Share Market Today HIGHLIGHTS: Sensex ends 556 pts higher, Nifty settles at 19,435; power, metal stocks shine
Share Market HIGHLIGHTS: After witnessing a subdued start, the benchmark indices gained momentum as the day progressed and settled with impressive gains on Friday (September 1). Encouraging GDP data for the first quarter (Q1 FY24) boosted investor sentiment. India's economy expanded by 7.8 per cent during the April-June quarter, official data showed.
Besides, almost all the sectors witnessed healthy buying, with metals and power stocks stealing the show. At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSE's Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points.
In the broader market, both the S&P BSE MidCap and S&P BSE SmallCap indices ended 0.75 per cent higher.
Catch minute-by-minute updates on the domestic stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
Share Market HIGHLIGHTS: After witnessing a subdued start, the benchmark indices gained momentum as the day progressed and settled with impressive gains on Friday (September 1). Encouraging GDP data for the first quarter (Q1 FY24) boosted investor sentiment. India's economy expanded by 7.8 per cent during the April-June quarter, official data showed.
Besides, almost all the sectors witnessed healthy buying, with metals and power stocks stealing the show. At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSE's Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points.
In the broader market, both the S&P BSE MidCap and S&P BSE SmallCap indices ended 0.75 per cent higher.
Catch minute-by-minute updates on the domestic stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
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The S&P BSE Sensex ended up 556 points, or 0.86 per cent higher, at 65,387.16 levels, while the NSE's Nifty closed the day at 19,436, up 182 points, or 0.94 per cent.
The S&P BSE Sensex is trading up nearly 560 points, or 0.92 per cent higher, at 65,389.87 levels, while the NSE's Nifty is trading at 19,438.65, up 184 points, or 0.96 per cent.
Buy Tata Power futures: Siddharth Rai Mangala
Siddharth Rai Mangala of StockBox Technologies has a 'buy' call on the stock of the Tata group power generation company with targets of Rs 270 and Rs 275 with a stop loss at Rs 249.
Buy 44,300 call option of Nifty Bank, says Nitin Murarka
Nitin Murarka of SMC Global suggests buying the 44,300 call option of the banking index at Rs 235 for a target of Rs 320 with a stop loss at Rs 160.
BSE sensex jumps 550 points
The BSE Sensex is trading up 0.85 per cent, or 551 points, to 65382.62.
Nifty 50 jumps to day's high
The Nifty 50 has touched the day's high of 19,440.7, and is currently trading 0.92 per cent higher at 19,431.55.
Buy SBI Life futures, says Siddharth Rai Mangala
Siddharth Rai Mangala of StockBox Technologies recommends buying SBI Life futures. He has placed his targets for the life insurer's stock at Rs 1,375 and Rs 1,385 with a stop loss at Rs 1,310.
BROKERAGE VIEW | Prabhudas Lilladher on PVR Inox
"In the post-pandemic era, 1QFY23 was the best-ever quarter for PVR-Inox, with pro forma (assuming consolidation) footfalls of 4.3 crore. Now, if footfalls in Aug-23 itself were 1.9 crore, and on a conservative basis, if we assume the same to be at ~1 crore (~47% lower) in July and September (Jawan is set to release on September 7 and Salaar on September 28), the total count for 2QFY24 would stand at ~3.9 crore (9% lower than 1QFY23). Thus, we believe 2QFY24 might well turn out to be an exceptionally strong quarter. Retain positive bias on multiplexes with a BUY on PVR," the brokerage says.
Mahindra sales rise 19% in August
The Mumbai-based auto major said on Friday (September 1) that its total automotive wholesales increased by 19 per cent to 70,350 units in August. Its total dispatches to dealers stood at 59,049 units in August 2022.
Emami gains 2% as CITI upgrades stock to ‘Buy’; why are brokerages bullish?
Shares of Emami Ltd rose 2 per cent on Friday after brokerage firm Citi revised its target price for the stock from Rs 455 to Rs 600 and upgraded its rating to ‘buy’. Global brokerage Nuvama also upgraded Emami’s rating to ‘buy’ and raised the target price from Rs 550 to Rs 660 per share.
Royal Enfield launches new-generation Bullet 350 at Rs 1.73 lakh
Eicher Motors subsidiary Royal Enfield launched the new-generation Bullet 350 at a starting price of Rs 1.73 lakh on Friday. The new bike from the automaker is placed between its models Hunter 350 and Classic 350.
MARKET UPDATE: Indices extend gains; Sensex surges more than 400 pts, Nifty nears 19,400
MARKET UPDATE: NTPC, Tata Steel top Sensex gainers
IIFL Securities initiates coverage on KFin Technologies | RATING: BUY| TP: Rs 525
"We value Kfintech at 30x FY26ii EPS with a target price of Rs 525. We estimate its earnings to grow at 15 per cent pa over FY23-26ii, however, given high PAT-to-FCF conversion (nearly 100%), robust core ROEs (35-40 per cent) and strong growth optionality in newer businesses the stock warrants premium valuations. Our target multiple for Kfintech is at a 15 per cent discount to CAMS (similar earnings growth with a dominant position); however, the valuation discount can narrow if Kfintech surprises on growth," the brokerage says.