Sensex extends rally to 6th day, ends 333 pts higher; Nifty reclaims 19,800

CLOSING BELL ON SEPTEMBER 08, 2023: L&T, Airtel and banks were the major movers on Friday; the S&P BSE Sensex has rallied 1,767 points in the last six straight trading sessions.

SI Reporter New Delhi

Stock Market Highlights: Equity markets extended their winning-run into sixth straight trading session on Friday. Larsen & Toubro, Bharti Airtel and banks were the major movers, while in the broader market power and rail-related stocks ended with solid gains.

The S&P BSE Sensex touched a high of 66,767, and thereafter pared some gains but still finished 333 points stronger at 66,599. The BSE benchmark index has now rallied 1,767 points in the last six trading sessions.

The NSE Nifty hit a high of 19,867, and was barely 0.6 per cent shy from its record peak of 19,992. The Nifty eventually settled with a gain of 93 points at 19,820.

Among the Sensex 30-shares, NTPC soared nearly 3 per cent. Tata Motors and Larsen & Toubro gained nearly 2 per cent each. Bajaj Finserv, Bharti Airtel, Reliance and Titan were the other prominent gainers.

On the other hand, ITC, UltraTech Cement, Tech Mahindra and Tata Steel were few of the visible losers on the Friday.

Bank stocks got a boost in intra-day deals after the RBI said it would discontinue the incremental Cash Reserve Ratio (CRR) in a phased manner starting September 09. The BSE Bankex was up 0.6 per cent, with Federal Bank, AU Bank, HDFC Bank and SBI are the lead gainers. READ MORE

The BSE MidCap and SmallCap indices scaled fresh record highs and finished with gains of 0.9 per cent and 0.4 per cent, respectively.

Primary Market Update

EMS IPO sailed through on Day 1 of the offer period. As of 03:30 PM the IPO saw bids up to 3.5 times from retail investors and 3.7 times from the HNIs.

Jupiter Life Line Hospitals was subscribed up to 63.4 times on the final day of the offer period. Retail quota was subscribed 7.2 times; HNIs 34.3 times and QIBs 187.3 times.

4:08 PM

Tech View :: 'Nifty may consolidate next week'

Nifty50
On the hourly chart, we can observe that the Nifty has reached the upper end of the rising channel, and hence a consolidation is likely in the upcoming week. The range of consolidation is likely to be 19,850 – 19,670. Daily and hourly momentum indicators have a positive crossover which is a buy signal, and thus this is likely to be only a consolidation.

In case of a dip, it should be used as a buying opportunity. On the upside, we expect 19,900 -- which is around the swing high it touched during July -- to act as resistance. In terms of levels, 19,630 – 19,670 shall act as a crucial support zone, while 19,860 – 19,900 shall act as an immediate hurdle zone.

Bank Nifty
After breaking out of the consolidation during the previous trading session, it has witnessed follow through buying interest. Momentum indicator has a positive crossover which is bullish sign. Overall, we expect the positive momentum to continue and expect targets of 45,500 from short term perspective.

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

4:02 PM

Comment :: Winners and losers of today's session

Global markets tumbled as they processed August's jobless claims data from the US and the rise in gas prices due to strikes in Australia, rekindling further slowdown. The domestic market, however, showcased its resilience once more by rallying, seemingly unfazed by global distress signals.

Although selling was seen in IT and pharma stocks due to weak global cues, the gains in infra, industrial, and capital goods stocks due to improved order inflows coupled with the persistent preference for mid- and small-cap stocks contributed to the ongoing rally.

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

4:00 PM

Comment :: 'PSU stocks making hay in this market'

Benchmark Indices ended the week just a few percentage away from record highs ahead of the G20 Summit, buoyed by good support from the Bank Nifty (on positive newsflow from the RBI) as well as the PSU & Infrastructure stocks. Despite a deficient monsoon, the mood in the market was optimistic as PSU stocks across sectors exhibited positive investor appetite.

Views by: S Ranganathan, Head of Research at LKP Securities

3:58 PM

Currency check :: Rupee ends 27 paise stronger vs US dollar

3:56 PM

BSE Stats :: Market breadth firmly favours bulls

3:55 PM

Buzzing stock :: IRCTC gains 2.6% on catering contract

>> Catering facilities in all coaches or trains booked on full tariff rates (FTR) will be arranged by IRCTC, the company said.

3:52 PM

Buzzing stock :: Shemaroo Entertainment hits 5% lower circuit on CEO arrest

>> The Central Goods and Service Tax (CGST) Department on Wednesday arrested Hiren Gada, the Chief Executive Officer (CEO) of Shemaroo Entertainment Ltd for allegedly committing tax fraud amounting to Rs 70.25 crore.

>> Maru (Joint Managing Director), and Amit Haria (CFO) were also detained in connection with the investigation.

>> All three have been released on bail.