Share Market HIGHLIGHTS: Nifty reclaims 19,500, Sensex ends 241 pts higher led by financial, IT shares
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex 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. Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex 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.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Latest Updates
Share Market HIGHLIGHTS | Coal India, Wipro, HCL Tech among top gainers in Nifty basket,
Coal India, Wipro, UltraTech Cement and HCL Tech are among the top gainers in the Nifty basket, trading with gains of around 5-4 per cent. On the other hand, M&M, Nestle India, ITC, Axis Bank and Bajaj Finance are among the top losers, down around 1 per cent
Source: NSE
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Share Market HIGHLIGHTS | Nifty reclaims 19,500, Sensex ends 241 pts higher led by financial, IT shares
Nifty 50
Nifty reclaims 19,500 and finishes at 19,528.8, up 0.48 per cent.
Source: NSESensex
Sensex ends 241 points higher at 65,628.14.
Source: BSE
Share Market Today LIVE | Maruti Suzuki hits all-time high
Maruti Suzuki India shares gain by as much as 1.2 per cent to clock a fresh all-time-week high of Rs 10,465 apiece, surpassing an earlier peak of Rs 10,390 touched last on September 1, 2023.
EXPERT VIEW | Prashanth Tapse, Senior VP (Research), Mehta Equities's comment on Vishnu Prakash R Punglia IPO
“Considering robust demand response by investors in all categories, investors are eagerly waiting for VPRPL's listing and we expect 50 per cent and above listing gain from its issue price of Rs 99 apiece. We believe the premium listing is justified on the back of infrastructure sector-focused business model supported by the government long term goal along with 3.5x years of revenue visibility and investor-friendly IPO valuations which gives room for strong listing gains."
"Looking at long-term rationales, we recommend allotted investors to continue HOLDING investments in VPRPL, considering its high growth potential and reward investors post listing also and those investors who look to buy on the listing day can accumulate VPRPL if the listing is settled on a softer note due to any secondary markets scenario.”
Share Market Today LIVE | Power stocks gave electrifying returns in August; what next?
Power stocks have given electrifying returns in August. Stocks such as JSW Energy, Tata Power, CESC, SJVN, PFC, and CG Power rewarded investors handsomely. Individually, JSW Steel has given over 19 per cent returns, Tata Power has given over 4 per cent returns, CESC has climbed over 9 per cent, SJVN stock has risen over 11 per cent, and CG Power shares rose over 3 per cent during the month, according to Zee Business Research. Read more
Share Market Today LIVE | L&T, Mtar Technologies, Mishra Dhatu Nigam stock rally after successful launch of Aditya L1
Shares of companies that contributed to the launch of Aditya L1, India's mission to study Sun, are a mixed bag on Monday. While Larsen and Toubro, Mtar Technologies, Paras Defence, Walchandnagar Industries, Hindustan Aeronautics (HAL), Bharat Heavy Electricals, and Mishra Dhatu Nigam shares traded between 1 per cent to nearly 5 per cent higher, the stock of Centum Electronics traded lower by 0.14 per cent.
India launched its first-ever solar observatory mission on Saturday, September 2. The Polar Satellite Launch Vehicle (PSLV), on its 59th flight with Aditya-L1 onboard, took off from the Satish Dhawan Space Centre in Sriharikota.
Larsen and Toubro (L&T)L&T manufactured critical space-grade hardware for the Aditya L1 mission. On Monday, shares of L&T gains1.5 per cent in the early trade to touch the day's high of Rs 2,742 apiece on NSE.
Mtar Technologies
The company supplied Vikas engines and electro-pneumatic models. The stock hit a 52-week high at Rs 2,877 apiece after the successful launch of Aditya L1. Read more
Share Market Today LIVE | IRFC shares zoom 20% to hit record high - Buy, sell or hold?
Indian Railway Finance Corp. (IRFC) shares gain around 20 per cent to hit an all-time high of Rs 66.90 a piece on the National Stock Exchange (NSE) on Monday, i.e., September 4, 2023. The stock's trading volume is quite high.
IRFC shares hit record high - Buy, Sell or Hold?
