The Nifty closed above 11,600 points on strengthening stock markets on September 16. The Sensex and Nifty gained for the second day in a row. The Sensex gained 258 points and the Nifty 82 points.
The Nifty rose again to 11,600 points after August 28, indicating that the market trend is technically strong. The Nifty has not been able to break through the 11,600 resistance level in the last two weeks.
At no point in the trade did the market go down significantly from last day’s closing level. Unlike in the past, the market was less volatile.
The Sensex closed at 39,302 points. The day’s low is 39,037.96 points. Similarly, the Nifty closed at 11,604 points. It was down at one point to 11,516 points but ended at 11,618.
Most of the 50 stocks in the Nifty gained. While 29 stocks in the Nifty gained 19 stocks lost. The share price remained unchanged for two. Dr. Reddy’s Laboratories, Mahindra & Mahindra, Hindalco, Bajaj Auto and Britannia were the top five gainers in the Nifty. Dr. Reddy’s Laboratories was up 4.44 per cent and Mahindra & Mahindra was up 4.09 per cent. Shares of Hindalco, Bajaj Auto and Britannia rose more than 300 per cent.
Pharma and automobile stocks were the main gainers on the day. The Nifty Pharma Index gained 2.08 per cent. Shares of Dr. Reddy’s, Cadila Healthcare, Sun Pharma and Lupin Pharma rose more than 2 per cent.
The Nifty Auto Index was up 1.53 per cent. Automobile stocks Mahindra & Mahindra gained 4.09 per cent and Bajaj Auto 4.02 per cent.
IndusInd Bank, NTPC, Infratel, SBI and Axis Bank were the biggest losers in the Nifty. IndusInd Bank fell 2 per cent.