Indian stock market benchmarks, the Sensex and the Nifty 50, ended with healthy gains on Monday, September 1, snapping their three-session losing run on buying across segments.
The Sensex closed with a gain of 555 points, or 0.70 per cent, at 80,364.49, while the Nifty 50 ended the day at 24,625.05, up 198 points, or 0.81 per cent.
The mid and small-cap segments outperformed the benchmarks. The BSE Midcap index jumped 1.64 per cent, while the Smallcap index rose 1.49 per cent.
Investors’ wealth rose by more than ₹5 lakh crore in a single session as the overall market capitalisation of BSE-listed firms jumped to nearly ₹449 lakh crore from below ₹444 lakh crore in the previous session.
Indian stock market: 10 key highlights from the day
1. Why did the Indian stock market rise today?
Market sentiment improved after India’s Q1 GDP growth exceeded market expectations. Expectations of GST rationalisation at the upcoming council meeting remain a key positive factor for the market.
“India’s Q1 GDP growth of 7.8 per cent, exceeding projections, has reinforced investor confidence in the economy’s resilience amid global uncertainties. Expectations of GST rationalisation at the upcoming council meeting continue to bolster sentiment, supporting discretionary consumption,” said Vinod Nair, Head of Research, Geojit Investments Limited.
2. Top gainers in the Nifty 50 index today
Shares of Bajaj Auto (up 4.01 per cent), Mahindra & Mahindra (up 3.52 per cent), and Hero MotoCorp (up 3.18 per cent) were the top gainers in the Nifty 50 index today. As many as 42 stocks ended higher in the Nifty 50 pack.
3. Top losers in the Nifty 50 index
Shares of Sun Pharma (down 1.91 per cent), ITC (down 1.03 per cent), and Hindustan Unilever (down 0.56 per cent) ended as the top losers in the index.
4. Sectoral indices today
Barring Nifty Media (down 0.32 per cent) and Pharma (down 0.12 per cent), all major sectoral indices ended higher on the NSE, with Nifty Auto (up 2.80 per cent) and Consumer Durables (up 2.08 per cent) clocking strong gains.
Nifty Metal (up 1.64 per cent), IT (up 1.59 per cent), Oil & Gas (up 1.35 per cent), PSU Bank (up 1.11 per cent), Realty (up 1.04 per cent) also saw significant gains.
Nifty Bank rose by 0.65 per cent, while the Financial Services index climbed 0.69 per cent.
5. Most active stocks in terms of volume
Ola Electric Mobility (108.03 crore shares), Vodafone Idea (45 crore shares), and YES Bank (7.84 crore shares) were the most active stocks in terms of volume on the NSE.
6. 16 stocks jump over 15% on BSE
Pritish Nandy Communications, Shyam Century Ferrous, Jindal Photo, Jindal Poly Investment and Finance Company, Emmforce Autotech, and RPP Infra Projects were among the 16 stocks that jumped more than 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,380 stocks traded on the BSE, 2,795 advanced, while 1,391 declined. Some 194 stocks remained unchanged.
8. 129 stocks hit 52-week highs
TVS Motor Company, Eicher Motors, and UNO Minda were among the 129 stocks that hit their 52-week highs in intraday trade on the BSE.
9. 113 stocks hit 52-week lows
As many as 113 stocks, including United Breweries, Five-Star Business Finance, and Deepak Nitrite, hit their 52-week lows on the BSE.
10. Nifty 50 technical outlook
Shrikant Chouhan, the head of equity research at Kotak Securities, underscored that on intraday charts, the Nifty formed a reversal pattern, and on daily charts, it created a bullish candle, indicating a continuation of the pullback formation in the near future.
“For traders now, as long as the market trades above 24,500, the pullback formation is likely to continue. On the higher side, it could bounce back to the 20-day SMA (simple moving average) or 24,700. Further upside may also continue, potentially lifting the market up to 24,800. On the flip side, if the market falls below 24,500, traders may prefer to exit their long positions,” said Chouhan.
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty reversed momentum following an inverted hammer pattern.
“On the hourly RSI, a hidden positive divergence is visible. However, sentiment remains sell on rise as long as the index stays below 24,850. Only a decisive move beyond 24,850 might induce a rally towards 25,250/25,500. On the lower end, support is placed at 24,500,” said De.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
