Share Market HIGHLIGHTS: Nifty reclaims 19,500, Sensex ends 241 pts higher led by financial, IT shar – Zee Business

Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex edged higher on Monday, September 4, extending their gains for the second trading session on the back of rising expectations of a rate hike pause by the US Federal Reserve. Further, reports of China taking measures to revive the property sector in the country also boosted sentiment.
The S&P BSE Sensex rallied 240.98 points, or 0.37 per cent to settle at 65,628.14, and the NSE Nifty surged 93.5 points, or 0.48 per cent to close at 19,528.8 levels. In the broader market, the Nifty Mid Cap 100 and Small Cap 100 indices closed on a strong note.
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Nifty reclaims 19,500 and finishes at 19,528.8, up 0.48 per cent.

Source: NSE
Sensex ends 241 points higher at 65,628.14.

Source: BSE
Coal India, Wipro, UltraTech Cement and HCL Tech are among the top gainers in the Nifty basket, trading with gains of around 5-4 per cent. On the other hand, M&M, Nestle India, ITC, Axis Bank and Bajaj Finance are among the top losers, down around 1 per cent

Source: NSE
Maruti Suzuki India shares gain by as much as 1.2 per cent to clock a fresh all-time-week high of Rs 10,465 apiece, surpassing an earlier peak of Rs 10,390 touched last on September 1, 2023.
“Considering robust demand response by investors in all categories, investors are eagerly waiting for VPRPL’s listing and we expect 50 per cent and above listing gain from its issue price of Rs 99 apiece. We believe the premium listing is justified on the back of infrastructure sector-focused business model supported by the government long term goal along with 3.5x years of revenue visibility and investor-friendly IPO valuations which gives room for strong listing gains.”
“Looking at long-term rationales, we recommend allotted investors to continue HOLDING investments in VPRPL, considering its high growth potential and reward investors post listing also and those investors who look to buy on the listing day can accumulate VPRPL if the listing is settled on a softer note due to any secondary markets scenario.”
Power stocks have given electrifying returns in August. Stocks such as JSW Energy, Tata Power, CESC, SJVN, PFC, and CG Power rewarded investors handsomely. Individually, JSW Steel has given over 19 per cent returns, Tata Power has given over 4 per cent returns, CESC has climbed over 9 per cent, SJVN stock has risen over 11 per cent, and CG Power shares rose over 3 per cent during the month, according to Zee Business Research. Read more 
Shares of companies that contributed to the launch of Aditya L1, India’s mission to study Sun, are a mixed bag on Monday. While Larsen and Toubro, Mtar Technologies, Paras Defence, Walchandnagar Industries, Hindustan Aeronautics (HAL), Bharat Heavy Electricals, and Mishra Dhatu Nigam shares traded between 1 per cent to nearly 5 per cent higher, the stock of Centum Electronics traded lower by 0.14 per cent.
India launched its first-ever solar observatory mission on Saturday, September 2. The Polar Satellite Launch Vehicle (PSLV), on its 59th flight with Aditya-L1 onboard, took off from the Satish Dhawan Space Centre in Sriharikota.
L&T manufactured critical space-grade hardware for the Aditya L1 mission. On Monday, shares of L&T gains1.5 per cent in the early trade to touch the day’s high of Rs 2,742 apiece on NSE. 
Mtar Technologies 
The company supplied Vikas engines and electro-pneumatic models. The stock hit a 52-week high at Rs 2,877 apiece after the successful launch of Aditya L1. Read more 
Indian Railway Finance Corp. (IRFC) shares gain around 20 per cent to hit an all-time high of Rs 66.90 a piece on the National Stock Exchange (NSE) on Monday, i.e., September 4, 2023. The stock’s trading volume is quite high.
AK Prabhakar -Head, Research, IDBI Capital Markets & Securities Ltd – is of the view that investors can book 50-60 per cent of profit. “IRFC has a stable business, and having an NPA is out of the question. But the return has already doubled. I advise investors to book 50–60 per cent of profit,” Prabhakar told Zee Business. Read more 
 
Shares of IT giant Infosys Ltd inch higher on Monday, September 4, after the company completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale, and this follows the announcement of the strategic collaboration with Danske Bank made on June 26, 2023, the company announced on Friday, September 1. The counter trades up 0.73 per cent at Rs 1,454.4 on NSE.  Read more 
 
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Himanshu Gupta, Kunal Saraogi, Sandeep Jain and Sumeet Bagadia share their top recommendations for the day in this special segment, Pick of the Week. On the top analysts’ ‘buy’ list are stocks such as ONGC, Tech Mahindra, BASF, Ambuja Cement, PowerGrid, Maruti Suzuki, Bank of Baroda, and M&M. Read more
 
Metal stocks rallies after an increase in the price of steel rebar. As per reports, steel rebar prices have increased by Rs 1,500–Rs 2,500 per tonne, and this is the fifth time in five weeks that the rebar prices have seen an appreciation, the report added. Among individual companies, JSW Steel has increased the rebar prices from Rs 54,000 per tonne to Rs 56,500 per tonne. 
S&P BSE Metal index trades nearly 3 per cent higher at 23,206.34 levels. Tata Steel hit a 52-week high of Rs 132.85 on the BSE while JSW Steel trades at Rs 811.2, up 0.6 per cent. Read more 
 
Nazara Technologies shares zoom as much as 12.4 per cent to clock a fresh 52-week high of Rs 854 on NSE after the online gaming company informed the bourses that it would issue 14 lakh shares worth Rs 100 crore to Zerodha co-founder Nikhil Kamath’s firms. The online gaming company briefed bourses that it would issue shares of the face value of Rs 4 each at a price of Rs 714 per equity share to Kamath’s companies. The shares, worth nearly Rs 100 crore, will be issued to Kamath Associates and NKSquared — a partnership firm represented by its partners Nikhil and Nithin Kamath, the Nazara Tech’s BSE filing read. The fresh funds will be utilised to invest in funding requirements and growth objectives of the company, including for making strategic acquisitions and investments in various companies, the company said in a statement. Read more 
Here’s how the stock has moved so far: 

Source: NSE
MMTC shares lock in 20 per cent upper circuit and hit a fresh 52-week high of Rs 52.5 on Monday. As many as 5,53,25,415 shares have exchanged hands on NSE so far.
Spicejet and InterGlobe Aviation, the parent company of IndiGo Airlines, are trading higher in morning deals on Monday after the government cut down on windfall taxes on locally produced crude oil on Saturday, while embattled Jet Airways trades lower after the arrest of its founder Naresh Goyal on Friday night. Read more 
 
Shree Cement shares are in high demand after Nomura upgraded the private sector cement manufacturer to ‘buy’ from ‘reduce’ and lifted its price target for the stock by Rs 8,300, or 40.7 per cent, to Rs 28,700 apiece. The stock of the Rajasthan-based cement maker has jumped by as much as Rs 869, or 3.6 per cent, to Rs 25,011.6 apiece in early deals on BSE, rising for a second straight trading session. The brokerage’s target implies an upside of around 19 per cent in Shree Cement shares from their previous close.
The cement maker took a price hike to the tune of 10-35 per cent across regions this month, following a price cut of 1-2 per cent the previous month. Analysts see higher demand for the company going forward in view of some moderation in rainfall in the country.
According to the brokerage, which upgraded the Shree Cement stock to ‘buy’ from ‘reduce’, the cement maker is likely to benefit from its cost optimization drive, its strong capacity growth, and the change in management. Nomura expects Shree Cement’s balance sheet to remain strong despite its elevated capital expenditure (capex). Read more
 
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