Stock market updates: PSU banks and metals are up, while the Sensex is up 200 points
On the basis of ongoing purchasing support in IT and metal sectors, the major benchmark indexes recovered during midday trading.
The benchmark S&P BSE Sensex, which had fallen into the red and reached a low of 65,286, recovered and increased by 150 points to reach 65,535. The Nifty50 was seen challenging the level of 19,500.
The top large-cap gainers on the benchmark indexes were Tata Steel, Hindalco, Coal India, JSW Steel, Jio Financial Services, Ultratech Cement, Divis Labs, Maruti Suzuki, ONGC, L&T, Eicher Motors, and Kotak Mahindra Bank, which saw gains of up to 4%.
On the negative side, Tata Motors, Infosys, Titan Company, M&M, Bharti Airtel, and ITC were the top laggards, followed by Asian Paints, ICICI Bank, Power Grid, Axis Bank, Sun Pharma, Nestle India, and ITC.
With the BSE MidCap and SmallCap indexes rising by 0.7% and 0.8%, respectively, the bulls maintained control of the wider markets.
The Nifty Metal Index among sectors reached a new high of 7,033.70, surging more than 2.5% in early sessions. The Nifty PSU Bank and Realty indices both increased by 0.7 percent, followed by the Nifty Auto index (up by 0.3 percent), while all other indexes were swimming in a sea of green.
Following the Board’s approval to offer 1.4 million equity shares to Kamath Associates and NKSquared for Rs 100 crore, Nazara Technologies’ shares increased 5% on the BSE.
After the Department of Investment and Public Asset Management announced that it has requested bids to hire an asset valuer for the bank’s share sale, those of IDBI Bank increased by around 6%.
After receiving a complete turnkey contract for Rs 282 crore from Madhya Gujarat Vij (MGVCL) for the construction of distribution infrastructure work for loss reduction at Dahod, shares of RVNL also increased by close to 7%.
World Cue
Asia-Pacific markets were mixed globally as investors awaited important data from China (trade statistics) and Australia (interest rate decision) later in the week.
The Nikkei 225 in Japan and the S&P/ASX 200 in Australia both saw gains of 0.12 percent and 0.37 percent, respectively, to start the week. The Kospi in South Korea increased by 0.21%, while the Hang Seng in Hong Kong increased by more than 1%.
Last Friday, as traders assessed the most recent US jobs data, which revealed that unemployment moved up to 3.8 percent in August, hitting its highest level in more than a year, the three main US indexes finished mixed.
The S&P 500 gained around 0.18 percent and the Dow Jones Industrial Average increased by 0.33 percent. The Nasdaq Composite dropped by 0.02%.
Due to the Labor Day vacation, Wall Street is closed today.
