Share Market Today: Benchmarks Rally, Sensex Opens Above 81K, Nifty Nears 24,900
In the pre-open session, the Sensex jumped close to 200 points and tested 81k, while the Nifty rose 73 points to touch 24,847, around 9:04 AM.
Dalal Street witnessed a robust start to trading on September 9, as benchmarks Sensex and Nifty, began the session with decent gains. The BSE Sensex opened the day above 81K at 81,092, surging more than 300 points, while the NSE Nifty50 rang the opening bell above 24,850 at 24,864, soaring nearly 100 points.
On the 30-share Sensex, Infosys, Tech M, HCL Tech, HDFC Bank, and TCS settled among the gainers. Meanwhile, the laggards included Eternal, Titan, M&M, Tata Motors, and ICICI Bank.
In the broader markets, the Nifty50 rose 0.29 per cent, followed by the Nifty100 which climbed 0.24 per cent. Sectorally, the IT index stood out with gains of 1.46 per cent, while the Consumer Durables index took a hit of 0.45 per cent in the morning.
Global Markets, Road Ahead For Nifty
GIFT Nifty indicated a positive but muted day ahead for markets on Tuesday morning as it climbed 38 points. In the pre-open session, the Sensex jumped close to 200 points and tested 81k, while the Nifty rose 73 points to touch 24,847, around 9:04 AM.
"Nifty is likely to maintain a positive undertone despite bouts of volatility, aided by expectations that the US Federal Reserve may deliver a quarter-point rate cut on September 17, with the possibility of more easing in subsequent meetings," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Across Asia, sentiment was largely upbeat, with South Korea’s Kospi, Japan’s Nikkei 225 and Hong Kong’s Hang Seng trading higher, though Shanghai’s SSE Composite was in the red. US markets had ended Monday on a firm note.
Domestically, optimism around potential earnings improvement from GST reforms is gradually lifting confidence. “Autos are emerging as the clear winners of the GST cut, and the market has rightly reflected this. Strong demand expected after September 22 will likely keep automobile stocks resilient despite their sharp rally,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Meanwhile, Brent crude futures rose 0.51 per cent to $66.36 per barrel.
How Did Markets Fare On Sep 8?
Indian equity benchmarks closed Monday’s session with modest gains after a choppy day of trade, supported by strong buying in auto and consumer discretionary counters alongside positive global cues.
The Sensex advanced 76.54 points, or 0.09 per cent, to close at 80,787.30. Earlier in the day, the index had surged as much as 460.62 points to a high of 81,171.38 before late profit-booking pared most of the gains. The Nifty settled 32.15 points, or 0.13 per cent higher, at 24,773.15.
Analysts noted that a dovish shift in US rate expectations following weaker jobs data supported sentiment. “Markets started firm but profit-taking in the last hour trimmed gains. Auto stocks continued to rally on hopes of demand recovery post-GST rate cuts, while IT remained subdued amid global uncertainties,” said Vinod Nair, Head of Research, Geojit Financial Services.
On the flows front, FIIs sold equities worth Rs 2,170.35 crore on Monday, while DIIs countered with purchases of Rs 3,014.30 crore, according to exchange data.
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