Share Market Highlights: Sensex rises 105 points, Nifty ends above 17,800; IT stocks surge

"Nifty has given a falling trendline breakout on the daily chart. Besides, the index value has moved above its crucial resistance of 17,700. The daily RSI has entered into a bullish crossover. The trend for the short term looks positive. On the lower end, support is visible at 17,700. Resistance on the higher end is seen at 17,900/18,100," said Rupak De, senior technical analyst at LKP Securities.

"The banking industry is on the cusp of a strong growth cycle and large-sized banks will be the biggest beneficiaries due to their low cost of funds and scale advantages. In recent times HDFC Bank's stock has underperformed its peer due to concerns like the merger overhang and reduction in agility in terms of growth due to its behemoth size. However, the concerns and underperformance are overdone; the bank having an enviable record of robust performance during multiple credit cycles, an experienced management team, and stringent underwriting standards is poised to perform well in the long term. Further, the HDFC merger will be value accretive for the bank. We are positive about both ICICI Bank and HDFC Bank from a medium to long-term perspective, but ICICI Bank might outperform HDFC Bank in the near term," said Punit Patni, Equity Research Analyst, Swastika Investmart Ltd.

"Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit booking after surpassing the psychological 60,000 mark. Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75 bps rate hikes by ECB. Banking and consumer-facing stocks continued to be top picks in the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.

The overall market breadth stood slightly weak as 1,689 shares advanced while 1,754 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 283.01 lakh crore.

On the stock-specific front, Tech Mahindra was the top Nifty gainer as the stock soared 3.43 per cent to close at Rs 1,127. Adani Ports, Infosys, IndusInd Bank and HCL Tech were also among the gainers. In contrast, UltraTech Cement, SBI Life, M&M, HDFC Life and Grasim Industries were among the top laggards.

Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty IT, Nifty Bank and Nifty Auto outperformed the NSE platform by rising as much as 2.21 per cent, 0.51 per cent and 0.52 per cent, respectively.

Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 rose 0.35 per cent and small-cap edged 0.06 per cent higher.

Sensex rises 105 points or 0.18 per cent to close at 59,793, Nifty moves 35 points or 0.19 per cent higher to settle at 17,833

Sensex edges 33 points or 0.06 per cent higher to trade at 59,721, Nifty up 15 points or 0.08 per cent to trade at 17,813; losses in financial and consumer durables counters gains in IT and banking

"Our stance yesterday was to ride the upsides until 17,770-17,850 before looking for signs of bears regrouping. Wayward VIX had refrained us from committing to a directional move even though the 18,600 trajectory has been maturing for a while now. This has been the reason for riding the recent moves pivot to pivot rather than embarking on an expansive move. From this perspective, we will go in today, with a downside marker pushed higher to 17,750, aiming for 17,975. While we are biased towards extending upside, we are equally mindful of a sharp long liquidation, should Nifty slip beyond 17,700 again," said Anand James, chief market strategist at Geojit Financial Services.

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As of 11:53 am, shares of Shree Cement jumped 2.91 per cent to trade at Rs 25,170.90. It touched an intraday high of Rs 25,530.90.

Sensex rises 205 points or 0.34 per cent to trade at 59,893, Nifty up 72 points or 0.40 per cent to trade at 17,871

Mid and small cap shares were positive as Nifty Midcap 100 rose 0.71 per cent and small-cap climbed 0.51 per cent.

Sensex surges 402 points or 0.67 per cent to trade at 60,090, Nifty jumps 117 points or 0.66 per cent to trade at 17,916

Sensex rises 358 points or 0.60 per cent to trade at 60,046 in pre-opening trade

Delta Corp is the only stock in F&O (Futures and Options) ban period today.

FIIs have purchased Rs 2,913.09 crore worth of shares, while DIIs have sold Rs 212.61 crore worth of shares on September 8, provisional NSE data showed.

Trends on SGX Nifty indicated a gap-up opening for the domestic markets. The Nifty Futures on Singapore Exchange rose 97.5 points or 0.55 per cent to 17,917.

Asian stocks were in green during early deals, taking cues from an overnight rise on Wall Street.