FINAL TRADE: Indices gain for sixth straight session; Sensex rises 333 pts; Nifty settles above 19,820

Stock market today: The Indian share market rallied for the sixth consecutive session on Friday, September 8, topping a month high amid buying in bank, auto, financial services, realty, and oil & gas stocks. The Reserve Bank of India's (RBI) decision to discontinue the incremental cash reserve ratio (ICRR) boosted the rally in banking stocks.

At close, BSE Sensex was up 333.35 points, or 0.50 per cent at 66,598.91, and NSE Nifty was up 92.9 points, or 0.47 per cent at 19,819.95.

In the Nifty 50 basket, 32 stocks advanced and 18 declined. In the broader market, the Nifty Mid Cap 100 and Small Cap 100 both edged higher.

On the sectoral front, the Nifty Bank was up 0.62 per cent at 45,156.4.

TECHNICAL VIEW

"Nifty has reached the upper end of the rising channel and hence a consolidation is likely in the upcoming week. The range of consolidation is likely to be 19850 – 19670. Daily and hourly momentum indicators have a positive crossover which is a buy signal and thus this is likely to be only a consolidation and in case of a dip, it should be used as a buying opportunity. On the upside, we expect 19900 which is around the swing high it touched during July. In terms of levels, 19630 – 19670 shall act as a crucial support zone while 19860 – 19900 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

He added Bank Nifty has also witnessed follow-through buying interest from the previous trading session. After breaking out of the consolidation during the previous trading session it has witnessed follow-through buying interest. The momentum indicator has a positive crossover which is a bullish sign. Overall, we expect the positive momentum to continue and expect targets of 45500 from a short-term perspective.

NIFTY 50 STOCKS 

NTPC, Coal India, BPCL, Tata Motors, and L&T were the major gainers. On the flip side, UPL, Eicher Motors, Apollo Hospitals, UltraTech Cement, and SBI were the top losers.

BUZZING STOCKS

Mazagon Dock Shipbuilders shares ended up over 5 per cent higher after the company signed a Master Ship Repair Agreement with the US Government.

Landmark Cars shares settled over 11 per cent higher as the company signed a Letter of Intent with Mahindra and Mahindra Limited.

Sterlite Technologies shares were up over 1 per cent at the close after the company partnered with TruVista for fibre connectivity.

Lemon Tree Hotels shares closed up over 4 per cent after the company deposited a fine of Rs 23,850 with the Commercial Tax Department of Karnataka.

Bajaj Finserv's scrip was up over 1 per cent after its subsidiary Bajaj Allianz General Insurance reported a gross direct premium underwritten for August at Rs 1,677.87 crore.

L&T ended among the top gainers on the NSE and was up over 1 per cent after reports about a company likely to receive an order from Saudi Aramco worth $4 billion.

Except for IDFC First Bank on Nifty Bank, all banking stocks were up 0.20 per cent to 2.10 per cent after the RBI said to discontinue ICRR in a phased manner.

GLOBAL MARKETS 

The share market traded lower on Friday in Europe and Asia after Japan's economic growth came in below the estimate for the second quarter.

Germany's DAX shed 0.5 per cent to 15,636.59, and the CAC 40 in Paris fell 0.5 per cent to 7,159.49. Britain's FTSE 100 declined 0.4 per cent to 7,415.45.

The futures for the S&P 500 and the Dow industrials edged 0.1 per cent higher.

(With agency inputs)

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