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.

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.

3:49 PM

Buzzing stock :: Natco Pharma slides over 3% on law suit being filed in the US

3:46 PM

Buzzing stock :: TVS Supply Chain hits highest level since listing

>> Stock debuted on Aug 23, 2023

3:44 PM

Buzzing stock :: Mazagon Dock Shipbuilders pares most of the day's gains

>> MZL inks contract with US govt's arm 

3:43 PM

Buzzing stock :: RIL ends near day's high on partnership with NVIDIA

3:41 PM

Broader markets extend outperformance over banchmarks; Mid, SmallCap indices hit record highs

3:40 PM

Sector check :: Bank index ends off highs; RBI to discontinue I-CRR

3:38 PM

Sector check :: Realty Index soars 2%; Sobha zooms 10%

3:37 PM

Sectoral trends :: Banks, Realty indices end higher

3:36 PM

Sensex Heatmap :: Bulls win for 6th day led by NTPC, L&T, TaMo

3:34 PM

CLOSING BELL :: Nifty ends atop 19,800

3:33 PM

CLOSING BELL :: Sensex rallies 300 pts despite global selling

3:19 PM

Wire and cables maker RR Kabel aims to raise $236 million via IPO

The Mumbai-based company, backed by private equity firm TPG, will issue new shares worth Rs 180 crore. READ MORE

3:09 PM

Landmark Cars jumps 19%; hits record high on adding M&M to its dealership

In an exchange filing, Landmark Cars said the company has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah, West Bengal. READ MORE

3:08 PM

ALERT :: Reliance Industries, Nvidia partner to bring AI to India

>> NVIDIA and Reliance Industries today announced a collaboration to develop India's own foundation large language model trained on the nation’s diverse languages and tailored for generative AI applications to serve the world’s most populous nation.

>> The companies will work together to build AI infrastructure that is over an order of magnitude more powerful than the fastest supercomputer in India today.

Source: Nvidia statement

2:52 PM

Bank stocks gain as RBI decides to discontinue I-CRR in a 'phased manner'

As per the schedule, the RBI will release 25 per cent of the amount received under I-CRR on September 9, next 25 per cent on September 23, and the remaining 50 per cent on October 7. READ MORE

2:34 PM

ALERT:: Railways awards full catering contract to IRCTC; stock rallies 4%

Ministry of Railways has decided that cateriing facilities in all coaches/ trains booked on FTR shall be arranged by IRCTC, except for full trains booked with pantry cars.

2:18 PM

ALERT :: RBI to discontinue i-CRR in a phased manner

RBI plans to discontinue incremental CRR (Cash Reserve Ratio) in a phased manner; Entire i-CRR requirement will be phased out by October 07

2:10 PM

ALERT:: GE Shipping announces key managerial personnel; stock up 2%

The Great Eastern Shipping Company informed BSE that the company has made Change in Directors/ Key Managerial Personnel/ Auditor/ Compliance Officer/ Share Transfer Agent. The details were not available in the release.

1:53 PM

TVS Supply Chain hits highest level since listing; soars 20% in 2 days

The company made stock market debut on August 23, and is currently trading 23 per cent higher over its issue price of Rs 197 per share. READ MORE

1:32 PM

Indian rupee inches up, but sustainable recovery unlikely - traders

"It continues to be a buy-on-the-dip kind of a market (on the USD/INR)," said Apurva Swarup, vice president at Shinhan Bank India. READ MORE

1:16 PM

Asian Market Update:: Sensex sole gainer; Nikkei slips 1%

Source: Yahoo Finance

1:00 PM

Multi-asset playbook divides mutual fund industry; hybrids in demand

Three recent launches opt for debt taxation, two stick to equity READ MORE

12:43 PM

Market Check :: Nifty MidCap tops 40,900-mark for the first time