Third straight gain for Sensex; Nifty nears 19,600 led by Pharma, FMCG stks

CLOSING BELL ON SEPTEMBER 05, 2023: The broader market continued to outperform - BSE MidCap index soared over a per cent while the SmallCap added 0.6 per cent on Tuesday.

SI Reporter New Delhi

Stock Market Highlights: The bulls had the final say for the third day in row as pharma, FMCG, and select IT stocks logged steady gains in trades on Tuesday. Aggressive buying by domestic funds in the last two trading sessions have aided the market sentiment.

The S&P BSE Sensex witnessed an intra-day corrective move, wherein the benchmark slipped over 200 points to touch a low of 65,601. The recovery, thereafter, was swifter with index heavyweight Reliance Industries, and metal stocks flexing their muscles. The Sensex hit a high of 65,832, and eventually ended 152 points up at 65,780.

In the process, the Sensex has now gained 949 points in the last three straight trading days.

The NSE Nifty, meanwhile, touched a high of 19,587, and settled with a gain of 46 points at 19,575.

Among the Sensex 30 shares, Sun Pharma gained 2 per cent, while ITC, Titan, Bajaj Finance, Nestle, Infosys, and Larsen & Toubro were up over a per cent each. On the other hand, UltraTech Cement, and Maruti were the prominent losers.

In the broader market, the BSE MidCap index jumped over 1 per cent, while the SmallCap advanced 0.6 per cent. Overall, near about 2,150 shares advanced as against 1,525 declining stocks on the BSE.

Sectorally, the BSE Healthcare index gained 1.3 per cent. Energy and Realty indices were up around a per cent each.

Primary Market Update

Ratnaveer Precision Engineering IPO was subscribed 18 times as of 03:30 PM on Day 2 of the offer period. Retail portion saw bids in multiples of 20.7 times, while demand from HNIs mounted to 35.3 times.

4:06 PM

Tech View :: 'Bank Niftgy has significant call writing at 45,000'

The Bank Nifty index is currently consolidating within a defined range, with support at 44,500 and resistance at 44,650. Despite the consolidation, a bullish undertone is observed, and traders are encouraged to consider buying on dips, with strong support around 44,300-44,200. A breakout above 44,700 could lead to further upside moves, especially towards the 45,000 level where significant open interest is seen on call options

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

4:04 PM

Tech Views :: 'Nifty, Bank Nifty to maintain positive bias'

Nifty50
The Nifty opened the gap up today and consolidated in a narrow range for the most part of the day. It closed with gains for the third consecutive day. Because of the sideways consolidation, the hourly momentum indicator has slipped in the negative indicating a loss of momentum. Also considering the sharp run up a consolidation is likely.

Overall, the trend is positive, and dips are being bought into it, which is a bullish sign. We expect the broader market participation to continue to outperform and sector rotation is helping Nifty to stay elevated. On the upside, we expect the Nifty to target levels of 19,650. In terms of levels, 19,490 - 19,470 shall act as a crucial support and 19,650 – 19,700 shall act as an immediate hurdle.

Bank Nifty

Bank Nifty has witnessed a day of consolidation. It consolidated within a narrow range of 250 point range. Overall, we believe that this consolidation has come after a sharp run up which is likely to break out on the upside over the next few trading sessions. Momentum indicator has a positive crossover which is a buy signal. Thus, we can expect trending moves on the upside. On the upside we expect targets of 44,900 – 45,000 from short-term perspective.

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

3:58 PM

COMMENT :: What is supporting the market rally in India?

Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood. India's service PMI remains robust at 60.2, indicating sustained demand even in the face of inflationary pressures. Notably, small and mid-cap stocks have been standout performers, with both indices reaching all-time highs. Conversely, the weak Chinese service PMI has cast a shadow on hopes of an economic rebound in China, impacting global market sentiments.

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

3:56 PM

Market Check :: Top losers on the BSE today

3:55 PM

Market Check :: Top gainers on the BSE today

3:53 PM

Buzzing stock :: Bombay Dyeing soars 9%; Company settles dispute with Axis Bank

>> The company settled a dispute with Axis Bank over disputed land for Rs 149 crore and handed over 11,541 square metres of land to the lender. The settlement will enable independent and exclusive access to the bank's headquarters.

3:51 PM

Buzzing stock :: Raymond hits record high; MOFSL, Jefferies initiate coverage with 'Buy' rating

3:50 PM

Buzzing stock :: Dish TV India zooms 20%; Bombay HC disposes interim application in YES Bank case

>> A suit was filed by World Crest Advisors LLP, a promoter group entity, against, inter-alia, Catalyst Trusteeship Limited, Yes Bank Limited and J.C. Flowers Asset Reconstruction Private Limited,

>> Dish TV was one of the defendants in the said Suit.

>> In the said Suit, by an Interim Application, World Crest had inter alia sought an injunction restraining Yes Bank Limited (YBL) and J.C. Flowers Asset Reconstruction Private Limited (JCF) from exercising rights including voting rights in respect of the suit shares.

>> The High Court of Judicature at Bombay, through an order dated September 4, 2023, has disposed of the said Interim Application without granting any relief to World Crest. There is no financial impact of this order on the Company.