Stock Market Today: Nifty Closes Above 19400, Sensex Surges by 556 Points

 

Stock Market Today 1 Sept 2023: Indian stock market indexes ended on a strong note on Friday. The domestic markets opened in an optimistic mood, as India’s GDP grew 7.8% in the April-June quarter, the fastest in a year. The positive sentiments from Asian and European markets also supported the benchmarks. 

Indian markets got a boost after the data showed that the country’s seasonally adjusted S&P Global Manufacturing Purchasing Managers’ Index (PMI) jumped to 58.6 in August from 57.7 in July, with better performance by the agriculture and financial sectors.

Adding more optimism among investors, Moody`s Investors Service raised India`s growth projection for the 2023 calendar year to 6.7 percent on account of robust economic momentum.

The market gradually moved northwards, as the sentiments were further boosted after Revenue Secretary Sanjay Malhotra said, that India’s  goods and services tax collections grew 11 percent to Rs 1.60 lakh crore on an annual basis in August,

 

Stock Market Indexes Today

 

The Nifty 50 index closed higher by 181.50 points or 0.94 percent and closed at 19435.30 levels while the Sensex was up by 555.75 points or 0.86 percent and finished at 65387.16 levels. The Bank Nifty index ended higher by 446.95 points or 1.02 percent on the spot level and closed at 44436.10 levels.

The broader markets also closed higher in line with their larger peers today, as the Nifty midcap index was up by 326.95 points or 0.84 percent and closed at 39445.60 levels. The Nifty smallcap index ended higher by 142.80 points or 1.17 percent at 12386.45 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were NTPC, ONGC, JSW Steel, Tata Steel, and Maruti and the top losers were Cipla, HDFC Life, Dr. Reddy, Ultratech Cement, and Nestle India

The top gainers in the Nifty midcap index were BHEL, IRFC, and IDEA and the top losers were ManKind, Max Health, and Astral

The smallcap top gainers were India Cement, MCX, and IRB while the top losers were Brightcom Group, Kalyan Jewellers, and Bikaji

The most active stocks in the Nifty index in terms of value were  HDFC Bank, Reliance, and Adani Enterprise. The most active stocks in terms of volume were Tata Steel, NTPC, and ONGC

On the sectoral front, barring pharma, all sectoral indices closed in the green with Metal, Energy, and Auto gaining the most.

 

Global Stock Market Today

 

The other Asian stock market indexes closed higher on Friday, as China’s Ciaxin Manufacturing PMI index expanded in August as compared to a contraction in the previous month. People’s Bank of China has announced to reduce the foreign exchange reserve requirement ratio for financial institutions by 200 bps to boost the economy. 

Trading in Hong Kong was halted due to Typhoon Saola. Straits Times was closed today due to a poll in Singapore. Japan’s Nikkei closed higher for the fifth consecutive day while Kospi erased early losses and ended higher. China’s Shanghai also ended higher on Friday. Set Composite ended lower while Taiwan closed just above the flatline.

European stock market indexes are trading higher on Friday, as investors are waiting for US monthly job data later in the day. The sentiments are also positive as manufacturing activity expanded in China. Oil and gas stocks are trading higher due to rising crude oil prices.

 

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                                                  Trade Setup for Friday 1 Sept 2023: Stock Market Today

 

Happy Investing!!

Editorial desk