Closing Bell: Market gained today, Bajaj Finserv, IndusInd Bank top gainers

 

Stock Market at Closing Today: Indian equity markets opened with strong notes in the morning and later extended their early gains at closing. The market gains gradually and closed in positive. The support from the US and Asian markets helped the domestic market to trade higher today. Nifty closed above the 11000 psychological levels today.

The market sentiments were positive with the report that the government has extended the suspension of Insolvency proceedings of any COVID-19 related default by a period of another three months w.ef 25th September. 

Some support came in today during the market after the news of the fiscal stimulus package ahead of the festive season. Central Government is planning to announce another round of stimulus measures to create a job and boost the demand to speed up the economic growth dented by the coronavirus infection.

On the global front, the Asian market closed mixed today. The overnight positive cues from Wall Street and on optimism about a US stimulus package have created positive sentiments in Asian markets. The Europen markets are trading in the red as traders are worried about rising coronavirus cases in the continent. The US future market Dow and Nasdaq futures are trading marginally lower today

 

Stock Market: Nifty and Sensex at closing today

 

Market at closing today, Nifty gained 244.70 points or 2.27% and at 11050.25 while Sensex closed higher by 835.06 points or 2.29% and at 37388.66 levels. The Bank Nifty on the spot levels gained 525.50 points or 2.57% and ended at 20982.35 levels.

The Nifty midcap and smallcap indices gained more than 2% today. The midcap index gained 464.20 points and closed at 16504 levels while the smallcap index was up by 142.90 points and at 5654.95 levels.

The top five gainers in the Nifty index for the day are Bajaj Finserve, IndusInd Bank, HCL Tech, Cipla, and Bharti Airtel. The top losers in the Nifty index are SBI life, BPCL, UPL, and HDFC Life. the most active stocks for the day in NSE were Reliance, TCS, and Bajaj Finance.

On a sectoral basis, all sectors participated in the rally today.IT & Software, Infrastructure, Automobiles, Banking & Finance, Telecom, and Metals sectors closed 3 to 5 percent higher today.

Derivative Market at closing  today: Nifty and Bank Nifty futures

The  Nifty futures price opened at 10906.65, and it made a positive opening of 70.45 points today. It has touched an intraday high at 11077.45 and a day’s low at 10857.35

The Nifty futures price has given a movement of 220.10 points. In the end, it gained 195.7 points or 1.81% and closed at 11031.90 levels.

The Bank Nifty futures price opened at 20710. It was made a positive opening of 183.25 points. It has touched an intraday high at 21089 and a day’s low at 20431

During the day, the Bank Nifty futures price has given a movement of 658 points. In the end, it gained by 409.15 points or 1.99% and closed at 20935.90 levels

 

Conclusions:

Indian markets snap 6 days losing streak and rallied more than 2 percent today. A relief rally for the market was mainly due to positive Asian and US markets yesterday. The markets rallied on the hopes of a fiscal stimulus package both in the US and in India. In the near term, market sentiment is looking negative.

You can read the “weekly market closing” report and the “key factors to drive the market next week report” tomorrow on our website.

 

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Happy weekend !!

Editor’s Desk