Stock Market Today, September 1, 2023: It was a great day for Indian stock markets on the first day of the September F&O expiry. Both the Sensex and Nifty 50 went up by 1%, making a strong start to the month’s trading.
The economy expanded faster in the first quarter, attracting the interest of foreign investors. The S&P BSE Sensex increased by 0.86% to 65,387.16, and the Nifty 50 index rose by 0.94% to 19,435.30. After losing for five weeks straight since July 20, this was a welcome change.
Here’s why this happened:
Top 5 Nifty 50 Gainers Today
| Symbol | LTP | %CHNG | OPEN | HIGH | LOW | PREV | 52W H | 52W L |
|---|---|---|---|---|---|---|---|---|
| NTPC | 231.35 | 5.02 | 217.85 | 231.65 | 216.15 | 220.30 | 231.65 | 155.00 |
| JIOFIN | 245.15 | 4.99 | 235.00 | 245.15 | 234.20 | 233.50 | 262.05 | 202.80 |
| ONGC | 181.20 | 4.05 | 174.40 | 184.75 | 174.40 | 174.15 | 184.75 | 121.50 |
| JSWSTEEL | 807.00 | 3.51 | 779.00 | 807.70 | 778.00 | 779.65 | 835.00 | 614.20 |
| TATASTEEL | 126.80 | 3.17 | 123.50 | 128.70 | 123.40 | 122.90 | 128.70 | 95.00 |
Top 10 F&O (Futures and Options) Gainers Today
| Symbol | LTP | %CHNG | OPEN | HIGH | LOW | PREV | 52W H | 52W L |
|---|---|---|---|---|---|---|---|---|
| BHEL | 135.50 | 11.75 | 122.00 | 137.10 | 121.40 | 121.25 | 137.10 | 54.75 |
| IDEA | 10.05 | 11.05 | 9.15 | 10.40 | 9.10 | 9.05 | 10.40 | 5.70 |
| INDIACEM | 261.50 | 10.64 | 237.90 | 263.35 | 235.55 | 236.35 | 298.95 | 167.20 |
| MCX | 1,822.70 | 7.96 | 1,687.85 | 1,844.40 | 1,676.00 | 1,688.25 | 1,844.40 | 1,156.00 |
| SAIL | 97.05 | 7.00 | 91.25 | 97.50 | 90.85 | 90.70 | 97.50 | 73.20 |
| NMDC | 130.65 | 6.18 | 123.05 | 130.90 | 122.60 | 123.05 | 137.45 | 92.25 |
| GAIL | 121.50 | 5.65 | 117.00 | 122.30 | 115.55 | 115.00 | 122.95 | 83.00 |
| HINDCOPPER | 167.15 | 5.49 | 159.45 | 168.15 | 157.35 | 158.45 | 168.15 | 93.85 |
| NTPC | 231.35 | 5.02 | 217.85 | 231.65 | 216.15 | 220.30 | 231.65 | 155.00 |
| NATIONALUM | 98.60 | 4.73 | 94.75 | 98.65 | 94.70 | 94.15 | 98.65 | 66.95 |
Stellar GDP Growth
India’s GDP for the June quarter jumped to an impressive 7.8%. It showed significant improvement compared to the previous quarter’s 6.1% and substantial growth of 13.1% compared to the same period last year. This boost was primarily due to the strong performance of the services sector.
In response to these positive numbers, Moody’s Investors Service has increased its growth forecast for India in 2023 to 6.7%. It’s a significant upward revision from its earlier estimate of 5.5%.
Auto Industry Acceleration
The auto industry also had a big impact on the market. In August, many companies saw strong growth in their wholesale sales. They are all getting ready for the upcoming festive season with new model launches. Notable examples include Mahindra & Mahindra, which had a 19% increase in car sales. Another car maker, Maruti Suzuki India, set a new record with 189,082 units sold in a month. Ashok Leyland also did well, with a 17% increase in sales of medium and heavy commercial vehicles.
Positive Global Indicators
Good news from China had a positive impact on Asian markets, including India. China’s factories did better than expected in August. The manufacturing activity in China went up from 49.2 in July to 51, according to the Caixin/S&P Global Manufacturing Purchasing Managers’ Index. So, this good news was enough to lift stock markets in China, South Korea, Malaysia, Singapore, and Japan. All markets ended the day higher by 0.3% to 0.5%.
Sectoral Winners
Most sectors on the BSE stock exchange did well, with the top ones being metals, utilities, power, telecommunications, and infrastructure. They all saw good gains, ranging from 2.6% to 3.2%.
China’s news has given a boost to undervalued stocks in India. Companies like National Aluminium, the Steel Authority of India (SAIL), NMDC, and Hindustan Copper (HINDCOPPER) saw significant gains, with their stock prices rising by 4% to 7%.
Banking stocks also did well, following the overall market trend. The Nifty Bank index went up by more than 1% to reach an intraday high of 44,568.55.
Rally in Small-Cap Stocks
Notably, not just big companies but smaller ones also did well in the market’s positive trend.
Companies like Latent View Analytics, IRB Infrastructure Developers, Trident, EIH, India Cements, MTAR Technologies, Indian Railways Finance Corp., and Bharat Heavy Electricals saw their stock prices go up by 7–12%.
Maruti and M&M at 52-Week Highs
Even some well-known Nifty 50 companies like Maruti Suzuki India and M&M reached their all-time high stock prices at Rs 10,397.95 and Rs 1,604.50, respectively.
The Indian stock market had a great day today. This happened because of good economic news, a strong auto industry, and positive signals from around the world.
Investors are feeling hopeful, and this positive mood is likely to keep going as India’s economy gets stronger, especially in sectors like cars and metals.
