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.

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.
 

 

3:45 PM

Buzzing stock :: Vishnu Prakash ends 47% higher against issue price

>> Stock debuted at 63% premium against issue price

3:43 PM

Broader markets swin in sea of green; MidCap index hits new peak

3:42 PM

Sector check :: Nifty PSU Bank index hits record high in intra-day trade

3:40 PM

Sector check :: FMCG stocks gain as investors expect inflation to cool off soon

3:39 PM

Sector check :: Pharma stocks hold strong gains; Aurobindo Pharma, Glenmark top gainers

3:38 PM

Sector check :: Media Index zooms 20% buoyed by Dish TV

3:36 PM

Sectoral trends :: Banks, financial services indices end lower in a strong market

3:34 PM

Sensex Heatmap :: 18 of 30 index stocks settle higher; Sun Pharma, ITC, Titan lead

3:33 PM

CLOSING BELL :: Niftgy ends atop 19,550

3:32 PM

CLOSING BELL :: Sensex ends range-bound session 150 pts higher

3:15 PM

Global Check:: US, UK stock futures down up to 0.9%

Source: Investing.com

3:03 PM

These two PSU stocks have zoomed 50% in last three days on heavy volumes

Shares of Indian Railway Finance Corporation (IRFC) and MMTC surged by up to 20 per cent on the BSE in Tuesday's intra-day trade on the back of heavy volumes. READ MORE

 

2:50 PM

India raised stature of G20, say Maruti Suzuki's chairman RC Bhargava

No other nation has taken the opportunity like India did to showcase its development, raise the profile of the country and also to use the G20 platform to make a lot of changes. READ MORE

2:33 PM

ALERT:: CBI arrests Gail India ED KB Singh

CBI has arrested five people including Executive Director of Gail India, KB Singh for an allegation of demanding Rs 50 lakh bribe for projects, reports CNBC Tv-18.

2:25 PM

Market Check:: BSE MidCap index at day's high, up over 1%

2:07 PM

India on track to be global player due to financial regulations: Experts

The RBI Deputy Governor said India was in a "sweet spot" to grow robustly, despite global turmoil and monsoon risks to growth, and to do so, developing credit markets was essential. READ MORE

1:52 PM

Cyient surges 140% so far in CY23; Cyient DLM zooms 179% over issue price

Shares of Cyient and its subsidiary Cyient DLM hit their respective all-time highs on Tuesday as they rallied up to 19 per cent on the BSE in the intraday trade. READ MORE

1:35 PM

Asian Market Update:: Hang Seng dips 2%; Nikkei up 0.3%

Source: Yahoo Finance

1:20 PM

ALERT:: Lehar Footwears gets BIS license for its Jaipur Plant; stock flat

Lehar Footwears in an exchange filing said it received license under IS 10702:2023 from the Bureau of Indian Standards (BIS) to its Kaladera Plant (Jaipur) for manufacturing Hawai Chappals for sizes of adults and children.

1:05 PM

Non-tariff barrier removal in G20 nations to boost India's alcohol export

CIABC Director-General Vinod Giri said that the G20 countries not only account for 80 per cent of global alcoholic beverages imports, they also allow higher product prices and better operating margins. READ MORE

12:50 PM

Dilip Buildcon zooms 4% on winning Rs 1,275 crore order

Dilip Buildcon bags order worth Rs 1,275.3 cr from Madhya Pradesh government. 

12:35 PM

Ethos board approves fund raise of up to Rs 250 cr via QIP