Indian stock market closed higher today, Bank Nifty gained 533pts, ZEEL top gainer

 

Indian stock market today opened in positive notes as per the indiction of SGX Nifty and later extended its early gains. The positive cues from other Asian markets helped the benchmark indices to trade higher today. Buying on banking and financial stocks seen in the market today.

The stock market sentiments were optimistic today as the Finance Ministry said GST has reduced the rate at which people have to pay tax, helped increase compliance, and doubled taxpayers base to 1.24 cr. The Ministry also said prior to GST, The combination of VAT, excise, sales tax, and their cascading effect resulted in a high standard rate of tax up to 31%.

On the global front, Asian stock markets today closed in the positive notes as Thailand’s export data has declined less than expected in July. The European markets are trading higher as there is progress in Covid-19 treatment which has offset fears about a resurgence in new virus cases in the continent. The US Dow and Nasdaq futures are also trading strong today.

Stock market today: Sensex, Nifty and Bank Nifty 

 

At close, Nifty gained 94.85 points or 0.84% and at 11466.45 while Sensex was up by 364.36 points or 0.95% and at 38799.08. The Bank Nifty traded positively from the beginning today. It gained 533.40 points or 2.40% and closed at 22833.

The Nifty midcap and smallcap 100 indices also closed in the green. The Nifty midcap index gained 119.25 points or 0.70% and closed at 17101.45. The smallcap index of Nifty gained 94.70 points or 1.67% and closed at 5754.15 levels.

The top five gainers in the Nifty index are Zee Entertainment, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finance, and HDFC Bank. The losers in the Nifty index are Power Grid Corp, Adani Corp, Hindalco, Tech Mahindra, and M&M. The most active stocks in the Nifty Index are Reliance, Eicher Motors, and Bajaj Finance.

In the Nifty midcap index, the top gainers for the day are Dadani Green Energy, and Jubilant Foods and the losers are Future retails and Yes Bank. In the smallcap index the top gainers are Deepak Nitrate and Sterlite Techno and the losers are India Bulls Real and Rcom.

On a sectoral basis, Banking & Finance, Chemicals, Electricals, Hospitality, and Telecom are top sectors closed in the green. On the losing side, Real Estate, Power, Infrastructure, Insurance, and Aviation sectors closed in the red 

 

The market today- Stocks in news 

 

Zen Technologies have been granted a patent by the UK Patent Office for Containerised Tunular Shooting Range (CTSR). The NSE share price of Zen technologies gained 1.92% and closed at Rs 91.25 per share.

Plutus Wealth Management LLP has acquired 3.15 lakh shares of the BASF India at Rs 1584.46 per share on NSE. The share price of BASF surged 13% in the morning. In the end, it closed at 0.83% higher at Rs 1633.25 in NSE

The Blue Star company has been awarded three more patents by the Office of the Controller General of Patents, Designs & Trade Markes, Ministry of Commerce and Industry, Government of India. The NSE share price of Blue Star has gained 3.96% and closed at Rs 576.85 per share.

Steel Strips Wheel has bagged export orders for over 3200 wheels for EU truck and US Mobile Home Market to be executed in September from its Chennai plant. The total value of the order is around 57K USD. The NSE share price of Steel Strips Wheel gained 3.38% and closed at Rs 491.40 per share.

Shrenik board has approved a stock split of 1 equity share of the company having face value of Rs 2 each into 2 equity share of the face value of Re1 each. The NSE share price of Shrenik has gained 4.93% and closed at Rs 50.05 per share.

 

Banking stocks in the news

Union Bank of India gained almost 5% in the morning. The bank reported a profit of Rs 332.74 cr for the June end quarter on 21st August. The Q1FY21 result is the first result after the merger of Corporation and Andhra Bank in April 2020. This is as against the loss of Rs 2503.2 cr in march end quarter. The NSE share price of Union Bank gained 1.48% in the end and closed at Rs 30.90 per share.

Conclusions:

The Indian stock market today closed in the positive note for the second consecutive day. The market started with an optimistic note today and closed near the day’s high. The support from global peers and banking and financial sectors has helped the market to close almost five months high. In the near term, the market is looking positive, traders can continue their long position. 

 

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Happy Investing!!

Editor’s Desk.