FINAL TRADE: Indices extend gains into 2nd trading session; Sensex up 241 pts; Nifty settles at 19,529

Stock market today: Indian benchmark Sensex and Nifty edged higher on Monday, September 4, extending their gains for the second trading session on the back of rising expectations of a rate hike pause by the US Federal Reserve. Further, reports of China taking measures to revive the property sector in the country also boosted sentiment.

The S&P BSE Sensex rallied 240.98 points, or 0.37 per cent to settle at 65,628.14, and the NSE Nifty surged 93.5 points, or 0.48 per cent to close at 19,528.8 levels.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 indices closed on a strong note.

On the sectoral front, the Nifty Bank was up 0.32 per cent 44,578.3.

NIFTY 50 STOCKS

In the Nifty 50 basket, 32 stocks advanced and 19 declined. Coal India, Wipro, HCL Tech, UltraTech Cement, and Jio Financial Services were the major winners. On the flip side, M&M, Nestle India, ITC, Axis Bank, and Bajaj Finance were the top laggards.

TECHNICAL VIEW

"We believe that the Nifty is in the process of retracing the fall it has witnessed from 19,992 to 19,223; hence, the pullback is likely to last over the next few trading sessions. On the upside, we expect the Nifty to target levels of 19,650. In terms of levels, the crucial support zone is placed at 19,420–19,360, and the immediate hurdle is placed at 19,650–19,700," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Gedia added Bank Nifty has also witnessed follow-through buying interest from the previous trading session. It has managed to close above the 20- and 40-day moving averages, which is a sign of strength. We expect the index to continue its pullback towards the daily upper Bollinger band, placed around 45,000. The daily momentum indicator has a positive crossover, which is a buy signal. Thus, both price and momentum indicators suggest that the positive momentum is likely to continue.

BUZZING STOCKS

IDFC First Bank shares rose and closed over 5 per cent higher on the BSE post-block deal.

IDBI Bank stock was up over 8 per cent after the government invited bids to appoint an asset valuer for a stake sale in IDBI Bank.

Nazara Technologies' scrip closed nearly 10 per cent higher after the online gaming company informed the bourses that it would issue 14 lakh shares worth Rs 100 crore to Zerodha co-founder Nikhil Kamath's firms.

Shree Cement stock settled nearly 6 per cent higher after Nomura upgraded its rating on Shree Cement from 'reduce' to 'buy'.

Tata Steel and SAIL shares were up between 4 and 6 per cent steel rebar price hiked.

GLOBAL MARKETS 

Germany's DAX advanced 0.7 per cent to 15,949.69 and the CAC 40 in Paris picked up 0.8 per cent to 7,354.96. In London, the FTSE 100 was up 0.8 per cent at 7,522.38. 

The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.2 per cent U.S. markets will be closed for the Labour Day holiday.

Meanwhile, Hong Kong's Hang Seng index jumped 2.5 per cent to 18,844.16, while the Shanghai Composite index added 1.4 per cent to 3,177.06.

Tokyo's Nikkei 225 was up 0.7 per cent at 32,939.18. In Seoul, the Kospi jumped 0.8 per cent to 2,584.55. Sydney's S&P/ASX 200 added 0.6 per cent to 7,318.80.

The Dow Jones Industrial Average rose 0.3 per cent to 34,837.71. The Nasdaq composite closed less than 0.1 per cent lower, at 14,031.81, breaking a five-day winning streak.

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