Stock market today: After a cautious start, the bulls staged a smart comeback on Thursday (September 7) with strong buying in capital goods, financials, real estate and energy. At the close, the S&P BSE Sensex was at 66,265.56, up 385 points, or 0.58 percent. During the day, the leading index hit a low of 65,672.34. On the NSE, the broader Nifty50 index settled at 19,727.05, up 116 points, or 0.59 percent. With today’s rise, the market ended higher for the fifth straight day.
L&T (up over 4 percent) proved to be the biggest gainer on Sensex, followed by IndusInd Bank (up over 2 percent) and Tech Mahindra (up 1.70 percent). The biggest loser, however, was Sun Pharma (down 0.77 percent).
In the broader market, the S&P BSE MidCap Index was up 0.79 percent to 32,374.93 points, while the S&P BSE SmallCap Index closed at 38,101.21, up 0.40 percent.
IT stocks rallied in trading after Nomura raised price targets for most Tier 1 IT services companies. Tata Consumer Products was down 2.44 percent on the BSE at Rs858.40 after the company denied reports it was in talks to acquire snack food maker Haldiram’s. Coal India closed up over 7 percent on the BSE at Rs.274.
With the exception of the FMCG index, all other industry indices ended in the green. The S&P BSE Capital Goods Index rose the most – 2.29 percent to 46,895.02 values. Next was S&P BSE Industrials, up 1.55 percent.
After showing gradual upward movement over the past few sessions, Nifty staged a sharp breakout higher on Thursday, ending the day up 116 points. After opening on a negative note, the market went into a period of weakness shortly after the open. A sustained uptrend has developed from the daily low of 19,551 and the market has shown strong intraday bullish momentum in the mid-to-late part of the session, said Nagaraj Shetti, technical research analyst at HDFC Securities.
“A long bull candle has formed on the daily chart that broke above the immediate resistance of 19,650 on Thursday and closed higher. Overall chart pattern points to a major breakout to the upside from the broader consolidation/triangle pattern seen over the past five weeks. Any intraweek dips to the 19,550-19,600 levels could be a buying opportunity on the dips,” Shetti added.
Global equity markets fell for the third straight day on Thursday and were uneasy in Europe as fresh signs of persistent inflationary pressures in the United States and rising energy prices around the world reinforced the case for longer-term interest rate hikes.
The US dollar hovered near its highest level since March against its major currencies, hitting a new 10-month high against the Japanese yen, the traditional global funding currency where interest rates remain extremely low.
With contributions from Reuters
https://www.zeebiz.com/market-news/news-final-trade-sensex-recovers-593-points-from-days-low-ends-385-points-higher-nifty-settles-at-19727-252510 FINAL TRADING: Sensex rebounds 593 points from intraday low to finish 385 points higher; Nifty settles at 19,727