Benchmark indices Nifty and Sensex snapped a three-day losing streak on Monday, September 1, as IT and bank stocks led gains in the morning. The broader market, represented by the mid and smallcap indices, also mirrored positive trends to snap their three and six-day losing streak.
At about 9:25 am, the Sensex was up 330.87 points or 0.41 percent at 80,140.52, and the Nifty was up 99.30 points or 0.41 percent at 24,526.15. About 2175 shares advanced, 793 shares declined, and 150 shares were unchanged.
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The growing alignment of China, India, and Russia carrying potential to reshape power dynamics and trade flows worldwide—moves that will inevitably ripple into markets. Two key developments stand out for investors. Globally, a U.S. court has ruled Trump’s tariffs illegal, though the Supreme Court’s final word is awaited. On the domestic front, India’s Q1 GDP growth surprised at 7.8 percent, aided by earlier fiscal and monetary measures whose effects are now showing up. Planned GST reforms could further lift growth in the coming quarters, while strong mutual fund inflows and abundant liquidity remain supportive for equities.
Among individual stocks, Reliance Industries shares were in focus after its 48th AGM, where the big highlight was a plan to list Jio by June 2026. JPMorgan, with an ‘Overweight’ and a Rs 1,695 target, noted that Jio is already fairly valued but said higher telecom tariffs before the listing could lift sentiment. Reliance plans to launch Jio’s IPO in the first half of 2026, banking on strong broadband growth and a push to sell its 5G stack overseas.
Shares of Premier Energies traded flat as the one-year shareholder lock-in ends, freeing up 185.2 crore shares—41 percent of its equity—worth about Rs 18,347 crore at Friday’s close, according to Nuvama Alternative and Quantitative Research. In the past year, mutual funds have doubled their stake in Premier Energies to 8.34 percent from 4.22 percent, while foreign institutions have raised holdings from 3.08 percent to 4.41 percent.
RBL Bank shares rose almost 2 percent on Monday after the lender said its board will seek shareholder approval at the 82nd AGM to raise Rs 3,500 crore via QIP and Rs 3,000 crore through debt securities in multiple tranches.
Technical View
Nifty’s August close on a fragile note—breaking through key support zones and slipping beneath its two-month low—nearly confirms a bearish Harami setup on the monthly chart. The dominance of call writing at crucial strikes, coupled with unwinding and migration of put positions to lower levels, reinforces the prevailing bearish sentiment. With the index trading well below all major moving averages and resistances gradually shifting lower, the structure remains vulnerable. Unless Nifty decisively clears the 24,800 zone, upside momentum will stay capped. On the downside, holding above 24,400 is critical to prevent deeper corrections. For now, a “sell-on-rise” approach appears prudent, with any technical rebounds in oversold conditions likely to be viewed as fresh shorting opportunities.
Tech Mahindra, TCS, HCL Tech, Hero MotoCorp, and Asian Paints were the top gainers on the Nifty. Laggards on the index included Jio Financial Services, Hindustan Unilever, and Maruti Suzuki.
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