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Thursday, November 30, 2023

Sensex, Nifty Climb Nearly 1 Pc; Metal, Banking Stocks Shine

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MUMBAI, Sept 5: Equity benchmark Sensex rallied nearly 1 per cent to revisit the 59,000-mark on Monday, propelled by sharp gains in metal, banking and capital goods stocks amid a weak trend in global equities.

In a largely range-bound trade, the BSE benchmark rose 442.65 points or 0.75 per cent to settle at 59,245.98. During the day, it jumped 504.92 points or 0.85 per cent to 59,308.25.

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The NSE Nifty advanced 126.35 points or 0.72 per cent to 17,665.80.

Intense buying in index majors Reliance Industries, Sun Pharma and ITC and an appreciating rupee also bolstered the sentiment, traders said.


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Sun Pharma was the biggest gainer in the Sensex pack, rising 1.81 per cent, followed by ITC, NTPC, RIL, Larsen & Toubro, Tata Steel, HCL Technologies and ICICI Bank.

In contrast, HUL, Asian Paints, PowerGrid, Wipro, UltraTech Cement and Nestle were the laggards, slipping up to 1.51 per cent.

In the broader market, the BSE smallcap gauge climbed 0.89 per cent and the midcap index gained 0.46 per cent.


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Among the BSE sectoral indices, metal jumped 2.04 per cent, capital goods (1.07 per cent), telecom (0.93 per cent), basic materials (0.91 per cent), bank (0.89 per cent), realty (0.73 per cent), and finance (0.71 per cent).

“It was a surprising bullish start for the week for the benchmark Nifty as bulls remained in total control shrugging off weak global cues, oil rising ahead of OPEC meet and, most importantly, the US Dollar Index scaling a fresh multi-decade high near 110.00.

“The street is probably hoping for only a modest 0.50 per interest rate hike from the US Fed this September. For Tuesday’s session, Nifty’s major hurdle is seen at 17,757,” Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd, said.


Meanwhile, the rupee appreciated 8 paise to close at 79.79 (provisional) against the US dollar on Monday.

Elsewhere in Asia, bourses in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green.


Equities in Europe were trading lower during the mid-session deals. The US markets had ended lower on Friday.

“Benchmark indices outperformed their Asian peers and also shrugged off the weak European market sentiment as investors bet on metals, banking and capital goods stocks. Cautious optimism prevailed as there are enough indications that markets may remain volatile in coming sessions on global slowdown fears,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

The international oil benchmark Brent crude jumped 2.81 per cent to USD 95.63 per barrel.

“Concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the US and a worsening energy situation in Europe. Strong employment in the US will give the Fed the confidence to raise interest rates by another 50–75 bps in the forthcoming policy meetings.

“In anticipation of a decrease in output, oil prices increased prior to the OPEC+ summit. Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand,” Vinod Nair, Head of Research at Geojit Financial Services, said.


Foreign institutional investors (FIIs) offloaded shares worth a net Rs 8.79 crore on Friday, as per exchange data.

“Nifty broke out nicely of the two-day range move. Given the subdued sentiments abroad, it may find it difficult to rise sharply from hereon. As US markets are shut today, no cues will be available for Indian markets from there. Nifty could stay in the 17778-17476 band for the near term,” Deepak Jasani, Head of Retail Research, HDFC Securities, said. (PTI)

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The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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