The week that was: Sensex, Nifty rally for fourth straight week

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Domestic stocks logged strong gains during the week as market sentiments improved after the central government’s announcement of multiple support measures. The Sensex and the Nifty, both, scaled record highs. The Nifty managed to close above the 17,500 mark while the Sensex ended above 59,000 level.

Weekly Index Movement: In the week ended on Friday, 17 September 2021, the Sensex jumped 710.82 points or 1.22% to settle at 59,015.89. The Nifty 50 index gained 215.90 points or 1.24% to settle at 17,585.15. The BSE Mid-Cap index rose 341.19 or 1.38% to settle at 25,046.48. The BSE Small-Cap index added 361.69 points or 1.31% to settle at 28,006.79.

Equity benchmarks ended a volatile trading session with modest losses on Monday, 13 September 2021. The barometer index, the S&P BSE Sensex, was down 127.31 points or 0.22% at 58,177.76. The Nifty 50 index was down 13.95 points or 0.08% at 17,355.30. Key indices ended a volatile trading session with small gains on Tuesday, 14 September 2021. Gains were capped due to mixed global cues. The barometer index, the S&P BSE Sensex, rose 69.33 points or 0.12% at 58,247.09. The Nifty 50 index gained 24.70 points or 0.14% at 17,380.

The domestic equity benchmarks ended near the day’s high after a strong session on September 15. Cabinet approval for production linked incentives (PLI) for auto sector and relief measures for telecom sector boosted sentiments. The barometer index, the S&P BSE Sensex, surged 476.11 points or 0.82% to 58,723.20. The Nifty 50 index advanced 139.45 points or 0.80% to 17,519.45.

Benchmark indices ended with robust gains on Thursday, 16 September 2021. The rally is supported by various Production-Linked Incentive (PLI) schemes introduced by the government. Aggressive Covid-19 vaccination program in India and persistent foreign capital inflows added to the momentum. The barometer index, the S&P BSE Sensex, jumped 417.96 points or 0.71% at 59,141.16. The Nifty 50 index advanced 110.05 points or 0.63% to 17,629.50.

Stocks snapped a three-day winning run and ended a volatile trading session with small losses on September 17. The barometer index, the S&P BSE Sensex, fell 125.27 points or 0.21% at 59,015.89. The Nifty 50 index was down 44.35 points or 0.25% at 17,585.15. The Sensex hit a record high of 59,737.32 while the Nifty hit an all-time high of 17,792.95 in intraday trade.

Nifty stocks in spotlight

Kotak Mahindra Bank: Kotak Mahindra Bank surged 10.35%. Kotak Mahindra Group acquired the vehicle financing loan portfolio of Volkswagen Finance (VWFPL), the Indian financing arm of Volkswagen Group. Kotak Mahindra Prime (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank (KMBL) will acquire the commercial vehicles portfolio of VWFPL. Kotak Mahindra Prime is a subsidiary of Kotak Mahindra Bank and is in the business of financing all passenger vehicles & two-wheelers.

Infosys: The IT major shed 0.03%. Infosys and Microsoft have entered into a multi-year strategic engagement with Ausgrid to accelerate its cloud transformation journey and establish Ausgrid as a leading digital utility. Ausgrid is the largest distributor of electricity on Australia’s east coast, providing power to 1.8 million customers, which is over 4 million Australians relying on the power distributor everyday.

Shree Cement: Shree Cement fell 0.71%. The cement maker will invest Rs 4,750 crore on three projects, including Rs 3,500 crore to set up an integrated cement plant at Nawalgarh Tehsil of Rajasthan. The proposed plant will have a clinker capacity of 3.8 million tonnes per annum  (MTPA) and cement capacity of upto 3.5 MTPA. The plant will be ready by the quarter ending March 2024. The financing will be done through a mix of “internal accruals and debt”. Further, the board approved to invest Rs 500 crore to set up solar power plants at its cement units at various locations and Rs 750 crore to set up a clinker grinding unit in the Purulia district of West Bengal by its wholly-owned subsidiary Shree Cement East. This will be financed mainly by way of equity contribution from Shree Cement.

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