Stock Market LIVE Updates: Sensex extends gains, rises nearly 400 points; Nifty tops 17,600; RIL, banks lead gainers

Indian shares rose in early trade on Monday after logging their second straight weekly loss in the previous session, lifted by the rising metal stocks, while investors awaited the outcome of OPEC+ meeting later in the day.

The Nifty metal index extended gains from the previous session to climb 1.1% and was the top performer among other sub-indexes.

Aluminium and copper producer Hindalco Industries and JSW Steel were the top gainers on the Nifty 50 index, climbing 1.8% and 1%, respectively.

Market participants will turn their focus to the meeting later in the day of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, where they may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.

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Media & entertainment pack gains; these are the top performers

Price as on 05 Sep, 2022 10:33 AM, Click on company names for their live prices.

India 10-year bond a good bet for long position: Morgan Stanley

  • Morgan Stanley sees a “good chance” of JPMorgan including Indian government bonds in its index, and recommended going long on the 10-year benchmark bond yield.

  • “We now believe that there is a very good chance that JPM will announce the index inclusion of India’s bond market in mid-September,” strategists Min Dai and Madan Reddy said in a note.

  • “We recommend to position for a strong INR and lower G-Sec yields tactically. We like to add a short EUR/INR limit order and long 10-year G-Secs, targeting 25bp lower from here.”

Tamilnad Mercantile Bank IPO kicks off: Should you subscribe?

Most analysts said the asking valuations are attractive when compared with peers, but the bank’s future growth would be subject to pending legal actions. Some of them, therefore, have a ‘subscribe’ rating on the issue with a long-term view.

The week opens with a modest downside objective of 17440-370, before allowing a chance for bulls to fight back. Inability to push beyond 17580, would however bring the 17000-16650 region again in play.

– Anand James – Chief Market Strategist at Geojit Financial Services

Market Movers: YES Bank, Voda Idea, Trident among most active stocks on NSE in early trade

Price as on 05 Sep, 2022 09:45 AM, Click on company names for their live prices.

Digital financial services firm One97 Communications (Paytm), which operates under the Paytm brand, on Sunday denied any link with the merchants that are under the Enforcement Directorate scanner in the Chinese loan app case.

Price as on 05 Sep, 2022 09:29 AM, Click on company names for their live prices.

US jobs generation figures and employment data released last Friday are favorable from the equity market perspective. Jobs generation (315000 in August) continues to be strong indicating a robust economy. This would have called for a hawkish Fed action on 21st September, but unemployment rising from 3.5% to 3.7% and declining wage growth reflect a slowing economy and proof that rate hikes are working. The Fed may again hike the rate by 75 bp this month; it is also possible that the hike may be 50bp. Either way, the market is unlikely to be surprised. India is presently the best performing market globally. FIIs turning buyers has imparted strength to the market. Derivatives data indicates high volatility ahead.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Sensex Heatmap: Kotak Bank top performer, Nestle worst

OPENING BELL: Sensex gains over 200 points, Nifty above 17,550; Suzlon rallies 10%, Bajaj Hindusthan Sugar 5%

Buy or Sell: Stock ideas by experts for September 05, 2022

Angel One August average daily turnover up 20.1% MoM, up 117.9% YoY

Asia shares ease, euro slugged by energy crisis

Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 43 points, or 0.25 per cent, lower at 17,496, signaling that Dalal Street was headed for a negative start on Monday.

Quarterly earnings today

Fedders Electric & Engineering, Marg Techno Projects, Sri Krishna Constructions and Indosolar are among companies that will announce their quarterly earnings today.

Tech View: Nifty50 may consolidate in broader 17,300-800 range

The Nifty50 on Friday formed a double Inside Bar pattern on the daily scale, reflecting indecision. On the weekly scale, the index formed a bullish candle with an upper wick, reflecting selling at highs. Analysts said the index might keep trading in a consolidation phase unless it breaches 17,300-800 range decisively.

Oil prices climb more than $1/bbl ahead of OPEC+ meeting

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day.

Tokyo stocks open lower after US losses

Tokyo stocks opened lower on Monday, extending falls on Wall Street where sentiment worsened after Russia said it would keep a key gas pipeline to Germany offline. The benchmark Nikkei 225 index was down 0.31 percent, or 85.23 points, at 27,565.61 in early trade, while the broader Topix index slipped 0.29 percent, or 5.65 points, to 1,924.52.

Wall Street ends week on down note as jobs report gain fade

U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.

Rupee declines by 31 paise to close at 79.87 against US dollar

The rupee declined by 31 paise to close at 79.87 against the US currency on Friday due to a strong dollar demand from importers and losses in Asian peers.

Sensex, Nifty on Friday

The 30-share Sensex rose 36.74 points to end at 58,803.33. Its broader peer, Nifty50, ended at 17,539.45, down 3.35 points.

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