Sensex Today Ends 1,360 Points Higher | Nifty Above 25,750 | 4 Reasons Why Indian Share Market is Rising

Fri, 20 Sep Closing

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After opening the day higher, Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Indian stock market benchmarks-the Sensex and the Nifty 50-jumped over a per cent each to hit fresh record highs in morning trade on Friday, 20 September.

At the closing bell, the BSE Sensex stood higher by 1,360 points (up 1.6%).

Meanwhile, the NSE Nifty closed higher by 375 points (up 1.5%).

L&T, M&M and JSW Steel among the top gainers today.

SBI, NTPC and Grasim Industries on the other hand, were among the top losers today.

The GIFT Nifty was trading at 25,821 up by 334 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 1.1% higher and BSE SmallCap index ended 1.4% higher.

Sectoral indices were trading higher with socks in capital goods sector and realty sector witnessing most buying speer.

ICICI Bank, Britannia and Voltas hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.58 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 73,771 per 10 grams.

Meanwhile, silver prices were trading marginally higher at Rs 90,078 per 1 kg.

Here are the five key factors drive the market's momentum.

#1 Positive Global Cues

Major markets in the US, Europe and Asia are witnessing strong buying, influencing sentiment back home after the US Fed cut rates by 0.5% and signalled more rate cuts were in the offing.

Overnight, the Nasdaq jumped 2.5%, and the S&P 500 gained 1.7%. In Asia, the Nikkei jumped over 1.5 %, and KOSPI rose almost 1%.

#2 Rate Reduction Cycle

Boosting investors' risk appetite, the US Federal Reserve cut benchmark rates by 50 bps on September 18 and hinted that more rate cuts were possible through 2026.

The US Fed projected benchmark interest rate would fall by another half a percentage point by the end of this year. Moreover, the US central bank expects to cut interest rates by a full percentage point next year and by half a percentage point in 2026.

#3 Recession Tension Ease

Concerns over a slowdown in the US economy eased slightly after the jobless claims for the week ended September 14 came in lower than expected. This seems to have comforted market participants.

#4 Banking Stocks Rally

Banking stocks hold the maximum weight in the benchmark indices and are witnessing healthy buying, which has supported the Sensex and the Nifty 50.

On Friday morning, the Nifty Bank index rose by a per cent to hit a fresh record high of 53,559.35, with stocks such as ICICI Bank and HDFC Bank rising up to 2%.

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Why Suzlon Energy Share Price is Rising

In news from the energy, shares of Suzlon Energy edged higher as the renewable energy solutions provider's stock has been excluded from the Stage 1 Additional Surveillance Measure (ASM) framework. The stock was earlier placed under this regulatory mechanism by the stock exchange.

Stage 1 ASM is a regulatory framework used by Indian stock exchanges to monitor and control unusual price movements or volatility in stocks. When a stock is placed in Stage 1 ASM, it undergoes heightened scrutiny, and investors are required to meet a 100% margin requirement for trades.

The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earnings ratio.

The measure is designed to mitigate risks and protect market integrity by controlling speculative trading and ensuring stability. Stocks remain under ASM until they no longer exhibit the concerning behaviours or meet the criteria for removal from the framework. Suzlon has now been removed from the ASM framework.

The company offers a full gamut of wind project planning and execution services, including wind resource assessment, infrastructure and power evacuation, technical planning, and execution of wind power projects.

It has installed over 20 GW (gigawatts) of wind energy in 17 countries and over 111 wind farms with a capacity of 13,880 MW.

HDFC Bank Gains on IPO Buzz

Moving on to news from the banking sector, shares of private lender HDFC Bank Ltd rose nearly 2% on September 20 as a report said HDFC Credila Financial Services is planning to go public.

HDFC Credila is an education loans financier.

Sovereign fund Abu Dhabi Investment Authority (ADIA) is in talks with EQT Baring Private Equity to acquire a 10% stake in education financier HDFC Credila Financial Services.

Housing Development Finance Corp. sold a majority stake in its education loan unit, Credila, to comply with regulatory restrictions imposed by the Reserve Bank of India following its merger with HDFC Bank. EQT and ChrysCapital picked up 72% and 18% stakes, respectively (collectively 90% from HDFC Ltd), for Rs 95.5 bn in March.

In May, South Korea's financial services major Shinhan Bank took 10% stake for Rs 1,500 in the education financier as part of its fresh capital-raising plans through a preferential issue process. The exact capital structure of the shareholders after the fund infusion is not clear, but HDFC Bank continues to hold a stake in the lender.

Patel Engineering Jumps 5%. Here's Why

Moving on to news from the real estate sector, Patel Engineering shares rose over 5% to Rs 60.4 in the afternoon on September 20 after the company announced that it has secured a  Rs 2.4 bn NHPC contract for Teesta-V Power Station.

The contract involves civil and hydro-mechanical works for modifying the diversion tunnel into a tunnel spillway arrangement at the Teesta-V Power Station in Sikkim.

The project, which is expected to be completed within 18 months, adds to PEL's robust portfolio in the North Eastern region, where the company is already working on NHPC's Teesta-VI project near Singtam, Sikkim.

The contract involves constructing a water-lifting arrangement for the first stage of the Jigaon project, covering civil, mechanical, electrical, and allied works.

The scope of work involves the construction of water lifting arrangement work for LIS 1 to 12 of the first stage from submergence of the Jigaon project including the approach channel, rising main, pumping machinery, switchyard and all allied works of civil, mechanical, and electrical components.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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