Stock Market Today: Nifty Closes Above 19800; Sensex Gains 333 Points
Stock Market Today 8 Sept 2023: Indian stock market indexes ended higher for the sixth consecutive session on Friday. The domestic markets opened higher despite negative global cues after initial volatility markets marched northwards and closed on a strong note.
The market sentiments remain positive with the NaBFID Chairman KV Kamath’s statement that India’s GDP will likely grow to $25 trillion size in the next 25 years and digital fintech players could contribute to about 25%-30% of the overall growth.
In the afternoon session, RBI said the Incremental Cash Reserve Ratio (I-CRR) to be phased out gradually. Impounded funds will be released in stages to prevent sudden shocks to the system. Releases scheduled for September 9th (25% of I-CRR), September 23rd (25% of I-CRR), and October 7th (50% of I-CRR). Money markets are expected to function smoothly.
Stock Market Indexes Today
The Nifty 50 index closed higher by 92.90 points or 0.47 percent and closed at 19819.95 levels while the Sensex was up by 333.34 points or 0.50 percent and finished at 66598.91 levels. The Bank Nifty index ended higher by 278.05 points or 0.62 percent on the spot level and closed at 45156.40 levels.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 383.85 points or 0.95 percent and closed at 40977.75 levels. The Nifty smallcap index ended higher by 78.15 points or 0.61 percent at 12812.30 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Coal India, NTPC, BPCL, Tata Motors, and L&T and the top losers were Eicher Motors, UPL, Apollo Hospital, Ultratech Cement, and ITC.
The top gainers in the Nifty midcap index were PFC, REC Ltd, and BHEL and the top losers were ZEEL, NHPC, and Coromandel.
The smallcap top gainers were Graphite, RITES, and CDSL while the top losers were Raymond, VIP Ind. and KRBL.
The most active stocks in the Nifty index in terms of value were Reliance, HDFC Bank, and Adani Enterprise. The most active stocks in terms of volume were Coal India, Tata Steel, and NTPC.
On the sectoral front, Realty, Energy, and Financial Services closed higher while the sectors that closed in the red were Media, Pharma, and FMCG.
Global Stock Market Today
The other Asian stock market indexes closed lower on Friday, as Japan released lower-than-expected GDP growth figures for the second quarter. Nikkei closed lower, as the country’s economy grew 4.8% in the second quarter, lower than the preliminary estimation of 6% and 5.5% expectation in Reuter’s poll.
Hong Kong canceled Friday’s trading session due to a black rainstorm warning. Australia’s S&P/ASX 200 closed lower for the fourth straight day. South Korea’s Kospi and Shanghai pared some early losses and ended lower. Elsewhere, Straits Times, SET Composite, and Taiwan also ended in the red on Friday.
European stock market indexes eared all opening gains and trading in the red on Friday. The indexes opened higher after a consecutive session of losses and as German inflation eased to 6.1% in August but remains high, The weak cues from the Asian markets dragged the European indexes again and are heading for the longest losing streak.
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Editorial desk
