Informist, Monday, Sep 4, 2023
By Ananya Grover
MUMBAI – Benchmark equity indices closed higher today, in the second consecutive session, due to gains in the shares of information technology and metal companies.
Today, the Nifty 50 index closed 0.5% higher to end at 19528.80 points and the Sensex added 0.4% to close at 65628.14 points.
Gains in shares of Infosys contributed the most to the rise in Nifty 50, followed by HDFC Bank, HCL Technologies, and Tata Consultancy services. However, losses in the shares of ITC, Axis Bank, and Mahindra & Mahindra limited the gains in the index.
On HDFC Bank, Prabhudas Lilladher in a note said, “The stock has been in consolidation near the 1550-1600 zone maintaining the support of 1560 and currently with some improvement in the bias is anticipated for further rise in the coming days.”
“The RSI (Relative Strength Index) is well-placed recently reversing from the oversold zone anticipating for upside movement. With the chart looking good, we suggest buying and accumulate the stock for an upside target of 1750 keeping the stop loss at 1530,” the brokerage firm added. Today, shares of the bank closed 0.6% higher at 1,584.55 rupees.
However, Viraj Vyas, technical and derivatives analyst at Ashika Stock Broking, said private bank players are lagging behind public sector banks.
Today, Nifty PSU Bank and Nifty Metal rose more than 2%. The Nifty IT index closed 2.1% higher at 32163.95 points, with all its constituents rising.
Information technology stocks rose today due to better-than-expected global macroeconomic environment. The Nifty IT index is expected to rise to 32500–33000 points now as analysts had said that once we are out of the 31600 zone, a good rally towards 32500-33000 can be seen.
Cement stocks also gained with those of UltraTech Cement hitting their lifetime high at 8,549.95 rupees today after major brokerages expressed optimism over the sector as a number of cement manufacturers announced price hikes in key markets, and a deficient monsoon helped cement demand remain robust.
Nifty Auto, which hit a lifetime high of 16040.40 points today, lost some of its gains to close 0.1% higher at 15943.60 points. Vyas said the losses were on account of profit-booking, and he still sees strength in the sector.
Broader markets outperformed the benchmarks, with Nifty Small-Cap and Nifty Mid-Cap indices ending 0.6%-1.5%. “The market breadth was inclined strongly on the advancing side, thanks to the upbeat tone in midcap and smallcap pack,” said Ajit Mishra, senior vice-president of technical research at Religare Broking.
Going ahead, Mishra said, “Indications are favourable for further rebound as Nifty has surpassed a trend line resistance while holding the support zone of short-term average. However, a hurdle of around 19650 may cap the upside and prompt some profit taking too. Amid all, we reiterate our view to focus on stock selection and preferring auto, IT and metal for long trades.”
* Of the Nifty 50 stocks, 31 rose and 19 fell
* Of the Sensex stocks, 16 rose and 14
* On the BSE, 2,304 stocks rose, 1,438 fell, and 199 were unchanged
* Nifty Metal: Up 2.28%; Nifty PSU Bank: Up 2.43%; Nifty Consumer Durables: Down 0.22%
BSE NSE
Sensex: 65628.14, up 240.98 pts or 0.37% Nifty 50: 19528.80, up 93.50 pts or 0.48%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67619.17 (Jul 20, 2023) : Lifetime High: 19991.85 (Jul 20, 2023)
Record Close High: 67571.90 (Jul 20, 2023) : Record Close High: 19979.15 (Jul 20, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67571.90 (Jul 20) : 2023 Closing High: 19979.15 (Jul 20)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 66064.21 (Jul 13) : 2023 High (intraday): 19567.00 (Jul 13)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Manisha Baxla
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