Nifty and Sensex powered ahead on Monday afternoon, September 1, riding a strong wave in IT, auto, and metal stocks, while mid- and smallcaps stole the spotlight with an even sharper rally.
At 12:20 pm, the Sensex was up 348.04 points or 0.44 percent at 80,157.69, and the Nifty was up 124.40 points or 0.51 percent at 24,551.25. About 2447 shares advanced, 1215 shares declined, and 156 shares remained unchanged.
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At mid-day, the market was trading firm with broad-based gains across sectors. Nifty IT led the charge, up 1.6 percent, followed by auto and consumer durables, both rising over 1 percent. Energy, metals, and midcaps also advanced more than 1 percent each, while PSU banks, infra, and realty posted modest gains. FMCG and media were marginally in the red, while the India VIX eased nearly 2 percent, reflecting lower volatility.
PG Electroplast surged 3 percent after its subsidiary, Next Generation Manufacturers, entered into a Memorandum of Understanding (MoU) with the Government of Maharashtra. This upcoming project is part of the state’s Magnetic Maharashtra initiative and aims to develop integrated manufacturing capacities for air conditioners, washing machines, refrigerators, and related products. The facility is expected to generate over 5,000 direct and indirect employment opportunities, strengthening the consumer electronics ecosystem in western India.
Also read: BSE, MCX, other capital market stocks jump up to 5%: Here are possible reasons behind sharp rally
Two-wheeler major Bajaj Auto rallied as much as 3.5 percent on Monday after the company posted a sales uptick for August. Total sales climbed 5 percent year-on-year to 4,17,616 units, while year-to-date sales for April–August stood at 18,94,853 units, up 2 percent from 18,54,029 units a year earlier.
Ashok Leyland shares traded higher on Monday after the company reported August sales of 15,239 units, surpassing CNBC-TV18’s poll estimate of 14,967 units. Total sales rose 5 percent from 14,463 units a year ago, driven by an 8 percent jump in medium and heavy commercial vehicle (M&HCV) sales to 9,381 units from 8,663 units last year.
Technical View
"While it took 8 days for Nifty to swing higher from the lower bollinger band to the upper bollinger band, we are close to the lower bollinger band again in just another 6 days. August low of 24337 is precariously close, a break of which could expose 24077, the 200 day moving average, and the fibo support of 23860," Anand James of Geojit Investments Ltd said. "But, it cannot be ignored that, except for the indecisive day on August 25th, the declines so far have been large, raising the possibility of a mean reversion move higher. For this to materialise, a quick swing back above 24350, in the event of a first half collapse, or a push above 24550-608 band needs to be seen," he added.
Bajaj Auto, M&M, Trent, Infosys, Asian Paints, and Power Grid Corp were the top gainers on the Nifty. Laggards on the index included ITC, Sun Pharma, Reliance Industries, Tata Consumer Products, and HDFC Bank.
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