L&T, IndusInd Bank, M&M among top gainers, losers today; check full list
Domestic equity benchmarks Sensex and Nifty settled higher for the fifth consecutive session on Thursday, September 7, supported by gains in select heavyweights, including Larsen & Toubro, HDFC Bank, and ICICI Bank, even as global cues were weak amid concerns over higher interest rates for an extended period.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower. Major European markets traded with small gains when the Sensex closed. Today’s rally came despite weakness across the Asian and US markets, as investors remain upbeat about India’s long-term growth prospects, said analysts.
Sensex closed 385 points, or 0.58 per cent, higher at 66,265.56 while the Nifty50 ended with a gain of 116 points, or 0.59 per cent, at 19,727.05. Mid and smallcaps also scored decent gains.
The BSE Midcap index closed 0.79 per cent higher at 32,374.93 after hitting its fresh record high of 32,396.28 during the session. The BSE Smallcap index rose 0.40 per cent to end at 38,101.21 after hitting its new all-time high of 38,169.65 during the session.
The tone was range bound in the first half however a sharp surge in the select heavyweights turned the bias in favor of bulls as the day progressed…Nifty has finally crossed the hurdle at 19,650 and the alignment of the banking pack has further strengthened the tone,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
Ten of the 13 major sectoral indexes advanced, with Nifty Realty gaining 1.48 per cent, public sector enterprise rising 1.46 per cent and banks gaining 1 per cent. Niche sectors like shipping and defence stocks continue to see buying interest on the back of large order wins and strong order book. Rally continued in paper and sugar stocks.
Commenting on today’s market performance, Vinod Nair, Head of Research at Geojit Financial Services said, ‘’The domestic market initially opened with a lackluster performance, influenced by weak global cues. However, as the day progressed, a decline in US bond yields and crude oil prices injected some positivity into the market. This optimism was most prominent in banking stocks.”
‘’Interestingly, mid- and small-cap stocks managed to retain investor interest even though their valuations are relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market’s outlook,” added Nair.
Here is the list of stocks which are the top gainers and losers during September 7th trading session:
Sensex:
Top gainers: Larsen & Toubro (4.26%), IndusInd Bank (2.26%), Tech Mahindra (1.69%), State Bank of India (1.55%), and HCL Technologies (1.49%)
Top losers: Sun Pharmaceuticals (-0.88%), Mahindra & Mahindra (-0.74%), Infosys (-0.73%), Hindustan Unilever (-0.60%), and UltraTech Cement (-0.59%)
Nifty50:
Top gainers: Coal India (6.92%), Larsen & Toubro (4.24%), IndusInd Bank (2.08%), SBI Life Insurance (1.80%), and State Bank of India (1.77%)
Top losers: Tata Consumer Products (-2.27%), ONGC (-0.98%), Britannia Industries (-0.90%), Mahindra & Mahindra (-0.77%), and Sun Pharmaceuticals (-0.73%)
Where are markets headed?
Risk-on-theme dominated Dalal Street amid improving cues from European stock markets. The positive takeaway was that the benchmark Nifty and many momentum stocks shined all-throughout the day, according to analysts.
‘’We suspect fear of missing out (FOMO) can rule traders’ mindset as bargain hunting and value buying could be the probable theme. Technically, Nifty’s biggest support for Friday’s trade will be at 19,427 mark, while the index will continue to stay positive as long as it trades above the 19,551 mark. The bulls will be in total control on any close above the 19,757 marks,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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Updated: 07 Sep 2023, 04:18 PM IST
