Sensex soars 385 pts, ends atop 66K; Nifty reclaims 19,700; L&T, banks lead

CLOSING BELL ON SEPTEMBER 07, 2023: The S&P BSE benchmark index has now gained 1,434 points, and the Nifty 473 points in the last five straight trading sessions.

4:08 PM

Tech View :: 'Positive trend to continue in Nifty over next few sessions'

Nifty50
The daily and the hourly Bollinger bands have begun to expand and prices are trading along the upper band indicating that the momentum is likely to continue. Daily and hourly momentum indicators have a positive crossover which is a buy signal. Thus, both price and momentum indicators suggest that there is further upside over the next few trading sessions. On the upside, we expect 19,900 which is around the recent swing high. In terms of levels, 19,600 – 19,630 shall act as a crucial support zone while 19,820 – 19,850 shall act as an immediate hurdle zone. 

 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:00 PM

Tech View :: 'Bank Nifty has given a breakout on daily charts'

The Bank Nifty index has recently experienced a fresh breakout on the daily chart. This breakout was accompanied by a notable increase in trading volumes.TA robust support level has formed at 44,500, which also coincides with the index's 20-day moving average (20-DMA). This level is expected to provide significant support to the index.The index successfully closed above the previous day's high, establishing a bullish undertone for the near term.The Bank Nifty index has the potential to reach upside targets in the range of 45,200 to 45,500.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

3:55 PM

Comment :: 'Expect Nifty to touch 20,000 soon'

Nifty has finally crossed the hurdle at 19,650 and the alignment of the banking pack has further strengthened the tone. We expect the index to inch towards the new milestone of “20,000” now. Traders should align their positions accordingly and maintain a balanced approach as broader indices look stretched.  

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:50 PM

Comment :: 'Weak trade data from China continues to cast shadow over global markets'

The domestic market initially opened with a lackluster performance, influenced by weak global cues. However, as the day progressed, a decline in US bond yields and crude oil prices injected some positivity into the market. This optimism was most prominent in banking stocks. Interestingly, mid- and small-cap stocks managed to retain investor interest even though their valuations are relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market's outlook.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:47 PM

Bond Market :: Yields on 10-year G-Sec end lower

3:45 PM

Currency check :: Rupee ends weaker at 83.21/$

3:44 PM

Buzzing stock :: Responsive Industries leaps 17% on order win

3:42 PM

Buzzing stock :: Cochin Shipyard hits record high, zooms 20%

3:41 PM

Buzzing stock :: L&T hits Rs 4-trn m-cap intraday, stocks soars 4%

3:39 PM

Broader markets extend rally; Mid, SmallCap indices hit new peaks in intraday trade

3:37 PM

Sectoral trends :: Most indices gain 1% each; FMCG, Metal, Pharma only losers

3:36 PM

Sensex Heatmap :: L&T, banks lead charge on 30-pack index

3:34 PM

CLOSING BELL :: Nifty reclaims 19,700

3:33 PM

CLOSING BELL :: Sensex stages smart recovery in afternoon deals

3:24 PM

L&T sees share of private orders settle at a third but remain below peak

Larsen & Toubro, India's largest capital goods company, expects the contribution from private sector projects to be at about a third of its orderbook as investment activity picks up, a senior executive said. READ MORE