Closing Bell: Nifty above 19,500, Sensex gains 241 pts; all sectors in the green

Deven Mehata, Equity Research Analyst at Choice Broking:

After a gap up opening Nifty came down near Friday’s closing and bounced higher and managed to close the session near day’s high. The Nifty has managed to close above the initial resistance of 19500 and Bank Nifty has also shown some strength and has closed above 44500 levels.

The market has traded Positive with the Sensex gaining 0.37 percent and closed at 65628.14 and Nifty was up by 0.48 percent intraday and closed at 19528.80 levels whereas Bank Nifty was up by 0.32 percent and settled at 44578.30.

Index has a support around 19225-19275 zone. Coming to the OPen Interest (OI) Data, on the call side, the highest OI observed at 19600 followed by 19700 strike prices while on the put side, the highest OI is at 19400 strike price. On the other hand, Bank Nifty has support at 43900-44100 while resistance is placed at 44900-45100 levels.

Rupak De, Senior Technical analyst at LKP Securities:

Nifty continues to stay in the bullish territory as the index has maintained its position above the channel breakout level. The trend is expected to stay positive as long as it remains above 19,525. On the upside, the index could potentially extend its gains towards 19,750. Conversely, if it falls below 19,400, we may witness a period of consolidation.

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty opened higher and held on to steady gains through Sept 04 barring a small downmove in the morning. At close, Nifty was up 0.48% or 93.5 points at 19528.8. Volumes on the NSE were higher than recent average. Broad market indices rose more than the Nifty even as the advance decline ratio was high at 1.69:1.

Global Stocks were higher on Monday following a report that signaled the US jobs market, while still healthy, shows some signs of cooling, raising hopes for an easing of interest rate hikes. Announcement of fresh stimulus measures from China - cutting down-payment requirements for first and second-time home buyers and lowered rates on existing mortgages also helped sentiments.

Nifty rose for the second day, building on the gains of the previous session. US markets are shut on Monday due to labour day holiday. Nifty could now face resistance in the 19584-19646 band while 19310 could offer support.

Vinod Nair, Head of Research at Geojit Financial Services:

Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty opened gap up and consolidated for most part of the day. It closed with gains of ~93 points. On the daily charts we can observe that the Nifty is stretching on the upside. The intraday dip was bought into which indicates buying interest at supports and also suggests bullishness. The daily momentum indicator has a positive crossover which is a buy signal.

We believe that the Nifty is in the process of retracing the fall it has witnessed from 19992 – 19223 and hence the pullback is likely to last over the next few trading sessions. On the upside we expect the Nifty to target levels of 19650. In terms of levels, crucial support zone is placed at 19420 – 19360 and immediate hurdle is placed at 19650 – 19700.

Bank Nifty has also witnessed follow through buying interest from the previous trading session. It has managed to close above the 20- and 40-day moving averages which is a sign of strength. We expect the Index to continue its pullback and towards the daily upper Bollinger band placed around 45000. The daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting that the positive momentum is likely to continue.

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets extended rebound amid volatility and gained nearly half a percent. After the initial uptick, Nifty oscillated in a range and finally settled around the day’s high at 19,534 levels. All key sectors contributed to the move wherein metal, IT and energy were among the top gainers. Meanwhile, the market breadth was inclined strongly on the advancing side, thanks to the upbeat tone in midcap and smallcap pack.

Indications are favorable for further rebound as Nifty has surpassed a trend line resistance while holding the support zone of short-term average i.e. 20 EMA. However, a hurdle of around 19,650 may cap the upside and prompt some profit taking too. Amid all, we reiterate our view to focus on stock selection and preferring auto, IT and metal for long trades.

Aditya Gaggar Director of Progressive Shares

Although the markets commenced the week on a strong note; in the opening trade itself, the Index erased all its gains. However, the strong performance of the Metal stocks helped the Index recover. In the mid-session, IT and PSU Banks took the lead and pushed the Index further higher to settle the day at 19,528.80 with gains of 93.50 points.

All the sectors participated in the rally except for FMCG. A streak of outperformance has been extended by the broader markets. On the daily chart, Nifty50 has made a DOJI candlestick pattern which generally indicates a reversal of the trend. A level of 20&50DMA will act as a support which is 19,430 while immediate resistance stands at 19,580.

