Stock Market Updates: Sensex Rallies 200 pts, Nifty Tops 19,500; Metal, PSU Banks Gain

Sensex Today: The key benchmark indices regained strength in noon deals on the back of sustained buying support in IT and metal stocks.

The benchmark S&P BSE Sensex, which, had slipped into red to a low of 65,286, rebounded and was up 150 points at 65,535. The Nifty50 was seen testing the 19,500 level.

Tata Steel, Hindalco, Coal India, JSW Steel, Jio Financial Services, Ultratech Cement, Divis Labs, Maruti Suzuki, ONGC, L&T, Eicher Motors, and Kotak Mahindra Bank were the top large-cap winners on the benchmark indices as they advanced up to 4 per cent.

On the downside, Asian Paints, ICICI Bank, Power Grid, Axis Bank, Sun Pharma, Nestle India, Tata Motors, Infosys, Titan Company, M&M, Bharti Airtel, and ITC were the top laggards.

In the broader markets, the bulls maintained their grip with the BSE MidCap and SmallCap indices adding 0.7 per cent and 0.8 per cent, respectively.

Among sectors, the Nifty Metal Index hit record high of 7,033.70 , rising over 2.5 per cent in early trades. All other indices were swimming in a sea of greeen as well with the Nifty PSU Bank and Realty indices up 0.7 per cent each, followed by the Nifty Auto index (up 0.3 per cent).

Shares of Nazara Technologies soared 5 per cent on the BSE after its Board approved to issue 1.4 million equity shares to Kamath Associates and NKSquared for Rs 100 crore

Those of IDBI Bank surged nearly 6 per cent after the Department of Investment and Public Asset Management said it has invited bids to appoint an asset valuer for the bank’s stake sale.

Shares of RVNL, too, jumped close to 7 per cent after the company won a Rs 282 crore order from Madhya Gujarat Vij (MGVCL) for full Turnkey contract for development of distribution infrastructure work for loss reduction at Dahod.

Global Cue

Globally, Asia-Pacific markets were mixed as investors look to key data from Australia (interest rate decision) and China (trade data) later in the week.

In Australia, the S&P/ASX 200 started the week up 0.37 per cent, while Japan’s Nikkei 225 also climbed 0.12 per cent. South Korea’s Kospi gained 0.21 per cent, and Hong Kong’s Hang Seng was up over 1 per cent.

Last Friday, the three major indices in the US ended mixed as traders weighed the latest US jobs report, which showed that unemployment ticked higher to 3.8 per cent in August, reaching its highest level in more than a year.

The Dow Jones Industrial Average rose 0.33 per cent, while the S&P 500 added roughly 0.18 per cent. The Nasdaq Composite inched down 0.02 per cent.

Wall Street is closed today on account of Labour Day holiday.