Share Market Highlights: Sensex surges 443 points, Nifty settles above 17,650; bank, metal stocks climb

Indian equity benchmarks on Monday surged despite weak cues from the Asian markets, led by strong interest in banking and metal stocks. The 30-share BSE Sensex jumped 443 points or 0.75 per cent to close at 59,246; while the broader NSE Nifty moved 126 points or 0.72 per cent to settle at 17,666.

On the global front, Asian shares slipped today while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices. Wall Street fared better as S&P 500 futures rose 0.25 per cent, Nasdaq futures edged up 0.07 per cent and Dow Jones futures moved 0.37 per cent higher.

Here are the stock market highlights:

* Market breadth: The overall market breadth stood positive as 2,219 shares advanced while 1,347 declined on BSE.

* Top gainers & losers: On the stock-specific front, Hindalco was the top Nifty gainer as the stock soared 3.35 per cent to close at Rs 428.80. JSW Steel, NTPC, ITC and Sun Pharma were also among the gainers. In contrast, Nestle India, Bajaj Auto, Britannia, UltraTech Cement and Eicher Motors were among the top laggards.

* Sectoral indices: All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Bank and Nifty Metal outperformed the NSE platform by rising as much as 0.98 per cent and 1.67 per cent, respectively.

* Mid & small-cap: Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 0.38 per cent and small-cap climbed 1.19 per cent.

* Market closing: Sensex jumped 443 points or 0.75 per cent to close at 59,246; while Nifty moved 126 points or 0.72 per cent to settle at 17,666.

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* 3:17 pm: Sensex up 456 points or 0.78 per cent to trade at 59,261 in late deals, Nifty jumped 130 points or 0.74 per cent to trade at 17,670.

* Suzlon Energy: Shares of the renewable energy solutions provider surged as much as 19.98 per cent to hit the upper circuit, at Rs 10.57. Suzlon Energy has been again locked in the upper band during afternoon deals after slipping from its day's high in late morning trade.

* 1:01 pm: Sensex soared 451 points or 0.77 per cent to trade at 59,255, while Nifty moved 127 points or 0.72 per cent higher to trade at 17,666 led by gains in banking and metal stocks.

* Tamilnad Mercantile Bank IPO: Analysts on Dalal Street are bullish on the initial public offering (IPO) of Tamilnad Mercantile Bank (TMB) which hit the primary market today. Should you subscribe?

* Dreamfolks Services IPO: Grey market premium 32% over issue price of Rs 326

Dreamfolks shares are available at a premium of 30 per cent in the grey market, indicating a strong debut on bourses on September 6. Earlier, the issue, which was open for subscription from August 24 to August 26, got a robust response from investors with an oversubscription of 56.68 times. The company had fixed a price band of Rs 308 to Rs 326.

According to IPOWatch.in, the grey market premium for Dreamfolks was around 105, or 32 per cent, over the issue price of Rs 326.

Abhay Doshi, Founder, UnlistedArena said, "The primary markets have gained traction following the commendable listing of Syrma SGS. Strong subscriptions for the Dreamfolks IPO were recorded in all categories. An attractive business concept despite aggressive pricing arouses investor interest. Considering the strong interest accompanied by stable broader market conditions, we can expect a very strong listing at a premium of over 25-30 per cent."

* Federal Bank denies merger report: "We wish to clarify categorically that the news report of a merger between Federal Bank and another private bank is speculative in nature. In this regard, we would like to state that there is no information available with the company as of today, which is required to be reported under extant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and which may have a bearing on the stock price of the company," the lender stated in a exchange filing. As pf 12:01 pm, shares of Federal Bank were up 3.73 per cent to trade at Rs 123.90. During the day, it touched an intraday high of Rs 129.70, rising 8.58 per cent.

* HFCL: Shares of telecom equipment maker HFCL gained over 6 per cent today as the board of the company approved raising of up to Rs 650 crore which would be invested in enhancing R&D facilities, setting up new production facilities to raise capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme.

* Vodafone Idea: Shares of Vodafone Idea gained up to 5 per cent today amid reports that the loss-making telco has prepaid a short-term loan of about Rs 2,700 crore to the State Bank of India (SBI). Voda Idea stock touched an intraday high of Rs 9.42, rising 5.01 per cent against the previous close of Rs 8.97 on BSE. Vodafone Idea stock is trading higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages. It has gained 27.82 per cent in a year and fallen 39.62 per cent in 2022.

