The Indian equity indices extended their winning run for the fourth consecutive session on September 6 with the Nifty above 19,600.
At close, the Sensex was up 100.26 points or 0.15 percent at 65,880.52, and the Nifty was up 36.10 points or 0.18 percent at 19,611.
Amid mixed global cues, market started on a flat to positive note but soon erased all the gains and turned negative and extended the losses as the day progressed. However, last-hour buying helped the Nifty to close above 19,600.
Tata Consumer Products, Divis Laboratories, Bharti Airtel, Cipla and HDFC Bank were among the top gainers on the Nifty, while losers included Axis Bank, Hindalco Industries, Tata Steel, ICICI Bank and NTPC.
On the sectoral front, FMCG index rose 1 percent, while pharma, oil & gas and power indices gained 0.5 percent each. On the other hand, metal, realty and bank indices down 0.4-1 percent.
The BSE midcap and smallcap indices ended on a flat note.
A long build-up was seen in Petronet LNG, Vodafone Idea and Syngene International, while a short build-up was seen in Manappuram Finance, Dixon Technologies and SAIL India.
Among individual stocks, a volume spike of more than 400 percent was seen in Page Industries, Tata Consumer Products and Voltas.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,673.02 | -277.93 | -0.33% |
| Nifty 50 | 25,910.05 | -103.40 | -0.40% |
| Nifty Bank | 58,899.25 | -63.45 | -0.11% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Bharti Airtel | 2,149.20 | 37.00 | +1.75% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,739.50 | -133.50 | -2.27% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 58899.30 | -63.40 | -0.11% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35975.20 | -400.00 | -1.10% |
Syngene International, VS Motor Company, Cupid, APL Apollo Tubes, Polycab India, Sasken Technologies, Persistent Systems, L&T Technology Services, NBCC, Jyoti, among others that touched their 52-week high on the BSE. Click to View More
Outlook for September 7
Shrikant Chouhan, Head of Research (Retail), Kotak Securities:
Markets witnessed a choppy ride in intra-day trades but selective buying in late trades helped benchmark indices log gains for the 4th straight session. Despite the continuing upward momentum, the market is lacking depth as investors' confidence is a bit shaken due to rising global uncertainty. A fresh rise in US bond yields and the dollar index is creating uncertainty in global markets and in India, and this has once again led to offloading of local shares by the FIIs.
Technically, the Nifty took support near 19500 and bounced back sharply. A promising intraday reversal formation is indicating a strong possibility of further uptrend from the current levels. For the trend following traders now, 19550 would be the trend decider level, above which the index could rally till 19650-19700. On the flip side, fresh selling pressure could be seen after the dismissal of 19550, and below the same it could slip till 19500-19460.
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets traded volatile and ended marginally higher, in continuation to the prevailing recovery phase. After the flat start, Nifty inched gradually lower in the first half however a strong rebound in the select heavyweights pared all the loss. Eventually, it settled around the day’s high at 19611.05 levels. The tone was mixed on the sectoral front wherein FMCG and pharma rebounded swiftly while realty and metal ended lower. The broader indices witnessed a breather after the recent surge and closed almost flat.
Though we are seeing a rebound in the index, it lacks decisiveness due to the prevailing underperformance of the banking pack, which holds considerable weight. Besides, mixed cues from the global front are also weighing on the sentiment. We thus reiterate our view to stay focused on stock selection and avoid going overboard.
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.
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