FINAL TRADE: Indices close higher; Sensex up 100 points; Nifty settles at 19,611

Stock market today: The domestic equity benchmark indices on Wednesday, September 6, closed higher amid buying in FMCG, pharma, and financial services stocks.

At close, the S&P BSE Sensex was up 100.26 points, or 0.15 per cent at 65,880.52, and the NSE Nifty was up 36.15 points, or 0.18 per cent at 19,611.05.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 closed on a subdued note a day after recording fresh highs.

Nifty Bank also closed lower by 0.28 per cent at 44,409.1 levels.

"Sharp rise in oil prices as Saudi Arabia and Russia extended output curbs until December put pressure on global markets and currencies. Beyond what the market had anticipated, this surprise action reduced oil supply for the following four months rather than just until October. If oil prices keep rising, India, a big oil importer, might see its current account deficit increase," said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio Ltd.

TECHNICAL VIEW 

"The overall trend is positive, and these dips are likely to be bought into. On the upside, we expect the Nifty to target levels of 19,650 – 19,700 from short-term perspective. In terms of levels, 19,490 – 19,520 shall act as a crucial support and 19,650 – 19,700 shall act as an immediate hurdle," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Gedia added Bank Nifty has witnessed three days of consolidation. It witnessed a pullback, though it closed in the negative. On the downside, 44,200 proved to be a strong support, and the Bank Nifty witnessed a sharp pullback from the support. Going forward, we expect the positive momentum to continue and expect the Bank Nifty to target levels of 45,000–45,200 from a short-term perspective. The daily and hourly momentum indicators are providing divergent signals, which can lead to sideways consolidation; however, the downside appears limited.

NIFTY 50 STOCKS 

Tata Consumer, Divi's Laboratories, Bharti Airtel, HDFC, and Britannia were the top gainers on Nifty. Conversely, Tata Steel, Hindalco, Axis Bank, NTPC, and IndusInd Bank were the major laggards.

BUZZING STOCKS 

SpiceJet shares hit the upper circuit as the company took an extension of three months from the registrar of companies.

Torrent Pharma shares closed above 2 per cent as Nomura raised its target price on the stock.

ABB India settled over 1 per cent after Jefferies maintained a 'buy' rating on the stock. 

Sugar stocks rallied in today's trade; Avadh Sugar & Energy Ltd closed over 10 per cent higher.

Paper stocks also outperformed the trading session, Orient Paper Industries was up over 15 per cent, Seshasayee Paper was up over 13 per cent, Andhra Paper was up nearly 13 per cent and West Coast Paper was up over 12.8 per cent.

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