Sensex reclaims 39,000; small midcap stocks outperform

Tracking positive global cues, Indian market rallied on September 15 after closing in the red in the previous trading session. Bulls pushed the S&P BSE Sensex above 39,000 while the Nifty50 managed to close above 11,500 levels.

Let’s look at the final tally on D-Street – the S&P BSE Sensex was up 287 points to 39044 while the Nifty50 closed 81 points higher at 11,521

“Benchmark indices traded sideways in a tight range, before ending the day with a positive bias. Banking and Pharma indices contributed most to the market gains. Global cues were also positive.

Domestically, favourable inflation data and expectation of it going down further aided the positivity while the broader markets continued its outperformance today. The markets are almost at the upper end of the trading range and a push above 11600 by Nifty could bring in more trading optimism”.

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Sectorally, the action was seen in telecom, healthcare, banks, and finance stocks while profit taking was visible in realty space.

On the broader markets front – the S&P BSE Mid-cap index was up 0.85 percent while the S&P BSE Small-cap index closed with gains of 1.4 percent.

Top Nifty gainers include names like Cipla, UPL, and IndusInd Baank.

Top Nifty losers include names like HDFC Life Insurance, Titan Company, and Maruti Suzuki.

Stocks & Sectors:

Sectorally, the S&P BSE Telecom index was up nearly 2%, followed by the S&P BSE Healthcare which gained 1.9 percent, and the S&P BSE Bankex was up 1.7 percent.

Volume spike of more than 100% was seen in stocks like Titan Company, Cipla, and Idea.

Long Buildup was seen in stocks like Idea, Siemens, and Cummins India.

Short Buildup was seen in stocks like Wipro, HCL Technologies, and Titan Company.

More than 100 stocks hit a fresh 52-week high that include names like Bajaj Healthcare, JB Chemicals, and Radico Khaitan.

Technical View:

Nifty formed a bullish candle on daily charts. It bounced back after hitting 5-Days EMA. Nifty negated the negative effect of Bearish Engulfing pattern made on this Monday which indicates that Bulls are not ready to loosen their grip on the market.

Nifty is forming higher top – higher bottom on lower time frame and supports are slightly shifting higher with buy on decline strategy.

“Now it has to continue to hold above 11450 zones, to witness an up move towards 11750-11800 zones while on the downside key support exists at 11350-11333 zones,” Chandan Taparia, Motilal Oswal Financial Services Limited.