Moneycontrol PRO
HomeNewsBusinessMarketsNifty tops 24,700 after choppy session, Sensex gains 400 points as metal stocks shine

Nifty tops 24,700 after choppy session, Sensex gains 400 points as metal stocks shine

With global uncertainty on the rise, analysts noted that the domestic market also is going to experience high volatility.

September 03, 2025 / 15:36 IST
Dalal Street rallied in the second half of the sesssion.

Dalal Street rallied in the second half of the session.

After a choppy session, buying interest in metal stocks drove Dalal Street to rise over half a percent on Wednesday, September 3. Investors also awaited further details from the Goods and Services Tax (GST) Council meeting, which will drive near-term moves.

At close, the Sensex was up 409.83 points or 0.51 percent at 80,567.71, and the Nifty was up 135.45 points or 0.55 percent at 24,715.05. About 2,385 shares advanced, 1,356 shares declined, and 123 shares were unchanged.

The shares of metal companies jumped, with JSW Steel, Tata Steel, and Hindalco extending gains due to weaker dollar and China's aim to cut steel production between 2025 and 2026. The country's move aims to tackle overcapacity that has hit prices significantly. The metal index was the top sectoral gainer on the stock market.

On the sectoral front, Nifty Metal led the gains, climbing over 3 percent, while PSU Bank, Pharma, and Auto indices also advanced more than 0.7-1 percent. FMCG, Energy, Realty, and Infra edged higher with modest upticks. On the other hand, IT was under pressure, slipping nearly 0.8 percent, while Media remained flat.

"With global uncertainty on the rise, the market also is going to experience high volatility. There are potentially positive and negative news that can impact the market, going forward. On the negative front, the likelihood of the 25 percent penal tariff imposed on India being withdrawn, is difficult since India has refused to accept Trump’s dictates. This means, in the short-run our exports and related  jobs will continue to suffer," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

On the daily chart, Nifty continued its recovery momentum and is holding firmly above the 24,400 support zone. The index is consolidating within a broad range, indicating a healthy pause after recent gains. Immediate support is placed at 24,500, followed by 24,300.

"A break below these levels could trigger short-term profit booking. On the higher side, resistance is seen near 24,800, followed by the crucial 25,000 psychological mark. A decisive breakout above 25,000 could open the gates for a fresh leg of rally," said Mandar Bhojane, Sr Technical & Derivative analyst at Choice Broking.

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.

Moneycontrol News
first published: Sep 3, 2025 03:35 pm

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!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347