Rupee Close:

Indian rupee ended flat at 82.74 per dollar on Monday against Friday's close of 82.71.

Market Close

: Benchmark indices ended higher for the second consecutive session on September 4 amid buying across the sectors.

At close, the Sensex was up 240.98 points or 0.37 percent at 65,628.14, and the Nifty was up 93.50 points or 0.48 percent at 19,528.80. About 2210 shares advanced, 1425 shares declined, and 182 shares unchanged.

Coal India, Wipro, HCL Technologies, UltraTech Cement and Tata Steel are among the top gainers on the Nifty, while losers included Axis Bank, M&M, Nestle India, ITC and Asian Paints.

All the sectoral indices ended in the green with power, metal, auto, realty, oil & gas and PSU Bank up between 1 and 2.8 percent.

The BSE midcap and smallcap indices rose nearly1 percent each.

Stock Market LIVE Updates | BSE Information Technology index up 1 percent suported by D-Link India, Onward Technologies, Cressanda Solutions

Stock Market LIVE Updates | Morgan Stanley View On Kotak Mahindra Bank:

-Equal-weight rating, target at Rs 2,250 per share
-Uday Kotak Has resigned from the post of MD & CEO, is now non-executive director
-Bank has reportedly proposed two names to RBI in order of priority for the posts
-In the interim, Dipak Gupta assumes MD & CEO duties
-Think bank remains well placed to capture growth opportunities in macro upcycle
-Bank has also been driving a loan mix shift toward higher margin assets
-Prefer large banks given better relative valuations

Stock Market LIVE Updates | BHEL wins largest capacity Hydro Project in Arunachal Pradesh

Bharat Heavy Electricals Limited (BHEL) has won a prestigious order for the Electro-Mechanical (E&M) works of the country’s largest capacity hydropower project of 2,880 MW Dibang Multipurpose Project in Arunachal Pradesh.

Sensex Today | Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:

Crude oil prices start fresh week on sideways as WTI October is tad soft at $85.50 following 7% weekly rally driven by expectations of tightening supply as Russia is expected to cut exports by 300,000 barrels per day (bpd) in September, following a 500,000-bpd cut in August. Saudi Arabia is also expected to roll over a voluntary 1 million bpd cut into October. The US market remains closed on account of Labor Day holiday on Monday, which has kept the volumes thin. The labor market report was moderate, and we expect US fed policymakers to look for further data validation before making any rate decision.

Remain bullish on crude oil as Chinese stimulus measures to support the economic revival in coming months along with depleting U.S. crude oil stocks, which may shrink further this year and the OPEC+ decision to keep the voluntary cuts till October will keep oil market tight. WTI crude support remain around $82/$80 and we expect it to test the resistance of $88 this week.

Sensex Today | Nomura View On Autos

-Domestic PV sales likely to be at 3.68 lakh units, up 12 percent YoY, slightly above estimate
-M&HCV industry volumes likely grew by 18 percent YoY, tractors volumes flat
-Two-wheeler industry volumes likely down 7 percent YoY
-Believe the festive season should be strong this year for PV

Sensex Today | Jefferies View On Banks

Analysis of attrition across 19 banks points that churn is high & risen by 400 bps YoY
Trends are high for small private banks & SFBs and low for old private banks & PSUs
ICICI Bank saw fall in attrition, but IndusInd Bank & SFBs saw a rise
Staff pyramid is heavy at bottom with high attrition & hiring intensified to grow retail
Impact of higher cost is manageable, but risk to productivity/service may be more

Stock Market LIVE Updates | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas 

Indian Rupee posted minor gains on Monday on positive domestic equities and FII inflows. However, strong US Dollar and surge in crude oil prices capped sharp gains. US gained on Friday on upbeat ISM manufacturing PMI data and non-farm payrolls topping forecast. However, softening wage growth and rising unemployment rate capped the upside.

We expect Rupee to trade with a slight negative bias on positive US Dollar and rising global crude oil prices. However, rise in risk appetite in global markets on rising expectations of a no rate hike by Fed in its September FOMC may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 82.40 to Rs 83.

Stock Market LIVE Updates | KPI Green Energy bags new order for solar power project from Gujarat Poly

KPI Green Energy has received new order for executing solar power project of 9 MWcapacity from M/s. Gujarat Polyfilms Pvt. Ltd. under ‘Captive Power Producer (CPP)’ Segment of the company.

