This is the perfect time to check the Indian stock market news today and can plan your investment tomorrow. The Indian stock market closed higher on Thursday, September 7, 2023, on buying in index heavyweights HDFC Bank and Reliance Industries. The 30-share BSE Sensex rose 385.04 points or 0.58% to 66,265.56, while the Nifty 50 index gained 102.85 points or 0.54% to 19,727.00.
Broad-Based Gains in Indian Stock Market
The Indian stock market closed higher on Thursday, tracking gains in global markets. The gains were broad-based, with all 15 sectoral indices ending in the green. The Nifty Bank index was the biggest gainer, rising 1.12%, followed by the Nifty IT index, which rose 0.71%.
HDFC Bank was the top gainer on the Sensex, rising 2.75%. The bank's stock was boosted by strong quarterly results. Other major gainers on the Sensex included Reliance Industries, Infosys, Tata Steel, and Bharti Airtel.
The broader market also saw strong gains, with the BSE Midcap index rising 1.22% and the BSE Smallcap index rising 1.44%.
The market sentiment was positive on the back of positive global cues. Asian stocks rose on Thursday, tracking gains on Wall Street. US stocks ended higher on Wednesday, boosted by gains in technology and energy stocks.
Top Losers in Indian Stock Market on September 7, 2023
The Indian stock market closed higher on Thursday, September 7, 2023, but some stocks underperformed. The top losers on the Sensex were:
HCL Tech: The IT company's stock fell 2.52% after it reported weak quarterly results.
Wipro: The IT company's stock fell 2.18% after it also reported weak quarterly results.
Tata Motors: The automaker's stock fell 1.99% after it said that its consolidated net profit fell 26% in the quarter.
Maruti Suzuki: The automaker's stock fell 1.93% after it said that its sales declined in the month of August.
Tech Mahindra: The IT company's stock fell 1.88% after it said that its consolidated net profit fell 12% in the quarter.
The losses in these stocks were likely due to the weak quarterly results that they reported. Investors are concerned about the impact of rising inflation and interest rates on corporate earnings.
Indian Companies’ Deals and Tie-Ups: Latest News on 7th September 2023
On 7th September 2023, there were several important deals and tie-ups in the news involving Indian companies. Here are some of the highlights:
IRDAI Increases Limits for Intermediaries: The Insurance Regulatory and Development Authority of India (IRDAI) has increased the limits for intermediaries, allowing corporate agents to distribute products of up to 9 insurers. This move is expected to provide policyholders with wider choices and access to insurance plans through various distribution channels.
Mental Health Platforms: Mental health platforms in India are experiencing robust growth as they focus on corporate tie-ups and government policies to drive access and awareness. Companies like Amaha, Veda Rehabilitation and Wellness, to1help.net, MindPeers, and Sukoon are expanding rapidly through partnerships with corporates and increased awareness.
Tata Motors and Tata Power: Tata Motors and Tata Power have announced a partnership to install and manage 300 fast-charging stations for electric vehicles across five major Indian cities by the end of the fiscal year. This move is expected to boost the adoption of electric vehicles in India by providing convenient charging infrastructure.
Indian Stock Market Technical Outlook of Indian Stock Market News Today: Signs of Correction
The Indian stock market closed higher on Thursday, tracking gains in global markets. 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.
The relative strength index (RSI) for the Sensex is currently at 60, which is in the overbought zone. The moving average convergence divergence (MACD) indicator is also starting to turn down. These indicators suggest that the market may be overbought and due for a correction.
Traders should be cautious and avoid taking aggressive positions in the near term. They should wait for the market to consolidate before entering into new positions.
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