Shillong, September 4: Most of the sectoral indices displayed positive performance, with Nifty Metal, Nifty PSU Bank, and Nifty IT leading the way with gains of 2.47%, 2.27%, and 2.07%, respectively, according to Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.
As per IANS, Nifty 50 index advanced by 94 points to settle at 19,529, while the Sensex ended 241 points higher at 65,628.
Vidwani noted that China is focusing on enhancing production operations, with expectations of upcoming stimulus in the country. The global improvement in metal demand has bolstered metal prices, instilling confidence in the metal industry.
IDBI Bank is set to undergo strategic disinvestment, and the Central Government has invited bids for the role of asset valuer, with a submission deadline of October 9. The asset valuer will determine the fair market value of the bank’s assets and liabilities, considering investments, loans & advances, deposits, borrowings, and other obligations.
Mishra Dhatu Nigam, a state-owned steel and alloy manufacturer, closed at Rs. 424 after supplying specialist materials for ISRO’s Aditya-L1 solar observatory launch vehicle.
Top gainers on the Nifty included Coal India, Wipro, HCL Technologies, UltraTech Cement, and Tata Steel, while Axis Bank, M&M, Nestle India, ITC, and Asian Paints were among the losers.
Vinod Nair, Head of Research at Geojit Financial Services, highlighted positive domestic macroeconomic data, maintaining market momentum. Despite profit booking in Nifty Auto, strong buying in IT stocks kept the market steady.
The rise in the US unemployment rate has led to expectations of a rate hike pause, while positive global cues have further boosted market sentiment, Nair added.