Stock market Live: Sensex and Nifty declined for the second straight session on Wednesday. Indian equity benchmarks on Thursday finished higher, led by gains in banking, financial and technology stocks. The 30-share BSE Sensex surged 659 points or 1.12 per cent to close at 59,688, while the broader NSE Nifty jumped 174 points or 0.99 per cent to settle at 17,799. Index heavyweights Tata Consultancy Services and Reliance Industries also boosted the upward move.
Asian shares made broad gains today, extending an overnight global rally, while oil prices declined to levels not seen since Russia's invasion of Ukraine. Russia invaded Ukraine on February 24 this year. However, stocks in China slipped as Covid-19 outbreaks kept sentiment subdued.
Oil prices continued to fall and stayed below $90 a barrel for the first time since early February. U.S. crude slipped 0.52 per cent to $81.51 a barrel, while Brent crude dropped 0.49 per cent to $87.57 per barrel.
Here are the stock market highlights:
* Technical View: "Nifty moved above the falling trendline on the daily chart. The setup looks bullish after the trendline breakout. Also, the index has moved above its recent consolidation on the daily timeframe. The momentum indicator has entered into a bullish crossover. Over the short term, the trend is likely to remain positive with a potential to reach 18,100. On the lower end, support is visible at 17,700," said Rupak De, senior technical analyst at LKP Securities.
* Expert View: "Positive global cues with cooling oil prices and all-time high Demat account openings in the country helped pull the sentiments in favour of bulls as BFSI, coupled with the PSU banks, led the charge today with a percentage gain on Nifty. Several cement counters were seen buzzing around for the second consecutive day even as the metal index remained sluggish with a percentage loss," said S Ranganathan, head of research at LKP securities.
* Market breadth: The overall market breadth stood positive as 2,064 shares advanced while 1,399 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 282.71 lakh crore.
* Top gainers & losers: On the stock-specific front, Shree Cement was the top Nifty gainer as the stock soared 4.84 per cent to close at Rs 24,302.80. BPCL, Axis Bank, Tech Mahindra and ICICI Bank were also among the gainers. In contrast, Hindalco, Tata Steel, Coal India, Tata Consumer Products and SBI Life were among the top laggards.
* Sectoral indices: 10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty IT outperformed the NSE platform by rising as much as 1.91 per cent, 1.48 per cent and 0.97 per cent, respectively.
* Mid & small-cap: Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 edged 0.18 per cent higher and small-cap climbed 0.96 per cent.
* Market closing: Sensex surges 659 points or 1.12 per cent to close at 59,688, Nifty jumps 174 points or 0.99 per cent to settle at 17,799
* 3 pm: Sensex surges 657 points or 1.11 per cent to trade at 59,686, Nifty jumps 178 points or 1.01 per cent to trade at 17,802
* Angel One: The company saw 180% growth over the last year, with a growth of 29% MoM. Fintech company Angel One Limited (formerly known as Angel Broking Limited) continues to add 0.44 million clients to grow its client base to 11.18 million, an 81.9% YoY increase, in August 2022. The company also recorded growth in its Average Daily Turnover by a whopping 117.9% YoY to Rs 12.38 trillion.
Angel One continues to demonstrate consistency in its business performance. It recorded 72.53 million orders, a 44.9% YoY increase, processed in August 2022. Meanwhile, the company’s Overall Equity Market Share stands at 21.5% for the month. Angel One’s Average Client Funding Book for August 2022 stood at Rs 13.72 billion.
* Expert take on Indian economy: "A decade ago, India ranked 11th among the largest economies and UK was 5th. If history has taught us something it’s that, UK has not been able to claim a position for long. Sooner or later, they have been overthrown and sent back to their mainland. India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The Indian economy is expected to grow more than 7% this year. A sharp rebound in Indian stocks this quarter has seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China. IMF’s forecast show India overtaking the UK in dollar terms on an annual basis, positioning it right behind US, China, Japan and Germany. Rising and thriving each day," said Amit Jain, Co-founder, Ashika Global Family Office Services.
* Two cities contribute 80% of NSE's market turnover: Data from the Securities and Exchange Board of India (Sebi) shows that in the current financial year till July, Mumbai and Ahmedabad accounted for 67.8 per cent and 11.4 per cent, respectively, of the total cash market turnover on the National Stock Exchange (NSE).