AK Prabhakar -Head, Research, IDBI Capital Markets & Securities Ltd - is of the view that investors can book 50-60 per cent of profit. "IRFC has a stable business, and having an NPA is out of the question. But the return has already doubled. I advise investors to book 50–60 per cent of profit," Prabhakar told Zee Business. Read more
Share Market Today LIVE | Infosys' shares gain after completing Danske Bank's IT centre acquisition in India
Shares of IT giant Infosys Ltd inch higher on Monday, September 4, after the company completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale, and this follows the announcement of the strategic collaboration with Danske Bank made on June 26, 2023, the company announced on Friday, September 1. The counter trades up 0.73 per cent at Rs 1,454.4 on NSE. Read more
Stocks to Buy | Maruti Suzuki, ONGC, Tech Mahindra among top analysts' picks this week
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Himanshu Gupta, Kunal Saraogi, Sandeep Jain and Sumeet Bagadia share their top recommendations for the day in this special segment, Pick of the Week. On the top analysts' 'buy' list are stocks such as ONGC, Tech Mahindra, BASF, Ambuja Cement, PowerGrid, Maruti Suzuki, Bank of Baroda, and M&M. Read more
Share Market Today LIVE | Metal stocks continue to shine: Tata Steel hits 52-week high, JSW Steel up 1%; here is why
Metal stocks rallies after an increase in the price of steel rebar. As per reports, steel rebar prices have increased by Rs 1,500–Rs 2,500 per tonne, and this is the fifth time in five weeks that the rebar prices have seen an appreciation, the report added. Among individual companies, JSW Steel has increased the rebar prices from Rs 54,000 per tonne to Rs 56,500 per tonne.
S&P BSE Metal index trades nearly 3 per cent higher at 23,206.34 levels. Tata Steel hit a 52-week high of Rs 132.85 on the BSE while JSW Steel trades at Rs 811.2, up 0.6 per cent. Read more
Share Market Today LIVE | MMTC shares lock in 20% upper circuit, hit new 52-week high
MMTC shares lock in 20 per cent upper circuit and hit a fresh 52-week high of Rs 52.5 on Monday. As many as 5,53,25,415 shares have exchanged hands on NSE so far.
Share Market Today LIVE | Nazara Tech zooms 12%, clocks fresh 52-week high— here is why
Nazara Technologies shares zoom as much as 12.4 per cent to clock a fresh 52-week high of Rs 854 on NSE 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. The online gaming company briefed bourses that it would issue shares of the face value of Rs 4 each at a price of Rs 714 per equity share to Kamath's companies. The shares, worth nearly Rs 100 crore, will be issued to Kamath Associates and NKSquared -- a partnership firm represented by its partners Nikhil and Nithin Kamath, the Nazara Tech's BSE filing read. The fresh funds will be utilised to invest in funding requirements and growth objectives of the company, including for making strategic acquisitions and investments in various companies, the company said in a statement. Read more
Here's how the stock has moved so far:
Source: NSE
Share Market Today LIVE | Spicejet, Indigo jump after windfall tax reduced; Jet Airways slides after arrest of its founder Goyal
Spicejet and InterGlobe Aviation, the parent company of IndiGo Airlines, are trading higher in morning deals on Monday after the government cut down on windfall taxes on locally produced crude oil on Saturday, while embattled Jet Airways trades lower after the arrest of its founder Naresh Goyal on Friday night. Read more
Share Market Today LIVE | A cement maker gets a big thumbs-up from Nomura; analysts see 19% upside
Shree Cement shares are in high demand after Nomura upgraded the private sector cement manufacturer to 'buy' from 'reduce' and lifted its price target for the stock by Rs 8,300, or 40.7 per cent, to Rs 28,700 apiece. The stock of the Rajasthan-based cement maker has jumped by as much as Rs 869, or 3.6 per cent, to Rs 25,011.6 apiece in early deals on BSE, rising for a second straight trading session. The brokerage’s target implies an upside of around 19 per cent in Shree Cement shares from their previous close.
What’s driving Shree Cements shares higher?
The cement maker took a price hike to the tune of 10-35 per cent across regions this month, following a price cut of 1-2 per cent the previous month. Analysts see higher demand for the company going forward in view of some moderation in rainfall in the country.
What Nomura says on Shree Cement?
According to the brokerage, which upgraded the Shree Cement stock to ‘buy’ from ‘reduce’, the cement maker is likely to benefit from its cost optimization drive, its strong capacity growth, and the change in management. Nomura expects Shree Cement’s balance sheet to remain strong despite its elevated capital expenditure (capex). Read more
Share Market Today LIVE | L&T says company will soon get an order worth Rs 25,000 crore; stock rises over 1%
Larsen & Toubro (L&T), the engineering and construction conglomerate shares gain over 1 per cent after Group Chairman AM Naik, in an exclusive interaction with Zee Business channel, said that the company will soon receive a big order worth Rs 25,000 crore. The chairman also added that the company may receive a big order from the metro segment as well.
The group chairman further said they have received a Rs 26,000 crore order for the bullet train project, the biggest so far for the company. Naik added that technology will keep changing, but there will always be a need for infrastructure. "Our 50–60 per cent work will always be in demand, and the rest, 40 per cent will keep fluctuating with changing times and technologies. We have top-class hi-tech hardware," Naik said in the exclusive interaction. Read more
Currency Update | Rupee falls 15 paise to 82.77 against US dollar
The rupee depreciates 15 paise to 82.77 against the US dollar in early trade as firm crude oil prices weighed on investor sentiments.
