Nifty closes above 26,200 on F&O expiry day, Sensex up 666 pts

The bullish sentiment prevailed on monthly F&O expiry day( 26 September),after benchmark indices scaled new highs, buoyed by advances in IT and auto companies. Meanwhile, with optimism over a stimulus package from China waning, investors refocused their attention on U.S. economic developments.
At close, the Sensex was up 666.25 points or 0.78 percent at 85,836.12, and the Nifty was up 211.90 points or 0.81 percent at 26,216.05.During the day, BSE Sensex and Nifty touched fresh high of 85,930.43 and 26,250.90, respectively. The Nifty Bank index also hit new high of 54,467.35, intraday.
Maruti Suzuki, Tata Motors, Shriram Finance, Grasim Industries and M&M were the top gainers on the Nifty, while losers included ONGC, Cipla, NTPC, Hero MotoCorp, L&T.On the sectoral front,, metal, auto up 2 percent each, FMCG, PSU Bank indices up 1 percent each. However, capital goods index was down 0.6 percent.BSE Midcap index ended flat, while Smallcap index was down 0.4 percent.
Rupee Close:
On 26 Sep'24,the Indian rupee depreciated by 6 paise to settle at 83.64  against the U.S. dollar on Thursday, dragged by sustained foreign fund outflows. However, a decline in global crude prices and a firm trend in domestic equities restricted the rupee losses,forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,China's recent economic stimulus announcement has greatly enhanced investor confidence, resulting in significant positive momentum in global markets, especially within Asian indices. Moreover, the market is maintaining an optimistic outlook in response to stable U.S. economic data.
Concurrently, the Indian market is reaching new highs, anticipating a strong recovery in corporate earnings for the H2FY25, fuelled by expected government expenditure. Notably, this rally is led by large-cap stocks, which are more fairly valued compared to mid and small caps, which are exhibiting signs of fatigue.Market experts have recommended six stocks to buy- Narayana Hrudayalaya , HDFC Life Insurance Company Ltd , Larsen & Toubro Ltd , Tata Power Co.Ltd , Tata Communications LTD , Oberoi Realty LTD

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)