After opening the day on a positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

The benchmark Nifty 50 shrugged off subdued global cues and outperformed their overseas peers to scale a fresh record high, surpassing the 20,000 mark for the first time ever today.

Indian benchmark indices inched up as strong domestic macroeconomic data, a breather in August, and resilient buying from domestic institutional investors were the primary factors behind the rally.

At the closing bell, the BSE Sensex stood higher by 528 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 176 points (up 0.9%).

Adani Ports and Axis Bank were among the top gainers today.

Coal India and ONGC, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 20,067, up by 129 points, at the time of writing.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 1.2% higher and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices ended on a positive note with stocks in the power sector, auto sector, and telecom sector witnessing buying.

Shares of P&G Hygiene and Titan hit their 52-week high today.

Asian shares ended mixed today.

The Nikkei index fell 0.4. The Hang Seng index shed 0.6%, while the Shanghai Composite ended 0.8% higher on Friday.

In commodity markets, gold prices are trading 0.3% higher at Rs 59,047 per 10 grams today.

Meanwhile, silver prices are trading marginally 0.8% higher at Rs 72,150 per 1 kg.
 

Why IRFC share price is rising

In news from the railway sector, State-run Indian Railway Finance Corp (IRFC) market capitalization crossed Rs 1 trillion (tn) on 11 September as the stock climbed to a new high, doubling in value this year.

The company is now the 10th most valuable state-run enterprise in the country, surpassing Bharat Electronics, Bank of Baroda, and Gail India Ltd.

The stock hit an all-time high of Rs 84.50 on BSE, up 8% from its previous close, as the government's infrastructure push and expansion of the rail network boosted investor confidence.

This is because, the cabinet approved seven multi-tracking projects worth Rs 3.2 tn, expanding the Indian Railways' network by 2,339 km across 34 districts in nine states.

During the recently concluded G-20 summit, India, the US, the UAE, and Saudi Arabia announced a plan to establish shipping and railway connections linking Europe and the Middle East to India.

The aim is to build an economic corridor connecting Middle Eastern nations via railways, which will then link to India through maritime routes. The European Union will also participate in this initiative.

These developments boosted confidence in railway stocks, with investors seeing railways as a long-term growth opportunity, analysts said.

IRFC, which provides financial services, raises money from through bonds and off-shore borrowings to finance the plan outlays of railways and other developmental programs.

Several data points suggest that we are nearing the end of the rising interest rates cycle. This is good news for the growth of stocks. IRFC is one such growth stock. 

Is the risk-reward of investing in IRFC still in favor of investors? 
 

Why Praj Industries hit a 52-week high today

Moving on to news from the engineering sector, shares of Praj Industries soared 15% to hit a 52-week high of Rs 598 today on expectations that it will benefit from the Global Biofuel Alliance (GBA) launched on Saturday on the sidelines of the G20 Summit by Prime Minister Narendra Modi.

This is because Praj Industries has 60-65% of the market share in developing ethanol plants.

The main aim of GBA is to accelerate the transition to sustainable biofuels and reduce the world's dependence on traditional fossil fuels.

Biofuels are renewable energy fuels derived from biomass like crop stubble, plant waste, and municipal solid waste.

The government has reiterated a target of 20% ethanol blending program by 2025.

Ethanol blended motor fuel contains ethyl alcohol, derived from agricultural products, and blended exclusively with gasoline.

India is home to many prominent engineering companies that cater to a wide range of sectors. From infrastructure to automobiles, these companies are known for their innovative solutions and quality services.

Praj Industries is one such top engineering company in India that is driving the country's growth and development.
 

IRB Infra shares rallied 4% today. Here's why

Moving on, shares of IRB Infrastructure zoomed nearly 4% on 11 September after toll revenue surged 24% to Rs 4.2 bn.

The Mumbai-based highway developer reported a toll revenue of Rs 4.2 bn for August 2023, rising 24% against Rs 3.4 bn a year back.

Its wholly owned subsidiaries, which manage the Mumbai Pune project and Ahmedabad Vadodara project, reported aggregate toll revenue of Rs 1.9 bn, up 20% during the same period, while the joint ventures entities under IRB Infrastructure Trust, Private InvIT clocked toll revenue of Rs 2.2 bn in August 2023, up 28% on-year.

IRB Infra is one of the top real estate players in India.

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