Benchmark Indian indices touched new highs with Nifty trading above 17,150 on September 1, while at 0917, BSE Sensex was up 129.78 points, or 0.23 percent, at 57,682.17, and nifty It was up 36.60 points, or 0.21 per cent, at 17,168.80. About 1250 shares rose, 439 shares declined and 79 shares remained unchanged. The market touched an all-time high in mixed global cues and the country’s GDP growth, indicating the Indian economy on the bank of a strong COVID-19 bounce. In the banking sector, Axis Bank rose 3.71 per cent, AU Small Finance Bank 3.23 per cent, IndusInd Bank 2.57 per cent. While Kotak Mahindra Bank declined 1 per cent today, Matsak, India Cements, Oberoi Realty, J&K Bank were the top laggards on the BSE. SAIL, Tata Steel, on the other hand, were among the top losers. On NSE, Axis Bank, IndusInd Bank, Eicher Motor, Asian Paints were the top performers, while Tata Steel, Hindalco, HDFC Bank, Maruti were among the laggards.
According to the trends of SGX Nifty, the benchmark index is expected to open on a flat note. US markets closed marginally lower on Tuesday, with the Dow Jones, S&P 500 and Nasdaq down ~-0.1 percent yesterday. European markets also closed with a slight decline yesterday. Asian markets remained stable with Nikkei trading ~1.27 per cent higher in early trade on Wednesday, while Chinese and Hong Kong markets are trading flat. India’s Q1FY22 GDP grew by 20.1 per cent, GVA growth by 18.8 per cent in Q1FY22 while the Street estimates for GDP and GVA are at 21 per cent and 19.6 per cent respectively. on the technical front; 16,900 and 17,100 are immediate support and resistance in Nifty 50. Mohit Nigam, Head – PMS, Hem Securities said.
BSE Midcap rose 0.40 per cent, BSE Smallcap 0.34 per cent in early trade. A GDP growth of 20.1 per cent in the first quarter of FY12 fueled sentiments on Dalal Street. However, global markets opened on a flat note, with Hong Kong’s Hang Seng index down 7.17 points at 25,871.82. The Shanghai Composite also fell barely 0.07 points to 3,543.87, while the Shenzhen Composite Index on the second exchange of China rose 0.08 per cent, or 1.86 points, to 2,431.72. Shares in Tokyo opened higher, with the benchmark Nikkei 225 index up 0.40 per cent, or 111.13 points, at 28,200.67 in early trade, while the broader Topix index rose 0.42 per cent, or 8.29 points, to 1,968.99.
Except Nifty Pharma, Nifty IT, Nifty Metal were trading in the red and were down between 0.9 to 1.55 per cent on the NSE. However, Nifty Bank and Nifty Private Bank were the top gainers.
“The almost unbelievable market rally continues to lift Sensex and Nifty above 57000 and 17000 points respectively. The recent rally above 400 points on Nifty has outperformed high quality stocks. It is important to appreciate the fact that eight stocks – RIL, HDFC Bank, HDFC, Infosys, ICICI Bank, TCS, Bajaj Finance and Bharti Airtel – which have been doing well recently, weigh 50.7 per cent in the Nifty. Hence the spike in these stocks lifted the Nifty disproportionately. Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “It is desirable to remove the foam from the poor performance of mid- and small-caps, especially in the segment, even when the market is racing towards higher valuations. “
The Indian rupee opened marginally lower at 73.04 per dollar on Wednesday amid buying in the domestic stock market.
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