Sensex ends 241 pts higher, Nifty reclaims 19,500; IT, Metal stocks shine

CLOSING BELL ON SEPTEMBER 04, 2023: In the broader market, the BSE MidCap and the SmallCap indices gained close to a per cent each on Monday.

Stock Market Highlights: Equity markets extended gains for the second straight day led by sustained buying support in IT and Metal stocks. The sentiment turned positive globally after the US jobs data cemented hopes of a likely pause in rate hikes by the US Federal Reserve later this month.

Amid the initial volatility, the S&P BSE Sensex slipped to a low of 65,286, and was down 101 points. However, the BSE benchmark thereafter rebounded into the positive zone and rallied to a high of 65,684 – up 398 points from the day’s low. The Sensex finally ended 241 points higher at 65,628 on Monday. 

The NSE Nifty settled near the high point of the day at 19,529 – up 94 points.

Wipro, HCL Technologies, UltraTech Cement and Tata Steel were the major gainers among the Sensex-30 pack, up around 4 per cent each. Tech Mahindra, NTPC, Infosys, Power Grid , TCS and SBI finished 1-2 per cent higher. 

On the flip side, Mahindra & Mahindra, ITC and Axis Bank slipped around a per cent each. Asian Paints, Nestle and Bajaj Finance were the other notable losers.

In the broader market, the BSE MidCap index jumped 1 per cent, while the SmallCap added 0.8 per cent. The breadth too was fairly positive, with more than 2,300 shares advancing as against 1,440-odd declining stocks on the BSE.

Sectorally, the BSE Metal index surged 2.7 per cent, and the IT index soared 1.7 per cent. The Power index was up 1.5 per cent, and the Realty index too closed with a gain of more than 1 per cent.

Primary Market Update

Ratnaveer Precision Engineering IPO which opened for subscription was subscribed almost 4 times as of 03:30 PM. Retail portion was subscribed 5.8 times, and HNIs 4.8 times.

 

4:24 PM

Surprise election outcome in May can see markets tank 40%: Morgan Stanley

The defining moment, Ridham Desai said, could be if and when the 26-party opposition alliance, known as I.N.D.I.A., is able to strike a seat-sharing deal. READ MORE

4:19 PM

COMMENT:: Hopes of a Fed pause, positive global cues lift sentiment

"Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:18 PM

VIEW:: Nifty to remain bullish above 19,525

"Nifty continues to stay in the bullish territory as the index has maintained its position above the channel breakout level. The trend is expected to stay positive as long as it remains above 19,525. On the upside, the index could potentially extend its gains towards 19,750. Conversely, if it falls below 19,400, we may witness a period of consolidation."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:18 PM

VIEW:: Bank Nifty can rally to 45,000, after clearing hurdle at 44,650

"The Bank Nifty index remains under bullish momentum, finding support within the 44,300-44,200 zone, which serves as a safety net for the bulls. The immediate obstacle on the upside is situated at the 44,600-44,650 zone. A successful breach above this resistance level would pave the way for further upward movement, potentially targeting the 45,000 level, where a substantial amount of open interest exists on the call side, making it a key area to watch."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:12 PM

Nazara Tech soars 10% as Zerodha founder Nikhil Kamath plans Rs 100 cr investment

The company said it is proposing to issue 1.4 million equity shares at a price of Rs 714 per equity share aggregating to Rs 100 crore proportionately to Kamath Associates & M/s NKSquared. READ MORE

4:10 PM

IRFC hits new high; market cap cross Rs 80,000 crore

Shares of state run financier Indian Railway Finance Corporation (IRFC) hit a record high of Rs 66.78 on the BSE. READ MORE

4:08 PM

Rising crude, uncertainty ahead of elections keep analysts wary on OMCs

Analysts say the already weakening marketing margins will be a concern ahead as the fate of OMCs remains tied to uncertain crude prices and the inability to raise prices amid the coming elections. READ MORE

4:07 PM

BSE ups share buyback price, fixes record date; stock soars 28% in 4 days

BSE announced increase in the buyback offer price from Rs 816 per equity share to Rs 1080 per share. READ MORE

4:05 PM

GMR Power zooms 20% as Group wins contract worth of Rs 5,123 cr in UP

The company said the total contract value for Prayagraj & Mirzapur Zone is about Rs 2,386.72 crore and for Varanasi & Azamgarh Zone is about Rs 2,736.65 crore. READ MORE

4:02 PM

Market breadth was fairly positive; 2,304 stocks advanced v/s 1,439 declining shares on the BSE

4:00 PM

Nifty PSU Bank index advances 2.4%; Bank of Maharashtra rallies 8.5%

3:59 PM

Nifty Metal index jumps 2.3%; NALCO, SAIL, NMDC gain around 6%

3:56 PM

Nifty IT index surges over 2%; Wipro, Persistent Systems, HCL Tech top movers

3:54 PM

BSE Smallcap Heatmap:: MMTC, GMR Power, JP Associates, Magadh Sugar soar up to 20%

3:52 PM

BSE Midcap Heatmap:: IRFC zooms 20%; IDBI, Yes Bank, 3M India rally 6-8%