Traders' Diary | Buy, sell or hold strategy on Hero MotoCorp, Eicher Motors, RVNL, BEML, GMR Power, over a dozen other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on more than a dozen stocks that investors and traders can track on Monday, September 4. Check out which stocks are on analysts Ashish Chaturvedi and Arman Nahar's radar, and what they recommend in cash and derivative segments.
Here's the complete list of investment and trading ideas for the day:
Ashish Chaturvedi
- Buy Mishra Dhatu Nigam (MIDHANI) shares in the cash segment for a price target of Rs 427 with a stop loss at Rs 400
- Buy Eicher Motors futures for a target of Rs 3,465 with a stop loss at Rs 3,400
- Buy the Rs 2,940 call option of Hero MotoCorp for a target of Rs 94 with a stop loss at Rs 65
- Technical pick: Buy Aditya Birla Money shares for a target of Rs 75 with a stop loss at Rs 68
- Fundamental pick: Buy PVR-Inox shares for a target of Rs 1,867
- Investment idea: Buy Graphite India shares for a one-year target of Rs 580
- News-based pick: Buy RVNL shares for a target of Rs 143 with a stop loss at Rs 136. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index coming in at 19,350-19,400 levels and a strong buy zone at 19,250-19,300 levels on Monday, September 4. For the Nifty Bank, he expects support at 44,125-44,250 levels and a strong buy zone at 43,850-44,000 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE: Nifty crosses 19,500, Sensex up over 200 pts
Nifty 50
Nifty trades above 19,500 in early morning deals.
Source: NSESensex
Sensex trades up over 200 points at 65,589.52 in early morning deals.
Source: BSE
MARKET COMMENT | Shrikant Chouhan, Head of Research (Retail), Kotak Securities
“After a roller-coaster ride last week, the benchmark Nifty has formed a double bottom formation on daily and intraday charts, which indicates a strong possibility of a fresh uptrend rally from the current levels. Additionally, a long bullish candle on daily charts supports a further uptrend from the current levels. We believe that the corrective pattern of the index has been completed, and it is now primed for a sharp rebound. "
"The range of 19,350-19,325 would act as a critical support zone for the bulls. Above this range, the index could rally to 19,500, and further upside could lift the index up to 19575-19675 levels. The strategy should be to buy Nifty between 19,375 and 19,325, with a stop loss at 19,220."
"For Bank Nifty traders, 44,200 would be the crucial support level, and above this level, it could move up to 45,000. On the flip side, if it falls below 44,200, it could slip to 43,900-43,800. In the case of the Nifty IT index, it is heading towards 31,700 and above the same it could see short covering that could propel the index to 32,000 and 32,500 in the near term.”
Stocks To Watch | Adani Enterprises, IDBI Bank, Rail Vikas Nigam, Infosys, Brightcom Group, L&T
Here is a list of stocks that are expected to remain in focus today on the back of major news:
Kotak Mahindra Bank
Uday Kotak resigned from the MD and CEO post and will now be the non-executive director of the bank. New CEO Dipak Gupta will carry out the duties of the chief executive officer subject to approvals from the Reserve Bank of India (RBI), the bank said.
IDBI Bank
The government has invited bids to appoint an asset valuer for a stake sale in IDBI Bank. The bids have to be submitted for the asset valuation on October 9.
Rail Vikas Nigam
The company received an order from Madhya Gujarat Vij Company worth Rs 322 crore; work needs to be completed in 31 months.
Infosys
The company received a penalty notice from the State Revenue Committee of Armenia for two cases. Stamp duty, social security, and withholding tax; a fine imposed for paying less tax; the notice received is for Rs 1,511 crore. Read more
Dividend Stocks | Universal Cables, Gravita India among 10 shares to trade ex-date today
A total of 10 stocks will trade ex-dividend on Monday, September 4, according to the NSE website. The list includes Universal Cables, Universal Cables, Birla Cable, and other stocks.
Universal Cables dividend
Universal Cables has announced a dividend of Rs 3 per equity share with a face value of Rs 10.
Radiant Cash Management Services dividend
Radiant Cash Management Services has announced a dividend of Rs 2 per equity share with a face value of Re 1. The record date is also September 4.
Mallcom (India) dividend
Mallcom (India) has announced a dividend of Rs 3 per equity share with a face value of Rs 10.
Birla Cable dividend
Birla Cable has announced a dividend of Rs 2.5 per equity share with a face value of Rs 10.
Jai Corp dividend
Jai Corp has announced a dividend of Re 0.5 per equity share with a face value of Re 1.
Vindhya Telelinks dividend
Vindhya Telelinks has announced a dividend of Rs 15 per equity share with a face value of Rs 10. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 32.5 points or 0.17 per cent at 19,552 ahead of the opening bell on Dalal Street.
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