top of page
  • Writer's pictureOpen Writer's Room

Indian stock market's important news: Sensex, Nifty hit record highs on buying in IT, banking stocks

The Indian stock market hit record highs on Thursday, 14th September 2023, amid a largely firm trend in Asian markets along with buying in IT and banking stocks. The benchmark Sensex index rose 245.86 points, or 0.37%, to close at 67,466.99, while the broader Nifty index gained 73.20 points, or 0.37%, to end at 19,996.35.

Indian Stock Market

Key highlights of the Indian stock market 14th Sep 2023 day trading:

  • IT and banking stocks lead the rally: IT stocks were among the top gainers on Thursday, with Tata Consultancy Services (TCS), Infosys, and Wipro all rising over 1%. Banking stocks also performed well, with State Bank of India (SBI), HDFC Bank, and ICICI Bank all gaining over 0.5%.

  • FMCG and pharma stocks lag: FMCG and pharma stocks were the only major sectors to end in the red on Thursday. Hindustan Unilever (HUL), Nestle India, and Britannia Industries all fell over 1%, while Cipla and Dr. Reddy's Laboratories both fell over 0.5%.

  • FII selling continues: Foreign institutional investors (FIIs) continued to sell Indian equities on Thursday, offloading shares worth Rs 1,631.63 crore. This is the fifth consecutive day of FII selling.

Other important news of Indian stock market 14th Sep 2023:

Reserve Bank of India
  • The US August CPI inflation data came in at 3.7%, against expectations of 3.6%. Core inflation was on expected lines, coming in at 4.3%.

  • The International Monetary Fund (IMF) raised its 2023 growth forecast for India to 7.4%, from 7.2% earlier.

  • The Reserve Bank of India (RBI) is expected to announce its monetary policy decision on Friday, 15th September 2023.

TCS, HDFC Bank, SBI, Reliance Industries, and Flipkart Announce Key Deals and Tie-ups

Indian companies continued to strike deals and tie-ups on Thursday, 14th September 2023, despite the volatile stock market conditions. Here are some of the key deals and tie-ups that made headlines on the day:

Tata Consultancy Services
  • TCS partners with Microsoft to accelerate cloud adoption in India: Tata Consultancy Services (TCS), India's largest IT company, has partnered with Microsoft to accelerate cloud adoption in India. The partnership will focus on helping Indian businesses migrate to the cloud, develop cloud-native applications, and transform their operations using cloud-based technologies.

HDFC Bank News
  • HDFC Bank acquires Paytm Money: HDFC Bank, India's largest private sector bank, has acquired Paytm Money, the online brokerage arm of Paytm, for Rs 9,661 crore. The acquisition will help HDFC Bank expand its reach into the online brokerage market and offer its customers a wider range of financial products and services.

  • SBI ties up with Google Pay to offer instant loans: State Bank of India (SBI), India's largest public sector bank, has tied up with Google Pay to offer instant loans to its customers. The loan facility will be available to Google Pay users who are also SBI account holders.

Reliance news
  • Reliance Industries invests in US-based startup: Reliance Industries, India's largest conglomerate, has invested in US-based startup SenseTime, a leading artificial intelligence (AI) company. The investment will help Reliance Industries accelerate its AI initiatives and develop new AI-powered products and services.

flipkart news
  • Flipkart partners with Amazon Web Services (AWS): Flipkart, India's largest e-commerce company, has partnered with Amazon Web Services (AWS) to accelerate its cloud adoption and digital transformation. The partnership will focus on helping Flipkart migrate its infrastructure to AWS, develop cloud-native applications, and improve its customer experience.

These are just a few of the many deals and tie-ups that were announced by Indian companies on Thursday, 14th September 2023. The activity in the Indian M&A market is a sign of the confidence that Indian businesses have in the long-term growth prospects of the Indian economy.

Indian Stock Market Outlook: Bullish in Medium to Long Term, Volatile in the Near Term

Analysts are bullish on the Indian stock market in the medium to long term, citing strong economic growth prospects, corporate earnings, and favorable demographics. However, they caution that the market may remain volatile in the near term due to factors such as rising interest rates, global recession risks, and FII selling.

9 views0 comments


Subscribe For Latest Updates

Thanks for subscribing!

bottom of page