Nifty may cross key 20,000-mark next week
₹2,000 notes into banks after the central bank decided to withdraw the high value notes in May. The removal frees up money which can be lent, which is seen as a positive for banks.
“Despite mixed global cues, the index bounced back to a seven-week high (closing basis) and is just 172 points away from its life highs," said Siddhartha Khemka, head -retail research, Motilal Oswal Financial Services Ltd. “Banking stocks saw renewed interest after RBI announced removal of ICRR in phased manner by 7 October.
Niche sectors like power, defence and shipping continue to garner interest. Railway stocks were in momentum following media reports of potential deal to connect Gulf and Arab countries via railways." “With monsoon gradually improving and India set to host G20 summit over the weekend, sentiments are buoyant and may lift market towards its life high and 20,000mark over the next few days," he added.
Rajesh Palviya, SVP (research) at Axis Securities, also expects Nifty to make a high next week led by “heavyweights" like HDFC Bank and Reliance. The Nifty’s five top gainers were Coal India, NTPC, BPCL, Tata Motors and Larsen & Toubro, which gained 2-3%.
Losers included UltraTech Cement, ITC, Wipro, TechM and Tata Steel which fell between half a percent and four-fifths of a percent. The 18% rally in Nifty from 16,828 on 20 March to 19,820 on 9 September has been led by foreign portfolio investors who have invested $19.1billion so far this fiscal (FY24), after selling $23.6billion in the past two fiscal years.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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