* 1:09 pm: Sensex up 344 points or 0.58 per cent to trade at 59,373, Nifty rises 83 points or 0.47 per cent to trade at 17,708
* Stocks that can benefit from festive season: Considering the present market condition, Axis Securities, in its report, recommends six stocks that may benefit from this year's festive demand. Read here
* Nifty Bank: The sub-index reclaimed 40,000-levels in intraday deals today (40,014.95). Nifty Bank had touched the 40,000-mark for the first time since November 2021 on Tuesday.
11:47 am: Sensex rises 438 points or 0.74 per cent to trade at 59,467, Nifty up 120 points or 0.68 per cent to trade at 17,745
* ITC: ITC shares eye fresh record high, Rs 500 target in sight? The stock of ITC has proved to be a dark horse this year. The FMCG giant's stock has surged 50 per cent in 2022. Shares of ITC, which closed at Rs 218 on December 31 climbed to Rs 328.20 level today, translating into a gain of 50.55 per cent during the period.
* InterGlobe Aviation Ltd: Shares of IndiGo's parent firm were down 2.67 per cent to trade at Rs 1,931 after block deal announcement. IndiGo co-founder Rakesh Gangwal and his family are looking to sell a 2.8 per cent stake, through a block deal.
* 9:32 am: Sensex jumps 554 points or 0.94 per cent to trade at 59,583, Nifty up 150 points or 0.85 per cent to trade at 17,775
* Sectoral indices: All 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green during early deals. Sub-indexes Nifty IT, Nifty Bank and Nifty Auto were outperforming the NSE platform by rising as much as 1.10 per cent, 0.77 per cent and 0.73 per cent, respectively.
* Top gainers: All the Sensex constituents were trading with gains.
* Mid- & small-cap: Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.65 per cent and small-cap climbed 1.09 per cent.
* Market opening: Sensex surges 470 points or 0.80 per cent to trade at 59,499, Nifty jumps 131 points or 0.74 per cent to trade at 17,755
* Expert View: "After two days of a steady fall, local equity benchmark indices are likely to see a firm opening, mirroring gains in US markets & subsequent up move in other Asian peers. The rise in US indices were seen despite a Fed official making clear that the focus is to keep a tight leash on inflation. The Fed meet outcome is scheduled on September 21, with the market largely pricing in the probability of a third straight 75 basis-point rate hike. However, falling crude oil has come as a relief given the country's dependence on oil imports. Bargain hunting and value buying is likely to be the preferred theme as the benchmark Nifty braces for a massive technical break-out on the upside," said Prashanth Tapse, research analyst, senior VP (research), Mehta Equities Ltd.
* Currency update: "The rupee has remained the best performer for the past three weeks as the pair has weakened merely by 0.80 per cent vs other global and Asian peers. RBI’s foot into currency intervention, inflows, and subdued oil prices have prevented the USD-INR pair to flow in line with global fundamentals so far. That apart, the talks about India’s inclusion in JP Morgan’s global bond index would open up prospects for further inflows into the Indian bond market. However, if the rupee is kept overvalued compared to the Chinese yuan and other EM’s by using reserves and interventions, it will lead us to lose competitive advantage and make the exports less appealing. Nevertheless, as long as 80.10 is protected, selling above 79.90 is advisable. On the flip side, the near-term bottom for the pair seems to be around 79.40-79.20 levels which are less likely to be taken out," Amit Pabari, MD, CR Forex.
* Why crude is falling? Oil prices are now down more than 20 per cent since the beginning of August, fuelled by fears of a slowdown in China and policy tightening by the US Federal Reserve and other central banks.
* Fed chief's speech: Markets are awaiting a speech by US Federal Reserve Chairman Jerome Powell later today for signs of any let-up in the central bank's hawkish approach to tackling inflation.
* Stocks in F&O ban: Delta Corp is the only stock in F&O (Futures and Options) ban period today.
* Global stocks: Asian shares made broad gains today, extending an overnight global rally.
* Stocks to watch: Tata Power, Bharti Airtel, Adani Green, TCS, IndiGo, Aditya Birla Fashion and Zydus Lifesciences
* SGX Nifty: Trends on SGX Nifty indicated a gap-up opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 122.5 points or 0.69 per cent to 17,753.
* Previous session: The 30-share BSE Sensex had slipped 168 points or 0.28 per cent to close at 59,029 on Wednesday; the broader NSE Nifty had moved 31 points or 0.18 per cent lower to settle at 17,624.
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