The week was off to a good start, as the Nifty reclaimed 11,000-mark and the Sensex closed above 37,000 on September 9. The Nifty closed above all its short-term moving averages such as 5, 13 and 20-day EMA.
The market will remain shut on September 10 on account of Muharram.
The day began on a muted note but the momentum picked up in the second half of the trading session, led by gains in telecom, capital goods, infrastructure, and consumer durable stocks. IT stocks were laggards.
The final tally on D-Street: the Sensex up 163 points at 37,145 and the Nifty closed 56.85 points higher at 11,003, the first time it crossed 11K since August 30.
The broader markets also outperformed—the BSE Midcap index rose 0.97 percent, while the BSE Smallcap index was up 0.92 percent.
"Market reversed its early losses based on a positive view in the global market that interest rate will be eased further by ECB. Global uncertainties like Brexit and US-China talks will be watched carefully by the market,” Vinod Nair, Head of Research, Geojit Financial Services Ltd, told Moneycontrol.
“While domestically, data like CPI, IIP, Auto production and sales and FDI/FII inflows (RBI) during the week will be assessed to understand whether the worst for the economy is over or weakness will continue in the short-term.”
Top Sensex gainers included Kotak Bank, L&T, Maruti Suzuki, and YES Bank. IT stocks such as Tech Mahindra, and Infosys lost more than 1 percent each.
Stocks that witnessed a rise in open interest and showed signs of a long buildup include JustDial, RBL Bank, CESC, and Voltas. Short covering was seen in stocks such as GMR Infra and Reliance Infrastructure.
On the technical front, the Nifty formed a bullish candle on the daily charts, and above 11,000 levels, a positive sign for the bulls. If the index holds onto 11K this week, the momentum should take it towards 11,200, say experts.
Stocks in News
Shares of Skipper ended more than 12 percent higher on September 9 after the company got a Rs 524-crore order from Power Grid Corporation of India.
Dewan Housing Finance Corporation jumped more than 5 percent after clearing DSP Mutual Fund debt. DSP MF said the housing finance company had paid the entire pending amount, CNBC-TV18 reported.
Shares of RBL Bank closed over 7 percent higher after brokerages gave a positive outlook on the stock. ICICI Securities has maintained a buy and has cut price target to Rs 536 from Rs 725. Kotak Institutional Equities has upgraded the stock to add from reduce and has cut target to Rs 350 from Rs 500 per share.
Shares of Sical Logistics ended close to 5 percent higher after a media report said that Coffee Day Enterprises might be selling the company.
Auto stocks ended higher on the hope of a cut in the goods and services tax. The Nifty auto was up third straight day.
Global update
Asian markets ended higher as investors reacted to a series of recent data releases in major economies including the United States and China.
Mainland Chinese stocks rose, with the Shanghai composite adding 0.84% to about 3,024.74 and Shenzhen component up 1.82% to 10,001.93.
Hang Seng was largely flat following another weekend of protests in Hong Kong. Nikkei 225 ended 0.56% to close at 21,318.42, while the Topix index added 0.91% on the day to 1,551.11.
The Kospi added 0.52% to finish its trading day at 2,019.55, while the MSCI Asia ex-Japan index traded 0.27% higher.
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