Indian Market updates: Nifty50 index closed above 11350 levels

 

Sensex and Nifty50 Index today: The indication from the Asian markets was positive in the morning and helped the domestic market to open in a strong note today. Indian market opened in the green and traded positively throughout the day. After a gap up opening markets traded sideways. Nifty50 index traded in a range of 30 points most of the day.  

The domestic market sentiments were optimistic as the Income Tax department said it has issued refunds worth Rs 88652 cr to over 24 lakh taxpayers so far in the current fiscal. This includes personal income tax (PIT) refunds amounting to Rs 28180 cr issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60472 cr to over 1.58 lakh taxpayers during this period.

Indian Market Index: Nifty50, Sensex, and Bank Nifty

 

 

At close, the Nifty50 index gained 59.40 points or 0.53% and at 11371.60 while Sensex was up by 214.33 points or 0.57% and at 38434.72. The Bank nifty on spot gained 300.15 points or 1.37% and closed at 22299.60.

The Nifty midcap and smallcap 100 indices are also closed in positive today. The Nifty midcap gained 82.25 points or 0.49% and closed at 16982.20 levels. The smallcap index was up by 57.55 points or 1.03% and closed at 5659.45 levels.

The top five gainers in the Nifty50 index are NTPC, Asian Paints, Power Grid Corp, Hero Motorcorp, and HDFC Bank. The losers in the Nifty50 index are Zee Entertainment, Hindalco, ONGC, Bharti Airtel, and Tata Steel. The most active stocks during the day in the Nifty50 index were Reliance, Zee Entertainment, and HDFC Bank.

The top gainers in the Nifty midcap index are GMR Infra, Whirlpool and the losers are Jindal Steel, Future Retails. The top gainers in the Nifty smallcap index are Sterling & Wils and Affle India and the losers are CSB Bank and IRB Infra.

On a sectoral basis, Banking & Finance, Capital Goods, Manufacturing, Chemical and Power sectors were closed in the green. The sectors that closed in the red are Oil & Gas, Telecom, Media, IT & Software, and Retails.

 

Global Market updates

On the global front, Asian markets closed in the green despite the contraction in manufacturing sector news in Japan. The latest survey from Jibun Bank shows a manufacturing PMI score of 46.6 and service PMI fell to 45 from 45.4. The Europen markets are trading at marginally higher today. The US Dow and Nasdaq futures indices are trading flat to positive.

 

BSE/NSE Share in the news today

 

The government has begun the process of the stake sale in Indian Railway Catering and Tourism Corp (IRCTC). This is as per the disinvestment target taken by the government for FY21. The Centre on August 20 invited the merchant bankers to bid for IRCTC stake sale and set a deadline of September 10. The NSE share price of IRCTC declined by 0.39% and closed at Rs 1341.80 per share.

Morgan Stanley, the private equity firm is looking to exit Mumbai based ZCL Chemical ( earlier known as Zandu Chemicals) and sell its 20% stake in the active pharma ingredients (API) maker and exporters. This is as per the report of Moneycontrol.com

Amber Enterprises India is a leading contract maker of room air conditioners, has started initiating to launch a qualified institutional placement (QIP) and raise around Rs 500 cr. The NSE share price of Amber Enterprises declined 0.36% and closed at Rs 1769.95 per share.

The share of Divi’s Lab and SBI Life Insurance will enter the NIfty50 index from September 25th 20202 as per the announcement came from NSE. The stocks will replace Zee Entertainment Enterprises and Bharti Infratel from the Nifty50 index. The NSE share price of Devis Lab and SBI Life gained 1.82% and 0.98% and closed at Rs 3247.35 and Rs 861.25 respectively.

 

 Nifty50 and Bank Nifty in futures today

 

The Nifty50 index in futures opened at 11394.65, and it made a gap up opening of 89.25 points today. It has touched an intraday high at 11430.25 and a day’s low at 11361

The Nifty50 index in futures has given a movement of 69.25 points. In the end, it gained by 77.5 points or 0.69% and closed at 11382.90 levels.

The Bank Nifty index in futures opened at 22155.55. It made a positive opening of 191.3 points today. It has touched an intraday high at 22378 and a day’s low at 22118.05

During the day, the Bank Nifty index in futures has given a movement of 259.95 points. In the end, it gained by 342.75 points or 1.56% and closed at 22307 levels

 

Conclusions:

The positive global cues supported the Indian market today and later closed in positive territory. The midcap and smallcap indices also performed well throughout the week. The Nifty50 index is looking positive and with the support of global cues can touch 11500-11600 levels in the coming days.

Tomorrow, you can read our weekly market update reports and key factors that will influence the market next week’s reports on our website. 

 

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Happy weakened !!

Editor’s Desk