Stock Market LIVE Updates | Bharti Airtel purchase 23,000 MWh of renewable energy

Bharti Airtel will purchase 23,000 MWh of renewable energy by Q4FY 23-24 for its data center company, Nxtra. As part of its commitment to reducing its carbon footprint, Airtel will acquire stakes in the renewable energy project companies established by Continuum Green India Pvt. Ltd. and Vibrant Energy Holdings Pte. Ltd. to power six of Nxtra’s Edge data center facilities.

Stock Market LIVE Updates | Paytm launches Paytm Card Soundbox for card payments

One97 Communications Limited (OCL) that owns the brand Paytm today announced the launch of its latest innovation – Card Soundbox. With this, the company empowers merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks through its iconic Soundbox with ‘tap and pay’ that will help merchants scale their business.

The shareholding of Antfin, an affiliate of China's Alibaba, in Paytm has been reduced from 23.79% to 9.90%. Accordingly, no person affiliated with Antfin will qualify as a significant beneficial owner (SBO) of the company. Resilient Asset Management BV, an overseas entity 100% owned by CEO Vijay Shekhar Sharma, holds 10.30% stake in Paytm. Accordingly, Sharma will be the only SBO of the company, consequent to the change of shareholding. Mr. Sharma’s shareholding in Paytm (direct and indirect) now stands at 19.42% of the total equity share capital.

Sensex Today | Market at 3 PM

The Sensex was up 231.30 points or 0.35 percent at 65,618.46, and the Nifty was up 87.70 points or 0.45 percent at 19,523. About 2036 shares advanced, 1198 shares declined, and 146 shares unchanged.

Sensex Today | Anubhuti Mishra, Equity Research Analyst at Swastika Investmart:

The market looks forward to another successful IPO listing on Tuesday, with the debut of Vishnu Prakash R. Punglia Limited (VPRPL). The estimated listing price is around Rs 153, based on its grey market premium of Rs 54 (54.55%).

VPRPL is a well-established company that focuses on water supply projects. It is benefiting from various government initiatives in the infrastructure sector.
The business has a history of completing projects successfully, and it has seen significant expansion through a robust order book. Also, Investors responded enthusiastically to this IPO, with a subscription of 87.82 times.

Based on these factors, we can expect a strong return on listing for VPRPL.

Stock Market LIVE Updates | Cement firms rally on price hikes, firm demand

Cement stocks trading higher after a Jefferies India report said the companies have undertaken price hikes for September amid impressive demand. Price hikes announced for September in the range of Rs10-35 a bag of cement, the report said.

Ultratech Cement gained 3.4 percent, Dalmia Bharat jumped 7 percent, Shree Cement advanced 6 percent, Grasim Industries rose 2 percent, JK Lakshmi Cement rose 4.2 percent, Ramco Cement climbed 4 percent, ACC rose 2.3 percent, Ambuja Cements 2.1 percent.

Stock Market LIVE Updates | Quote on Vishnu Prakash R Punglia by Prashanth Tapse, Senior VP (Research), Mehta Equities

Considering robust demand response by investors in all categories, investors are eagerly waiting forVishnuPrakashRPunglia's(VPRPL)listing and we expect 50% and above listing gain from its issue price of Rs 99 apiece. We believe the premium listing is justified on the back of infrastructure sector focused business model supported by the government long term goal along with 3.5x years of revenue visibility and investor friendly IPO valuations which gives room for strong listing gains. Looking at long term rationales, we recommend allotted investors to continue HOLDING investments inVPRPL, considering its high growth potential and reward investors post listing also and those investors who look to buy on listing day can accumulateVPRPLif listing is settled on a softer note due to any secondary markets scenario.

Stock Market LIVE Updates | NTPC gains 1% after huge block deal

Shares of NTPC Ltd gained 1.5 percent after a huge block deal. Around 1.76 million shares changed hands in a block deal, according to Bloomberg. However, details of the buyers and sellers were not known.

Stock Market LIVE Updates | Mishra Dhatu Nigam stock hits 52-week high after successful launch of ISRO’s Aditya-L1

Mishra Dhatu Nigam shares hit a 52-week high at Rs 435.85 on September 4th after the state-owned steel and alloys maker announced that it had supplied specialised materials for ISRO’s recently launched Aditya-L1 solar observatory’s launching vehicle.

