Ira Singh 
The domestic share market extended its winning streak for a third consecutive session on Monday, reaching new record highs as Nifty surged past 25,950, driven by broad-based buying across sectors, except for Information Technology stocks. At close, the Sensex was up 384.30 points or 0.45 percent at 84,928.61, and the Nifty was up 148.10 points or 0.57 percent at 25,939.05.
Following a surge to record levels on Monday, driven by optimism over foreign inflows, the Sensex pulled back from its highs but stayed over 300 points in the green, while Nifty held firm at 25,900. Last week’s Federal Reserve rate cut has boosted investor confidence and risk appetite.
M&M, ONGC, Bajaj Auto, SBI Life Insurance, Hero MotoCorp were the top gainers on the Nifty, while losers included Eicher Motors, Divis Labs, ICICI Bank, Tech Mahindra and IndusInd Bank.On the sectoral front,PSU Bank index rose more than 3 percent, Realty index was up over 2 percent, while auto, energy, FMCG, metal, pharma, media up 0.5-1 percent. However, Information Technology index shed 0.5 percent. The BSE midcap index and smallcap indices were up 0.7 percent each.
Rupee Close:
On 23 Sep'24,the Indian rupee pared its early gains to close lower by 1 paisa at 83.55 against the US dollar on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.
A decline in India's Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit, forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the euphoria from the FED rate cut continued to lift the domestic market. The benign input costs and an expectation of a change in stance by the RBI amid cuts by global banks will provide tailwinds to valuation. Though there is moderation in India PMI data, investors are anticipating that the wave of liquidity from FII may provide stability in the sentiment.
Market experts have recommended five stocks to buy for today-Marico Ltd, Ami Organics Ltd, HDFC Life Insurance Company Ltd, Reliance Industries Ltd, Larsen & Toubro Ltd.
(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)
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