Sensex rises over 200 points, Nifty tops 19,750; GTL Infra, Mazagon Dock, Cochin Shipyard zoom up to 20%
The 30-share BSE Sensex pack rose 221 points or 0.33 per cent to trade at 66,487, while the NSE Nifty moved 61 points or 0.31 per cent up to trade at 19,788. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.51 per cent and small-cap gained 0.68 per cent.
- Sep 8, 2023,
- Updated Sep 8, 2023 10:07 AM IST
Indian equity benchmarks traded higher in Friday's early trade, led by gains in bank, financial, automobile, consumer durables and energy stocks. The 30-share BSE Sensex pack rose 221 points or 0.33 per cent to trade at 66,487, while the NSE Nifty moved 61 points or 0.31 per cent up to trade at 19,788. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.51 per cent and small-cap gained 0.68 per cent.
On the global front, Asian markets were slipped today. Overnight, Wall Street indices feel after US jobless claims data renewed worries about interest rates staying higher.
Back home, investors would now focus on July's retail inflation print, due on Tuesday.
Foreign institutional investors (FIIs) sold Rs 759 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 28.11 crore of stocks, exchange data showed.
"Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII selling. In September so far, FIIs have sold in the cash market for Rs 8,608 crore and DIIs have bought for Rs 5,715 crore. In spite of this net institutional selling, Nifty is up by 434 points for the month so far. This and the hyper-activity in mid-and small-cap segments point to the active participation of retail investors in the rally. Also, the 'buy on dips' strategy is working well for traders," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Frontline banking and IT stocks assisted by L&T and RIL have the potential to sustain the rally in the near-term, he added.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 0.21 per cent, 0.54 per cent, 0.47 per cent, 0.82 per cent and 0.41 per cent, respectively. However, Nifty Healthcare shed 0.06 per cent.
On the stock-specific front, NTPC was the top gainer in the Nifty pack as the stock jumped 2.65 per cent to trade at Rs 240.3. Bajaj Finserv, L&T, HCL Tech and PowerGrid gained up to 2.45 per cent.
In contrast, Hindalco, Apollo Hospitals, SBI Life, JSW Steel and Eicher Motors were among the top laggards.
The overall market breadth was positive as 1,993 shares were advancing while 885 were declining on BSE.
On the 30-share BSE index, L&T, NTPC, Bajaj Finserv, Airtel, SBI, Infosys, Bajaj Finance, HCL Tech and M&M were among the top gainers.
Also, GTL Infrastructure, Mazagon Dock Shipbuilders, Cochin Shipyard, Graphite India and Surya Roshni surged up to 19.77 per cent. On the flipside, SpiceJet, MTNL, MMTC, NHPC and Unichem Laboratories slipped up to 3.34 per cent.
On Thursday, Sensex had surged 385 points or 0.58 per cent to settle at 66,265.56, while Nifty had moved 116 points or 0.59 per cent higher to close at 19,727.
Nifty outlook
"Range expansion is underway. What started with a modest upside objective of 19,790 early in the week, is poised to extend to a much larger move, initially aiming 19,900. However, early inability to push above 19,750 might signal indecisiveness, but weakness may not set in if dips thereof manage to float above 19,700. Even in the event of its break, a collapse may not be the first outcome, but downside markers are recommended to be placed either at 19,640 or 19,600," said Anand James, Chief Market Strategist at Geojit Financial Services.
Also read: Adani Power, YES Bank, Kaynes Technology: Trading strategies for these buzzing stocks
Also read: Mazagon Dock shares in news on signing MSRA with US government. Key details
Indian equity benchmarks traded higher in Friday's early trade, led by gains in bank, financial, automobile, consumer durables and energy stocks. The 30-share BSE Sensex pack rose 221 points or 0.33 per cent to trade at 66,487, while the NSE Nifty moved 61 points or 0.31 per cent up to trade at 19,788. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.51 per cent and small-cap gained 0.68 per cent.
On the global front, Asian markets were slipped today. Overnight, Wall Street indices feel after US jobless claims data renewed worries about interest rates staying higher.
Back home, investors would now focus on July's retail inflation print, due on Tuesday.
Foreign institutional investors (FIIs) sold Rs 759 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 28.11 crore of stocks, exchange data showed.
"Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII selling. In September so far, FIIs have sold in the cash market for Rs 8,608 crore and DIIs have bought for Rs 5,715 crore. In spite of this net institutional selling, Nifty is up by 434 points for the month so far. This and the hyper-activity in mid-and small-cap segments point to the active participation of retail investors in the rally. Also, the 'buy on dips' strategy is working well for traders," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Frontline banking and IT stocks assisted by L&T and RIL have the potential to sustain the rally in the near-term, he added.
14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 0.21 per cent, 0.54 per cent, 0.47 per cent, 0.82 per cent and 0.41 per cent, respectively. However, Nifty Healthcare shed 0.06 per cent.
On the stock-specific front, NTPC was the top gainer in the Nifty pack as the stock jumped 2.65 per cent to trade at Rs 240.3. Bajaj Finserv, L&T, HCL Tech and PowerGrid gained up to 2.45 per cent.
In contrast, Hindalco, Apollo Hospitals, SBI Life, JSW Steel and Eicher Motors were among the top laggards.
The overall market breadth was positive as 1,993 shares were advancing while 885 were declining on BSE.
On the 30-share BSE index, L&T, NTPC, Bajaj Finserv, Airtel, SBI, Infosys, Bajaj Finance, HCL Tech and M&M were among the top gainers.
Also, GTL Infrastructure, Mazagon Dock Shipbuilders, Cochin Shipyard, Graphite India and Surya Roshni surged up to 19.77 per cent. On the flipside, SpiceJet, MTNL, MMTC, NHPC and Unichem Laboratories slipped up to 3.34 per cent.
On Thursday, Sensex had surged 385 points or 0.58 per cent to settle at 66,265.56, while Nifty had moved 116 points or 0.59 per cent higher to close at 19,727.
Nifty outlook
"Range expansion is underway. What started with a modest upside objective of 19,790 early in the week, is poised to extend to a much larger move, initially aiming 19,900. However, early inability to push above 19,750 might signal indecisiveness, but weakness may not set in if dips thereof manage to float above 19,700. Even in the event of its break, a collapse may not be the first outcome, but downside markers are recommended to be placed either at 19,640 or 19,600," said Anand James, Chief Market Strategist at Geojit Financial Services.
Also read: Adani Power, YES Bank, Kaynes Technology: Trading strategies for these buzzing stocks
Also read: Mazagon Dock shares in news on signing MSRA with US government. Key details