Further, analysts claim that the economic data from the US supports the theory of a soft landing that has been driving equity markets globally.
The US unemployment rate increased to 3.8% in August, while the average hourly salary is on the decline. With regard to the September meeting, the Fed is probably going to hold rates, according to the statistics. This was overall encouraging news for the global equity markets.
Sensex closed 241 points, or 0.37 per cent, higher at 65,628.14 while the Nifty closed the day with a gain of 102 points, or 0.53 per cent, at 19,537.45. India Vix was down by 3.54%.
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, Nifty takes over the positive baton from Friday’s strong close – marches higher from strength-to-strength joining the conga-line of rising global stock markets. Strictly speaking, risk mood improved as Friday’s softer than expected US August payrolls report suggests that September rate hike is off the table. Amongst sectoral indices, Nifty PSU BANKS and METAL indices star outperformers, up 2.3% each.
Coal India Ltd (up 4.64%), Wipro Ltd (up 4.35%), UltraTech Cement Ltd (up 3.96%), HCL Technologies Ltd (up 3.90%), and Jio Financial Services Ltd (up 3.88%)were among the top gainers of Nifty 50. Mahindra & Mahindra Ltd (M&M) (down 1%), Nestle India Ltd (down 0.98%), ITC Ltd (down 0.80%), Axis Bank Ltd (down 0.78%), Bajaj Finance Ltd (down 0.58%) were among the laggards today.
"Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks.
The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.
Here is the list of stocks who are top losers and gainers during September 4 trading session:
Sensex
Top Gainers: Wipro Ltd (up 4.34%), HCL Technologies Ltd (up 3.98%), UltraTech Cement Ltd (up 3.82%), Tata Steel Ltd (up 3.62%), and Tech Mahindra Ltd (up 2.39%) were among the top gainers of Sensex.
Top Losers: Mahindra & Mahindra Ltd (down 0.97%), Axis Bank Ltd (down 0.93%), ITC Ltd (down 0.84%), Asian Paints Ltd (down 0.76%), Bajaj Finance Ltd (down 0.67%) were among the laggards today.
Nifty
Top Gainers: Coal India Ltd (up 4.64%), Wipro Ltd (up 4.35%), UltraTech Cement Ltd (up 3.96%), HCL Technologies Ltd (up 3.90%), and Jio Financial Services Ltd (up 3.88%)were among the top gainers of Nifty 50.
Top Losers: Mahindra & Mahindra Ltd (down 1%), Nestle India Ltd (down 0.98%), ITC Ltd (down 0.80%), Axis Bank Ltd (down 0.78%), Bajaj Finance Ltd (down 0.58%) were among the laggards today.
BSE
Top Gainers: MMTC Ltd (up 19.99%), Indian Railway Finance Corporation Ltd (IRFC) (up 19.78%), Jaiprakash Associates Ltd (up 19.38%), Bajaj Hindusthan Sugar Ltd (up 12.82%), and Rail Vikas Nigam Ltd (up 11.68%).
Top Losers: EIH Ltd (down 7.41%), Action Construction Equipment Ltd ( down 5.20%), RattanIndia Power Ltd (down 4.86%), Gujarat Mineral Development Corporation Ltd ( down 4.59%), and RailTel Corporation of India Ltd (down 4.43%).
NSE
Top Gainers: MMTC Ltd (up 20%), Jaiprakash Associates Ltd (up 20%), IRFC Ltd (up 20%), Precot Ltd (up 19.98%), and GMR Power and Urban Infra Ltd (up 19.86%).
Top Losers: Shekhawati Poly-Yarn Ltd (down 9.09%), S Chand and Company Ltd (down 8.69%), EIH Ltd (down 7.47%), Secur Credentials Ltd (down 6.72%), and NGL Fine-Chem Ltd (down 6.05%).
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Updated: 04 Sep 2023, 03:45 PM IST
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