“Mishra Dhatu Nigam’s critical materials have been used in the Aditya-L1 launcher vehicle PSLV-C57. It was built with the company manufactured critical materials like Ti-6Al-4V titanium alloy, C-103 niobium alloy, superco 605 cobalt alloy, ultra high strength steel,” the company said in a regulatory filing at the exchanges.

“The material supplied by the company was used in the launcher vehicle’s parts like tank and gas bottles, thrust chamber and straps on motor case and base rings,” it added.

Stock Market LIVE Updates | MOIL shares gain after 58% increase in production

Manganese Ore India Limited (MOIL) shares were up 1.36 percent at Rs 245.9 at 12.22 pm after it recorded a 58.3 percent jump Year-on-Year (YoY) in manganese ore production in August.

MOIL produced 1.23 lakh tonnes of manganese ore, which was the highest August production since the company’s inception, said MOIL in an exchange filing dated September 2.

Sales for the company doubled in August, standing at 1.11 lakh tonnes, a YoY growth of 53 percent in the same period.

Stock Market LIVE Updates | Infosys completes acquisition of Danske Bank's IT centre in India

Infosys has completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale.

Stock Market LIVE Updates | GATI partners with Tech Mahindra

Gati has partnered with Tech Mahindra to develop Gati Enterprise Management System (GEMS) 2.0. Gati's core operational software system, GEMS 2.0, aims to offer an enhanced customer experience and a modern tech-driven interface while increasing efficiency and lowering costs.

Sensex Today | BSE Midcap index up 1 percent led by IDBI Bank, Dalmia Bharat, SAIL

Delta Corp Large Trade | 25.1 lakh shares (1% equity) worth Rs 45.6 crore change hands.

Stock Market LIVE Updates | Ankit Gupta resigns as Vice President and Head of Corporate Development and Strategy of Strides Pharma Science

Ankit Gupta has resigned as Vice President and Head of Corporate Development and Strategy, a senior management personnel of Strides Pharma Science, with effect from August 31. Ankit resigned to pursue opportunities outside the company.

Stock Market LIVE Updates | Fortis Healthcare gains 3%; Nomura sees 20% upside, raises price target

Fortis Healthcare rose nearly 3 percent in the early trade on September 4, riding high on the company's strong growth prospects.

Foreign brokerage firm Nomura, which retained its “buy” call, has raised its price target for Fortis Healthcare by more than 5 percent to Rs 388, implying an upside of 20 percent from the closing price on September 1.

Even as it took note of Fortis' operating margin lagging those of its peers, Nomura is optimistic of a sustained improvement in the hospital operating metrics in the near-to-medium term. The firm sees three major levers that will aid a margin improvement in the near-to-medium term. Read More

Stock Market LIVE Updates | Hindalco shares rally 3% on power purchase deal

Hindalco shares surged 3 percent in the morning trade on September 4 after the company announced that it has signed a power purchase deal with Seven Renewable Power.

Hindalco Industries Limited has signed a shareholder’s agreement and power purchase deal with Seven Renewable Power to acquire a 26 percent stake in SRPPL at a cost of Rs 32.5 lakh. Their objective is to create and manage a captive power facility that will consistently supply 100 MW of renewable energy to its smelter based in Odisha.

The Aditya Birla Group company plans to invest Rs 2,000 crore in a copper and e-waste recycling facility in India, besides lining up Rs 2,000 crore for the Vande Bharat trains project with the Indian Railways. Read More

Stock Market LIVE Updates | IndiGo incorporates wholly owned subsidiary, place order for 10 additional A320 NEO aircraft

The board of directors of Interglobe Aviation has approved incorporation of a wholly owned subsidiary of the company, investment up to Rs 30 crores in one or more tranches and issuing corporate guarantees of up to USD 996 million (or an equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary.

Also, board approved placing the order for 10 additional A320 NEO aircraft with Airbus and execute the Amendment Agreement to the Purchase Agreement.

Stock Market LIVE Updates | IRFC shares surge 18% as trading volume exceeds weekly, monthly averages

Shares of Indian Railway Finance Corporation Ltd (IRFC) zoomed over 18 percent intraday on September 4 as trading volumes surged 11.11 percent from the previous day.

