10 hrs ago
Sensex Jumps 564 Points as Nifty Clears 23,400
Indian stock markets rose on Monday, September 21.
The Sensex climbed 564 points, and the Nifty finished above 23,400.
Bank stocks also gained, although mid-sized companies fell.
Pharma shares performed well during the day.
Some large companies, including Reliance Industries and HDFC Bank, helped lift the main index.
Shares of companies linked to orders, weather and positive business comments also moved higher.
However, some stocks fell because of debt concerns, block trades or sanctions-related news.
An analyst said the overall market may move sideways but believes aerospace and contract drug-manufacturing companies could grow strongly.
The Sensex gained 564 points to close at 74,859, while the Nifty rose 68 points to 23,414.
Nifty Bank advanced 112 points, but the Nifty Midcap index declined 178 points.
Pharma stocks rallied, with Cohance Lifesciences rising more than 5% despite USFDA observations at its API unit.
Reliance Industries, ITC and HDFC Bank were among the biggest contributors to the Nifty’s gains.
Analyst Ashish Chaturmohta expects broader markets to remain sideways but sees strong growth potential in aerospace and CDMO-CRDMO companies.
- Who
- Indian equity benchmarks, listed companies and market participants, with commentary from Ashish Chaturmohta of JM Financial.
- What
- The Sensex and Nifty ended higher, while market performance varied significantly across sectors and company sizes.
- Where
- India’s stock market.
- When
- Monday, September 21.
- Why
- The rally was supported by gains in pharma and major stocks including Reliance Industries, ITC and HDFC Bank, along with positive company commentary and order-related developments.
Rally and Growth Opportunities
Cautious Broader-Market Outlook
Overall market direction
Rally and Growth Opportunities
Strength in large stocks and selected sectors helped the main indices rise, while several companies benefited from orders or positive commentary.
Cautious Broader-Market Outlook
Ashish Chaturmohta said broader markets could trade sideways because many large-cap stocks were not yet participating fully in the rally.
Aerospace valuations and prospects
Rally and Growth Opportunities
Chaturmohta identified aerospace as a major tailwind, citing strong margins, expected business growth and a large global jet-order backlog.
Cautious Broader-Market Outlook
He also said aerospace companies appeared richly valued, indicating that strong future growth expectations are already reflected to some extent in prices.
Key facts
- Sensex close
- 74,859, up 564 points
- Nifty close
- 23,414, up 68 points
- Nifty Bank
- 56,471, up 112 points
- Nifty Midcap index
- 62,013, down 178 points
- Top sector strength
- Pharma stocks surged during the session
- Major Nifty contributors
- Reliance Industries, ITC and HDFC Bank
- Analyst outlook
- Broader markets may remain sideways, while aerospace and CDMO-CRDMO businesses could see strong growth
Quotes
Ashish Chaturmohta
Managing Director and Fund Manager at JM Financial Ltd
“As far as the broader markets are concerned, I think we are going to trade very, very sideways because, obviously, a lot of these large caps are still not ready to participate in the rally.”
CNBC TV 18
Sources
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