Special 
Share Market Live Updates: Sensex and Nifty finished on a strong note for the third consecutive session. Indian equity benchmarks on Monday extended their gains for the third straight session ahead of retail inflation data for August, scheduled to be released at 5:30 pm. Asian stock markets rallied today and Wall Street looked to extend Friday's bounce and S&P 500 futures moved 0.48 per cent up, while Nasdaq futures gained 0.58 per cent.
The fall in global oil prices supported gains in domestic equities. India, the world's third-largest oil importer, benefits from a fall in prices as it brings down imported inflation. Crude prices fell over prospects of further interest rate hikes in the United States and Europe, and demand concerns following the imposition of Covid-19 restrictions in China.
However, investors remained cautious ahead of the release of August retail inflation numbers; and industrial output (IIP) data for July. Market participants also awaited cues on the pace of the central bank's rate hikes. A 75 basis points (bps) rate hike by the U.S. Federal Reserve is on the cards. The Fed meeting would be held on September 21.
"The most important bullish factor that has caused and is sustaining India's market outperformance is the strong growth recovery underway in India now. RBI's report which puts bank credit growth now running at 15.5 per cent is an endorsement of this fact. Bank Nifty which has outperformed Nifty by 11 per cent is a reflection of this strong undercurrent in the banking segment. Even though valuations are high it appears that this rally has more steam to go up," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Here are the stock market highlights:
Kunal Shah, Senior Technical Analyst at LKP Securities: "The Bank Nifty Index formed a Doji candle on the daily chart, indicating indecisiveness at the current levels. The undertone remains bullish and one should keep a buy-on-dip approach with strong support at the 40,000-39,800 zone. The immediate hurdle on the upside is placed at 40,700 and once taken out will witness a swift move towards 41,500-41,800 levels."
Rupak De, Senior Technical Analyst at LKP Securities: "Nifty started on a positive note following strong global cues. On the higher end, Nifty found resistance before ending with a gain of ~0.60 per cent. The daily momentum indicator RSI remains in the green crossover. The short-term trend is likely to remain strong as long as it remains above 17,700. On the higher end, Nifty has resistance at the 18,000-18,100 zone. Support is seen at 17,880/17,770."
Vinod Nair, Head of Research at Geojit Financial Services: "Domestic economy is witnessing strong vigour and the same is assisting a steady growth in Indian equities. A 15.5 per cent YoY increase in bank credits during August suggests that the economy is recovering rapidly. Due to rising food prices, domestic inflation figures are predicted to show a gradual rise from 6.7% in July which could add volatility in the short term. Meanwhile, the world equity market is ignoring the fact that the Fed will retain its aggressive rate hike strategy given high levels of inflation assuming that much is factored in."
The overall market breadth stood positive as 2,192 shares advanced while 1,390 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 285.30 lakh crore.
On the stock-specific front, Adani Ports was the top Nifty gainer as the stock soared 3.77 per cent to close at Rs 941. Titan, Tech Mahindra, Divi's Lab and Axis Bank were also among the gainers. In contrast, Coal India, Shree Cement, Nestle India, HDFC and HDFC Bank were among the top laggards.
All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty IT, Nifty Consumer Durables and Nifty Media outperformed the NSE platform by rising as much as 1.42 per cent, 1.35 per cent and 1.98 per cent, respectively.
Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 rose 0.97 per cent and small-cap climbed 1.33 per cent.
Sensex surged 322 points or 0.54 per cent to close at 60,115; Nifty moved 103 points or 0.58 per cent higher to settle at 17,936
Ashwin Patil, Senior Research Analyst at LKP Securities: "Defence sector is buzzing currently on the back of a strong order book, orders from the government, technological advancements and requirements according to the geopolitical environment and export orders. This gives us visibility of up to 4-5 years as the country needs to match international standards. Furthermore, profitability led by a higher indigenisation theme, better operating leverage and higher contribution from non-government orders should augur well for the margins. Valuations too seem comfortable to us for the entire sector. Therefore we are bullish on the sector, particularly on BEL due to additional positives like a lean balance sheet, better working capital management and emphasis on some non-profitable non-defence sectors."
Machined products supplier Ramkrishna Forgings, in an exchange filing, said it has approved a fund raise of Rs 94.3 crore through a preferential issue of 46 lakhs warrants convertible into equivalent equity share of Rs 2 each at a price of Rs 205 per warrant to promoters/non-promoters.
Sensex jumps 463 points or 0.77 per cent to trade at 60,256, Nifty moves 138 points or 0.77 per cent higher to trade at 17,971; Adani Ports, Tech Mahindra, Axis Bank, Divi's Lab, Titan among top gainers
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Technology and consumer stocks were among the top gainers in early deals.
All 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green during early deals. Sub-indexes Nifty IT, Nifty Metal and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 1.75 per cent, 0.96 per cent and 0.68 per cent, respectively.
Mid and small cap shares were positive as Nifty Midcap 100 rose 0.40 per cent and small-cap climbed 0.80 per cent.
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