Sensex Up 300 pts, Nifty Holds 23,200: Sept 16 Market Live

Indian equity benchmarks extended gains on Tuesday, September 16, with the Sensex rising over 300 points and the Nifty holding above the 23,200 mark. The rally was led by strong buying in auto and pharma stocks, with Mahindra & Mahindra (M&M) emerging as the top gainer on the Sensex. Meanwhile, broader markets outperformed, as the Nifty Midcap and Smallcap indices posted gains. Analysts say the positive momentum is driven by supportive global cues and renewed foreign institutional investor (FII) interest.

"The market is witnessing a broad-based rally, with cyclical sectors leading the charge. Investors are advised to stay invested with a long-term perspective," analysts say.

Among individual stocks, India Pesticides shares jumped 10% intraday, attracting significant investor attention. The stock has been in focus recently due to strong quarterly results and capacity expansion plans. Other gainers included M&M, which rose nearly 2%, contributing significantly to the Sensex's upward movement. On the flip side, IT and banking stocks saw some profit-taking, capping further gains.

Here is a snapshot of the key indices and stocks as of the latest available data:

The market breadth remained positive, with 1,850 stocks advancing against 1,200 declining on the BSE. Sector-wise, auto, pharma, and realty indices gained the most, while IT and PSU banks lagged. Analysts say the Nifty's ability to sustain above 23,200 is crucial for further upside. "If the index holds this level, we could see a move towards 23,500 in the near term," analysts add.

Globally, Asian markets traded mixed as investors awaited the US Federal Reserve's policy meeting outcome later this week. The dollar index remained steady, while crude oil prices edged higher. FIIs were net buyers in the cash market, purchasing shares worth Rs 1,200 crore on Monday, according to provisional data.

In the derivatives segment, the Nifty September futures traded at a premium of 25 points, indicating a bullish undertone. The put-call ratio (PCR) stood at 1.25, suggesting a neutral-to-bullish sentiment. Options data showed strong support for Nifty at 23,000 and resistance at 23,500.

Investors are advised to keep an eye on global developments, including the US Fed meeting and domestic macroeconomic data. With volatility expected to persist, experts recommend a stock-specific approach and avoiding leveraged positions. For more detailed analysis and live market updates, visit MarketToMoney.

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