Sensex breaches 39,000, backed by banking, finance stocks

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SME Times News Bureau | 15 Sep, 2020
The Indian stock market rose on Tuesday with the BSE Sensex closing above the 39,000 mark.

Buying activity across sectors was led by banking, finance and healthcare stocks. The BSE Banking index closed 1.73 per cent higher, Healthcare index was up 1.93 per cent and Finance index rose by 1.37 per cent.

A positive trend in the global markets also supported the investor sentiments.

Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors, said: "Mid-cap and small-cap shares outperformed their larger peers for the second day in a row after market regulator SEBI's circular said that multi-cap funds should invest a minimum 75 per cent of their assets in stocks and mandated equal allocation of 25 per cent between large, mid and small-cap shares."

He added that the overall market sentiments remained positive amid a bullish trend in global equities and sustained foreign fund inflows.

Manish Hathiramani, technical analyst with Deen Dayal Investments, said: "We did inch towards the 11,550 level but could not conquer it. It is imperative this happens as that would signal a new impulse rally on the upside. That rally could take Nifty to 11,800 and then towards 12,000."

The Nifty50 on the National Stock Exchange closed at 11,521.80, higher by 81.75 points, or 0.71 per cent, from the previous close.

The BSE Sensex closed at 39,044.35, higher by 287.72 points or 0.74 per cent from the previous close of 38,756.63.

It had opened at 38,904.67 and touched an intra-day high of 39,102.25 and a low of 38,753.68 points.