FINAL TRADE: Sensex recovers 593 points from day's low, ends 385 points higher; Nifty settles at 19,727
Stock market today: On the NSE, the broader Nifty50 index settled at 19,727.05, up 116 points, or 0.59 per cent.
Stock market today: After a subdued start, the bulls staged a smart comeback on Thursday (September 7) amid healthy buying in capital goods, financials, realty, and energy counters. At close, the S&P BSE Sensex stood at 66,265.56, up 385 points, or 0.58 per cent. During the day, the benchmark index hit a low of 65,672.34. On the NSE, the broader Nifty50 index settled at 19,727.05, up 116 points, or 0.59 per cent. With today's gain, the market has ended higher for the fifth straight session.
L&T (up over 4 per cent) emerged as the biggest gainer on the Sensex, followed by IndusInd Bank (up over 2 per cent) and Tech Mahindra (up 1.70 per cent). On the other hand, Sun Pharma (down 0.77 per cent) was the top loser.
In the broader market, the S&P BSE MidCap index gained 0.79 per cent to 32,374.93 levels while the S&P BSE SmallCap index ended at 38,101.21, up 0.40 per cent.
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IT stocks rallied in trade after Nomura raised the target prices of most Tier-1 IT services firms. Tata Consumer Products ended 2.44 per cent lower at Rs 858.40 on the BSE after the company denied reports that it was in talks to acquire snack maker Haldiram's. Coal India ended over 7 per cent higher at Rs 274 on the BSE.
Barring the FMCG index, all other sectoral indices ended in the green. The S&P BSE Capital Goods index gained the most - 2.29 per cent to 46,895.02 levels. Next on the list was S&P BSE Industrials, up 1.55 per cent.
After showing a gradual upmove in the last few sessions, Nifty shifted into a sharp upside breakout on Thursday and closed the day higher by 116 points. After opening with a negative note, the market slipped into weakness soon after the opening. A sustainable upside bounce has emerged from the day's low of 19,551 levels, and the market has displayed strong intraday upside momentum in the mid-to-late part of the session, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
"A long bull candle was formed on the daily chart that has surpassed the immediate resistance of 19,650 levels on Thursday and closed higher. The overall chart pattern is indicating a larger upside breakout of the broader consolidation/triangle pattern of the last five weeks, and this is opening up a potential upside target for Nifty around 20,000–20,200 levels over the next couple of weeks. Any intra-week dips down to 19,550–19,600 levels could be a buy-on-dips opportunity," Shetti added.
World stocks slid for a third straight day on Thursday and were choppy in Europe, as new signs of sustained inflationary pressures in the United States and rising energy prices globally boosted the case for higher-for-longer interest rates.
The U.S. dollar was loitering close to its highest point since March against major peers, and touched a fresh 10-month top versus the Japanese yen, the traditional global funding currency where interest rates remain ultra-low.
With inputs from Reuters