Indian stock market starts fresh week on positive note
Sep 04, 2023
Mumbai (Maharashtra) [India], September 4 : The stock market wrapped up the trading day on a positive note, maintaining its upward trajectory despite global uncertainties. The indices displayed remarkable resilience, reflecting the robustness of the Indian economy.
The Sensex recorded a notable gain of 240.98 points, concluding at 65,628.14. Similarly, the Nifty showcased a positive performance, registering a gain of 93.50 points, settling at 19,528.80.
Notably, among the firms listed in the Nifty, 32 companies experienced advances, while 19 reported declines.
The top gainers for the day featured Coal India, Wipro, Ultratech Cement, HCL Technologies, and Jio Financial Services, which saw notable increases in their stock prices.
In contrast, the top losers included M&M, Nestle India, ITC, Axis Bank, and Bajaj Finance, which witnessed declines as the market closed.
Varun Aggarwal, founder and Managing Director of Profit Idea, provided insights into the market's performance.
He emphasized that Nifty continued to exhibit strength, with aggressive put writing indicating robust support levels in the range of 19000-19200 for both the August and September series.
Aggarwal said, “Nifty closed on a positive note today. As we have highlighted markets are in strength irrespective of global worries”.
Moreover, the day saw significant movements in mid and small-cap stocks, presenting diverse opportunities within this segment.
Aggarwal also pointed out the noteworthy outperformance of stocks in the IT, Metal, and Media sectors during the rally, contributing to the market's upward momentum.
“Today saw a very good moment in mid & small stocks. Bias was quite positive & many were up by 5-20 per cent. Clearly a lot of opportunities in that space”, said Aggarwal.
Crucially, India's economy showcased a firm GDP growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24, underlining the nation's position as the fastest-growing major economy globally.
This impressive growth rate has substantially bolstered investor confidence. In response, global investment bank Morgan Stanley has raised its economic growth forecast for India for the fiscal year 2024, elevating it from 6.2 per cent to 6.4 per cent.
This upward revision reflects the optimism surrounding India's economic outlook and its pivotal role as a significant growth driver on the global stage.
