its intraday low at 19865.35 in its initial trades. Prices have crossed above 19950 and then started moving sideways for the whole afternoon. That consolidation broke on the upside and prices have resumed its upward journey. The index rose with increased momentum in the last one and half hours of trading and crossed above the 20000 mark to record its intraday high at 20008.15. Prices have finally closed at 19996.35 with a gain of 176.40 points or 0.89% up. All the sectoral indices have closed higher except MEDIA which ended with minor loss. AUTO and METAL led the bulls as they have ended over one and a half percent higher. The NIFTY recorded lifetime new highs at 20008.15. Support is visible around 19600 while resistance is visible around the 20000 mark.

BANK NIFTY:

The BANK NIFTY opened at 45340.80 with a gap up of 171 points. The index initially moved sideways, saw a minor dip but bounced up quickly after recording its intraday low at 45231.30. Prices have seen a mild up move and a sharp upside rally towards the end. The index recorded its intraday high at 45630.60 and finally closed at 456 18.95 with a gain of 449 points. PSU BANK has significantly outperformed, saw a sharp upside move, and closed with a gain of 3.13%. PVT BANK has also moved up and ended with a gain of 0.79%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. The short-term trend is up. Support is visible around 44800 while resistance is visible around 46200 which is very near to the lifetime high.

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News Updates

• The benchmark Nifty 50 shrugged off subdued global cues and outperformed their overseas peers to scale a fresh record high, surpassing the 20,000-mark for the first time ever on September 11. At 3.12 pm, the Nifty 50 was trading 0.9 percent higher at 19,997.85 after hitting a record high of 20,002. The Sensex too was up 0.8 percent at 67,130.59, at just a kissing distance from its record high of 67,619.17.

• Praj Industries Limited soared 15 percent to hit a 52-week high of Rs 598 on September 11 on expectations that it will benefit from the Global Biofuel Alliance (GBA) launched on Saturday on the sidelines of the G20 Summit by Prime Minister Narendra Modi.

• Indian Railway Finance Corp Ltd (IRFC) market capitalisation crossed Rs 1 lakh crore on September 11 as the stock climbed to a new high, doubling in value this year. The company is now the 10th most valuable state-run enterprise in the country, surpassing Bharat Electronics Ltd, Bank of Baroda, and Gail India Ltd.

• Kotak Mahindra Bank plans to push its unsecured retail book to the mid-teens from the current 10.7 percent, said Shanti Ekambaram, President, Consumer Banking, Kotak Mahindra Bank.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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