* Reliance Power: RPower along with its subsidiary entered into a Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore. The company, in an exchange filing, said it would use the fund "for settlement and discharge and/or acquisition and restructuring of certain financial debt."

* Adani Green Energy: The company is likely to find a slot on the 30-stock Sensex during the semi-annual review in December. Pharma major Dr Reddy's Laboratories is likely to be replaced by the Adani Group firm by the end of this year. If Adani Green makes it to Sensex, it will be the first Adani Group firm to occupy the key position on the 30-stock index. On the other hand, Nifty already has one Adani Group stock. Last week, NSE said Adani Enterprises would be included in Nifty 50 index, replacing Shree Cement, from September 30. Currently Adani Ports is a part of the Nifty50.

* Paytm down over 6 per cent: Shares of Paytm parent -- One97 Communications -- cracked as much as 6.37 per cent to hit an intraday low of Rs 681.20 against its previous close of Rs 727.55.

* Top gainers: NTPC, ICICI Bank, ITC, Tata Steel, Tech Mahindra, Reliance Industries, HCL Tech, Infosys, Marut, L&T, Sun Pharma and Bharti Airtel were among the top gainers on BSE. On NSE, Hindalco, JSW Steel, NTPC, ICICI Bank and Tata Steel were trading in the green.

* 9:59 am: Sensex surged 361 points or 0.61 per cent to trade at 59,164; Nifty moved 103 points or 0.59 per cent higher to trade at 17,642.

* Expert view: "On the technical front, Nifty formed a sideways inside day formation following the long Bullish candle registered on August 30, also there is evidence of reversal pattern in weekly time frame hence in coming sessions, the key thing to watch will be a faster retracement above August highs of 18,000 that will signal the end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17,800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark. Thus, one needs to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by a 50 per cent correction at 16,600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support standing at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance. Hence during the day intraday decline towards 17,430-17,470 can be used for creating a long position for the target of 17,750," said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking.

* Market opening: Sensex jumped 237 points or 0.40 per cent to trade at 59,040; while Nifty moved 65 points or 0.37 per cent higher to trade at 17,605.

* Global markets:

* Tamilnad Mercantile Bank IPO opens today: Price band, grey market premium, more

* Stocks to watch

Shapoorji Pallonji group: Shares of Shapoorji Pallonji group could to be in focus following the tragic death of Cyrus Mistry in a car accident. 

SpiceJet: The airline got a three-month extension to hold an annual general meeting (AGM). Also, SpiceJet may to recieve Rs 225 crore under the government's credit guarantee scheme (Emergency Credit Line Guarantee Scheme), ETNow reported citing sources.

Paytm: Digital financial services firm One97 Communications, which operates under the Paytm brand, denied any link with the merchants that are under the Enforcement Directorate (ED) scanner in the Chinese loan app case. Paytm said that none of the funds frozen by the central probe agency belongs to it or any of its group firms.

GMR Infrastructure: GMR Infra approved raising funds of up to Rs 6,000 crore via foreign currency convertible bonds and/or any other security.

Hindustan Zinc: The Vedanta group firm said it has entered into a pact with special purpose vehicle Serentica Renewables India 4 Pvt Ltd for the delivery of renewable power on a long-term basis. The SPV has been formed in a been formed in a bid to supply power over a long-term to the company. Also, the government is planning to sell a part or all of its remaining 29.5 per cent stake in Hindustan Zinc by November, Economic Times reported.

* Market analysts have said that equity markets would be driven by global trends, foreign fund flows and movement in the Brent crude oil this week.

* Tamilnad Mercantile Bank IPO: The initial public offering (IPO) of Tamilnad Mercantile Bank would open for public subscription today. The issue would conclude on September 7. The Tuticorin-based private sector lender has fixed the price band at Rs 500-525 per share for its Rs 832-crore initial share offer.

* SGX Nifty: Trends on SGX Nifty indicated a lower opening for the markets back home. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 33 points or 0.19 per cent to 17,506.

* Previous session: Sensex had closed 37 points or 0.06 per cent up at 58,803 on Friday, while Nifty had declined 3 points or 0.02 per cent to end at 17,540.