Market Bizzz

The domestic market saw a significant boost as the Sensex surged 384 points to a new high of 84,928, and Nifty reached a record peak of 25,939. Stocks like ONGC, Glenmark Pharma, and Reliance Power showed notable gains. Experts suggest monitoring these stocks for potential further upside based on technical and fundamental analysis.

Manba Finance’s IPO opens for subscription on Monday, closing on September 25. The company aims to raise Rs 151 crore through a fresh issue of up to 1.25 crore shares, priced between Rs 114-120 per share. Analysts suggest high-risk investors consider applying due to strong financial performance and growth metrics.

Eleven stocks, including Aarti Industries and Biocon, are under F&O trade ban as their open interest crossed 95% of market-wide positions limits. The ban will be lifted if open interest falls below 80%. Indian headline indices hit record highs, driven by ICICI Bank and HDFC Bank amid positive global cues and US Fed’s monetary easing policy.

Benchmark Sensex closed above the historic 84,000-mark for the first time, while Nifty also reached a new record high. ICICI Bank, JSW Steel, and Reliance Infra were among the top gainers. Analysts provide insights on future trends and support levels for these stocks as the market resumes trading.

Sudip Bandyopadhyay highlights key factors driving market preferences. He explains that while interest rates are expected to decline, benefiting the BFSI sector, private banks are outperforming due to their efficiency in mobilizing low-cost deposits, unlike PSU banks.

Rajesh Palviya, in an exclusive interview with ET Now, shares his insights on the recent market momentum, highlighting strong short-covering actions and sectoral rotations that are driving Nifty and Bank Nifty to new highs. He discusses the outperformance of private banks, particularly ICICI and Kotak, and the potential for further gains in FMCG stocks like Nestle and Britannia.

According to Friday’s provisional data, Friday’s FII buying was the highest in three years and the eighth-highest ever recorded. The all-time record for single-day FII buying was set on May 6, 2020, when they invested Rs 17,123 crore in the Indian stock market.

European shares declined on Friday following a previous rally driven by the U.S. Federal Reserve’s interest rate cut. Novo Nordisk dropped due to disappointing obesity pill data, while the auto sector led declines. British retail sales and euro zone consumer confidence showed positive trends, but German producer prices fell less than expected.

Oil prices dipped slightly on Friday but are set for a second week of gains, supported by a significant U.S. interest rate cut and falling stockpiles. Brent futures fell to $74.54 a barrel, while WTI crude dropped to $71.94. Despite economic concerns in China, both benchmarks rose around 4% this week.

The Federal Reserve’s big interest rate cut this week is not a sign that the US economy is “falling behind,” Fed governor Christopher Waller said in an interview on Friday. Citing a speech he made earlier this year, Waller stressed that the Fed could cut rates even if the economy was doing fine.