PSU bank stocks top gainers in Sep

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All major sectors end higher in September with PSU Banks (+18 per cent), Telecom (+9 per cent), Utilities (+7 per cent), Oil & Gas (+6 per cent), and Capital Goods (+6 per cent) as the top gainers, while media (-1 per cent) was the only laggard, according to a report by Motilal Oswal Financial Services.

The Nifty-50 reached the milestone of 20k last month.

After a volatile and long journey from 18k to 19k, the Nifty-50 added the next 1,000 points (19k to20k) relatively quickly in only 52 trading days (July-September) vs. 425 trading sessions (October21-June23) during its journey from 18k to 19k.

Despite the headwinds, however, the Nifty-50 managed to recover from its Jun’22 and Mar’23 lows to reach 20k, mainly fueled by strong FII/DII inflows of $19b/$9.3b between Mar’23 and Sep’23.

FIIs turned sellers of $2.3b in September after remaining net buyers for six months, as per a report by Motilal Oswal Financial Services.

FII and DII flows stand at $14.7b and $15.7b, respectively, in CY23YTD. DIIs recorded notable inflows of $2.4b in Sep’23 as well after $3.0b of inflows in Aug’23, the report said.

“We reckon the upside from here will be a function of stability in global and local macros and continued earnings delivery vs. expectations. Moreover, we note that during the last five General Elections (1999-2019), the Nifty-50 rallied 10- 32 per cent six months prior to the announcement of election results. India will be going into General Elections in Mar-May’24,” the report said.