The PSU stock has surged over 31 percent in the last two days. The IRFC shares surged 11.72 percent on August 31 with the trading volume at 27 crores. Trading volume on both the days stayed higher than the weekly average of 11 crores and the monthly average of 17 crores.

Stock Market LIVE Updates | Jefferies View On Kotak Mahindra Bank

-Buy rating, target at Rs 2,400 per share
-Uday Kotak resigned 4 months ahead of end of his term to smoothen retirements
-Joint MD & Chairman also retire on same day & handle some personal matters
-Uday Kotak will now act as non-exec director for 5 years & stay a promoter
-Dipak Gupta will be interim CEO, before new CEO is approved by RBI
-Smooth takeover under new leadership will be key

Sensex Today | Market at 1 PM

The Sensex was up 168.59 points or 0.26 percent at 65,555.75, and the Nifty was up 73.00 points or 0.38 percent at 19,508.30. About 2077 shares advanced, 1112 shares declined, and 148 shares unchanged.

Stock Market LIVE Updates | Gillette India shares gain 1%; India leadership update announced

Shares of Gillette India were trading 0.9 percent higher at open on September 4. On September 1, the company announced resignations of the CMO and Grooming Category Leader. The two India leaders will be moving overseas for new positions within the parent company.

Sharath Verma, was the Chief Marketing Officer, and Saurabh Bajpai, was the Grooming Category Leader. They have resigned from their India leadership roles at Gillette India due to a change in their assignment at Procter & Gamble (P&G). According to the notification, both India leaders have accepted new positions with P&G for which they will be relocating outside India. This announcement was effective September 1. Read More

Stock Market LIVE Updates | HAL shares gain on shareholders' nod for stock split in 60th AGM

Shares of Hindustan Aeronautics (HAL) rose about one percent on September 4, as shareholders of the defence player approved sub division of equity shares of the company in its 60th Annual General Meeting (AGM) held on August 31.

HAL has fixed Friday, September 29 as the Record Date to determine which shareholders will be eligible for the division of their current one fully paid-up equity share with a face value of Rs 10 each into two fully paid-up equity shares of Rs 5 each, the company said in an exchange filing post market hours on September 1. Read More

Stock Market LIVE Updates | Zomato begins liquidation of Czech step-down subsidiary, stock up

Zomato was trading almost a percent higher on September 4 after the food aggregator announced that one of its step-down subsidiaries was filing for liquidation.

Zomato told the exchanges on September 1, that its step-down subsidiary in the Czech Republic, Lunchtime.Cz, had begun the liquidation process. Lunchtime didn’t have active business operations and was not a material subsidiary of the company, it said, adding the dissolution won’t have an impact on revenue. Read More

Stock Market LIVE Updates | Arun Axaykumar Kothari resigns as CFO of Venus Pipes & Tubes 

Arun Axaykumar Kothari has resigned as Chief Financial Officer (CFO) of Venus Pipes & Tubes with effect from September 1. Arun Axaykumar Kothari is appointed as a chairperson of the board. The company has appointed Kunal Bubna as Chief Financial Officer with effect from September 2.

Stock Market LIVE Updates | CLSA View On Bajaj Finance

-Buy rating, target at Rs 9,000 per share
-Well-poised on growth and profitability for the medium term
-Personal loans, doubled in three years, being mispriced by the industry
-Well placed on liability management for the foreseeable future
-Aim to be 4 percent of retail credit in India over the next four years

Sensex Today | BSE Smallcap index hit 52-week high led by MMTC, GMR Power and Urban Infra, Pearl Global Industries

Stock Market LIVE Updates |  GMR Power locked in 20% upper circuit after subsidiary bags Rs 5,123.37-crore order

GMR Power and Urban Infra was locked in a 20 percent upper circuit on September 4, a day after the infrastructure company announced that its subsidiary, GMR Smart Electricity Distribution, bagged a Rs 5,123.37-crore order from the Uttar Pradesh government.

“The company has received the letter of award (LoA) for implementing ‘smart metering project’ in Purvanchal region of Uttar Pradesh which consists of districts namely- Varanasi, Azamgarh, Prayagraj, and Mirzapur,” the company said in a regulatory filing on September 3.

GMR Power and Urban Infra was expected to install and maintain 50.17 lakh smart meters in the area, the company said.