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Live: Live: Will Nifty Hit 20,000 Before End Of The Year?

Taking Stock | Sensex up 443 points, Nifty above 17,600; metal, banking names gain

Hindalco Industries, JSW Steel, ITC, NTPC and Sun Pharma were among the biggest Nifty gainers. Bajaj Auto, Nestle India, Britannia Industries and Apollo Hospitals lost the most among Nifty names

September 05, 2022 / 05:14 PM IST

Indian equity benchmarks shrugged off weakness in global markets to end higher on September 5 on buying across sectors.

The buying comes at a time when money managers are getting cautious about China, which is expected to see slower growth this year. Turmoil in Europe over energy prices has also shifted focus to other economies.

At close, the 30-pack Sensex was up 443 points, or 0.75 percent, at 59,246 and the Nifty ended the day with a gain of 126 points, or 0.72 percent, at 17,666.

"Concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the US and a worsening energy situation in Europe. In anticipation of a decrease in output, oil prices increased prior to the OPEC+ summit,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand."

The biggest Nifty gainers were Hindalco Industries, JSW Steel, ITC, NTPC and Sun Pharma. Among the biggest losers were Bajaj Auto, Nestle India, Britannia Industries and Apollo Hospitals.

Bajaj Auto, Nestle India and Britannia Industries are the stocks that analysts are most pessimistic about, Moneycontrol’s Analyst Tracker shows.

More than 400 stocks hit the upper circuit against 200 that touched the lower circuit. Market breadth was in favour of gainers. On BSE, 2,200 stocks advanced, while around 1,350 counters ended in the red.

IndexPricesChangeChange%
Sensex63,330.68231.03 +0.37%
Nifty 5018,877.65119.30 +0.64%
Nifty Bank43,231.000.00 +0.00%
Nifty 50 18,877.65 119.30 (0.64%)
Thu, Dec 01, 2022
Biggest GainerPricesChangeChange%
M&M1,305.6048.50 +3.86%
Biggest LoserPricesChangeChange%
IndusInd Bank1,167.80-12.80 -1.08%
Best SectorPricesChangeChange%
Nifty Metal6564.20116.85 +1.81%
Worst SectorPricesChangeChange%
Nifty PSU Bank4000.75-54.70 -1.35%

Stocks and sectors

Metal stocks were in the spotlight as iron ore prices went up in the international market.

The sector also got thrust from a Crisil report that said margin pressure would likely ease for steel makers in the second half of the fiscal led by lower production costs because of declining raw material prices and steady realisations backed by robust domestic demand.

The Nifty Metal index climbed over 1.5 percent closely followed by the Nifty Media that was up 2 percent.

Bank stocks also attracted buying, with the Nifty Bank hitting a multi-month high and closing in on the 40,000 mark.

Almost all sectoral and market-cap based indices ended the day in green. The BSE midcap index was up half a percent, while the smallcap gained 1 percent.

BSE IPO closed marginally lower amid selling in Paytm, Syrma SGS Technology and eMudhra.

Outlook for September 6

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Cautious optimism prevailed as there are enough indications that markets may remain volatile in the coming sessions on global slowdown fears.

Technically, the market is witnessing positive consolidation near the 20-day simple moving average (SMA).

The Nifty would see a key support level of 17,550 and above it, the index can move to 17,750-17,800.

On the flip side, a fresh round of selling is possible below 17550 and the index can slide to 17,450-17,400.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Our domestic markets are clearly shrugging off most of the unfavorable global developments, which is a sign of inherent strength. Today, although there was not much follow up action seen post the initial up move, the stock specific action kept market participants on their toes.

A small push from the global markets would certainly provide the much needed impetus to the breakout from the recent congestion phase. After this, we will not be surprised to see index hastening towards 17850 and then even towards the psychological mark of 18000. On the flipside, 17540 – 17460 should now provide some cushion on any small intraday declines.

Disclaimer: The views and investment tips expressed by 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.
Shubham Raj is a journalist with over five years of experience covering capital markets. His last stint was with The Economic Times where he wrote on daily happenings in stock markets and led IPO reportage. He also wrote on mutual funds and cryptocurrencies.
first published: Sep 5, 2022 04:17 pm