After opening higher, Dalal Street rose about half a percent in early afternoon trade but later pared gains to settle near the flatline on Monday, September 8.
At close, the Nifty was quoting 24,773.15, higher by 32 points or 0.13 percent, while the Sensex was at 80,787.30, up 77 points or 0.09 percent.
Meanwhile, against the backdrop of tariff tensions between India and the US, Prime Minister Narendra Modi responded to President Donald Trump’s “always be friends” remark by affirming that he “wholeheartedly shares the sentiment.” Modi stressed that ties between the two nations rest on a “very positive” strategic partnership at the global level.
Going forward, investors will closely watch inflation data from both India and the US, which will provide cues on the US Federal Reserve’s monetary stance. In its previous meeting, Fed Chair Jerome Powell had hinted at a 25 basis points rate cut, while the latest weaker-than-expected US jobs report further strengthened expectations of a cut when the Fed meets next week.
On the sectoral front, Nifty Auto emerged as the day’s top performer, extending last week’s rally on September 8 noon deals. Gains in Maruti Suzuki, Mahindra & Mahindra, and Tata Motors led the charge as the Street cheered steep reductions in car prices ranging from Rs 65,000 to Rs 7.8 lakh. Further, BofA Securities also wrote a bullish note on the sector, believing there to be further upside.
Sectoral indices were mixed. Nifty Auto led the gains with a sharp rise of 3.27 percent, supported by strong momentum in the sector. Nifty PSU Bank and Nifty Metal were also in positive territory, adding 0.52 percent and 0.38 percent, respectively, while Nifty Realty and Nifty Infra inched up 0.44 percent and 0.15 percent. Nifty Media too edged higher by 0.20 percent.
On the other hand, pressure was visible in defensives, with Nifty IT slipping 0.94 percent, Nifty Pharma down 0.27 percent, and Nifty FMCG lower by 0.21 percent.
From a technical standpoint, the index continues to lack a decisive trend, with bulls and bears alternating dominance across sessions. "Nifty has remained locked within a broad consolidation band of 24,500–25,000, and only a breakout beyond this corridor will spark a directional move with meaningful momentum," said Dhupesh Dhameja, of SAMCO Securities.
He added a decisive move above 24,900 could unleash meaningful short covering, paving the way for an extended rally, while a breakdown below 24,500 may trigger a fresh leg of bearish continuation. "Until then, range-bound action is likely to dominate, favoring a “range trading” approach with 24,400 as the floor and 24,900 as the ceiling," he said.
Follow our market blog to catch all the live updates
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
