Let's peek into the Indian stock market News of 05th Sep 2023. The Indian stock market ended on a positive note on Tuesday, tracking gains in global markets. The Sensex rose 152.12 points or 0.23% to close at 65,780.26, while the Nifty gained 46.10 points or 0.24% to end at 19,574.90. The gains were broad-based, with all 15 sectoral indices ending in the green. The Nifty IT index was the biggest gainer, rising 1.21%, followed by the Nifty Metal index, which rose 1.12%.
The positive sentiment was driven by positive global cues. Asian stocks rose on Tuesday, tracking gains on Wall Street. US stocks ended higher on Monday, boosted by gains in technology and energy stocks.
Top Gainers on Sensex: Coal India, Wipro, and HCL Tech (“05th September 2023”)
Coal India was the top gainer on the Sensex, rising 4.25%. The company's stock was boosted by news that the government is likely to raise the coal auction price.
Wipro was the second-biggest gainer, rising 3.50%. The IT company's stock was supported by strong quarterly results.
HCL Tech was the third-biggest gainer, rising 3.15%. The IT company's stock also rose on strong quarterly results.
Indian Stock Market News: Key Events and News on “05th September 2023”
The Indian stock market had an eventful day on 05th September 2023. Here are some of the important news and events that took place:
Kotak Mahindra Bank: The surprise resignation of Uday Kotak, which was announced four months ahead of the end of his tenure, has not altered analysts’ views about Kotak Mahindra Bank. Most analysts have maintained their ratings and kept target prices unchanged. Investors seemed to be unperturbed by Kotak’s decision to step down as shares of the private lender rose 1 per cent to Rs1,789 apiece on the Bombay Stock Exchange on Monday. The next big trigger for the market will be the name of a successor who will carry on the legacy of Uday Kotak say brokerages.
Nifty and Nifty Bank: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index coming in at 19,435-19,465 levels and a strong buy zone at 19,340-19,385 levels on Tuesday, September 5. For the Nifty Bank, he expects support at 44,300-44,425 levels and a strong buy zone at 44,000-44,200 levels.
Dividend Stocks: Among dividend stocks in September 2023, 14 stocks are going to trade ex-dividend today. Ghazaria Ceramics, Ircon International, Windlass Biotech, PTC India Financial Services, Emami Paper are among those 14 dividend paying stocks.
Rupee: The Rupee rises 19 paise to close at 82.94 against US dollar.
Indian Companies Announce Major Deals and Tie-Ups on “September 5, 2023”
Indian companies were busy making deals and tie-ups on Tuesday, September 5, 2023, in a bid to grow their businesses.
Here are some of the deals and tie-ups that were announced:
Tata Steel and ArcelorMittal Sign MoU to Set Up Steel Plant in India: Tata Steel and ArcelorMittal, two of the world's largest steelmakers, have signed a memorandum of understanding (MoU) to set up a steel plant in India. The plant will have a capacity of 10 million tonnes per annum and is expected to be completed by 2025.
Reliance Industries and Google Cloud Partner to Build Next-Gen 5G Solutions: Reliance Industries and Google Cloud have partnered to build next-generation 5G solutions. The partnership will see the two companies work together to develop and deploy 5G-enabled applications and services.
SBI Life Insurance Acquires Stake in Health Insurance Startup Digit: SBI Life Insurance has acquired a 26% stake in health insurance startup Digit. The deal is valued at ₹1,200 crore.
Adani Enterprises and TotalEnergies Sign MoU to Set Up Green Hydrogen Plant: Adani Enterprises and TotalEnergies have signed an MoU to set up a green hydrogen plant in India. The plant will have a capacity of 1 million tonnes per annum and is expected to be completed by 2025.
Larsen & Toubro Bags ₹1,200 Crore Order from NTPC: Larsen & Toubro has bagged a ₹1,200 crore order from NTPC to build a 2,600 MW thermal power plant in Telangana. The plant is expected to be completed by 2025.
These are just a few of the deals and tie-ups that were announced by Indian companies on September 5, 2023. These deals and tie-ups show that Indian companies are bullish about the future and are looking to grow their businesses by expanding into new markets and partnering with other companies.
Indian Stock Market Ends on Positive Note, but Indicators Show Signs of Weakness
The Sensex and Nifty closed above their respective 20-day moving averages, indicating that the trend is still positive. However, the indicators are showing signs of weakness, suggesting that the market may be due for a correction.
Overall, the Indian stock market ended on a positive note on Tuesday, tracking gains in global markets. However, the indicators are showing signs of weakness, suggesting that the market may be due for a correction. Traders should be cautious and avoid taking aggressive positions in the near term.
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