Indian stock market today: Sensex jumps 515 points, Nifty crosses 23,900 as IT stocks lead gains
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Indian stock markets kicked off Friday, September 4, on a positive note, driven by strength in information technology shares and favorable domestic economic indicators.
Key Takeaways
- Sensex jumped 515 points (0.68%) to 76,668 and Nifty rose 51 points (0.22%) to 23,925 in early trade on September 4, led by IT stocks.
- Nifty IT gained 0.65% as the top-performing sector, followed by Nifty Realty at 0.50%, while Consumer Durables slipped 0.50%.
- Analysts credited the rally to robust GST collections, strong auto sales and healthy credit growth.
- Brent crude held steady near $96-97 a barrel, with US-Iran tensions remaining a risk for Indian equities.
The BSE Sensex surged 515 points, representing a 0.68% increase, to reach 76,668 during early trading. Simultaneously, the NSE Nifty 50 climbed 51 points, or 0.22%, to settle at 23,925.
The broader market segment showed similar optimism. The Nifty Midcap 100 posted a gain of 0.03%, while the Nifty Smallcap 100 advanced 0.49%.
Technology sector fuels market rally
Performance across sectoral indices varied. The Nifty IT index stood out as the strongest performer, posting a 0.65% gain, trailed by Nifty Realty which increased 0.50%. Conversely, the Nifty Consumer Durables index slipped 0.50%.
Market analysts attributed the positive sentiment to robust GST collections, strong automobile sales figures, and healthy credit expansion, despite lingering concerns about elevated global bond yields.
Brent crude oil prices held steady in the $96–97 per barrel range. The ongoing US–Iran tensions and their potential effects on oil pricing continue to pose significant risks for Indian equity markets.
International markets provide tailwinds
Asian markets registered gains following overnight strength on Wall Street. Hong Kong’s Hang Seng surged 2.09%, Japan’s Nikkei climbed 1.14%, and South Korea’s Kospi added 1.31%.
In the previous US trading session, the Nasdaq jumped 1.4%, while the S&P 500 and Dow Jones rose 1.06% and 1.18% respectively.
For the Nifty, immediate support levels are seen in the 23,800–23,850 range, while resistance is anticipated near 24,050–24,100.
Foreign institutional investors divested shares worth ₹2,346 crore on September 3, contrasting with domestic institutional investors who acquired equities totaling ₹4,977 crore.
