Indian equity benchmark Sensex climbed 528 points to reclaim the 67,000 level and the Nifty breached the 20,000 mark for the first time as strong buying by domestic investors helped markets extend the winning run to the seventh consecutive session on Monday.
The successful G20 summit and buying in index heavyweights Reliance Industries and HDFC Bank also added to the winning momentum.
The BSE Sensex jumped 528.17 points or 0.79 per cent to settle at 67,127.08. The Nifty gained 176.40 points or 0.89 per cent to close at 19,996.35 after hitting all-time high of 20,008.15.
"Last few days where weeks have happened in just a few days are testimony to the undertone of this Bull Market. The good thing is there new leadership from IT, Capital Goods and PSE's. BFSI which remained under most pressure is back to positive territory. We are on track to hit 20,432 this month and 21,000 by Diwali," said Rahul Sharma, Director, Head- Technical & Derivative Research, JM Financial Services Ltd.
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Top Stocks To Watch On 12 September
Larsen & Toubro
The engineering and infrastructure major revised its share buyback price higher to Rs 3,200 from Rs 3,000 after the jump in share price over the last month. The record date for company’s buyback is 12 September. The exact timeline of the opening and closing of the buyback issue is yet to be declared.
ICICI Bank
The private sector lender said the Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakhshi as managing director and chief executive officer (CEO) of the bank. Bakhshi has been reappointed for a period of three years, from 4 October 2023 to 3 October 2026, ICICI bank said in a regulatory filing.
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Power Grid Corporation of India
The state-owned power transmission company said it has won the tariff-based competitive bidding to setup a 20-GW inter-state transmission system project in Rajasthan.The project include setting up of a new 765/400kV substation, complete with STATCOM technology, situated in Ramgarh.
TVS Supply Chain Solutions
The company board has agreed to acquire equity shares of three of the company’s wholly owned subsidiaries TVS Logistics Investments UK, TVS Logistics Investments Inc USA, and TVS Supply Chain Solutions Pte Ltd, Singapore at an aggregated cost of Rs 450 crore. The indicative deadline for completion of investment in overseas subsidiaries is November 30, 2023.
IDFC First Bank
GQG Partners has purchased nearly 51 million shares of IDFC First Bank from MD and CEO V Vaidyanathan through a block deal. Shares of the bank surged around 2 per cent intra-day on Monday following the announcement.
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