SENSEX rises over 300 pts, NIFTY50 opens at 23,997 after three-day losing streak; banking stocks among other gainers

At 9:15 am (IST), NSE data showed that the NIFTY50 opened 0.35% or 83.50 points higher at 23,997.95 points on Thursday’s market, in comparison to 23,914.45 points at the previous stock market close.

Meanwhile, the BSE SENSEX opened 0.20% or 154 points higher at 76,724.95 points on September 3, in comparison to 76,570.35 points at the previous equity market close, according to the exchange data.

During the early trading hours, NIFTY50 was up 0.25% at 23,973.95 points, while the SENSEX was up 0.45% or over 300 points higher at 76,919 points during the trading session on Thursday.

Before the opening bell on Thursday, the GIFT NIFTY futures were trading 0.02% lower at 24,092.50 points, indicating a higher opening compared to the previous equity market close, as global markets recorded a recovery amid cautiousness of an elevated crude oil rate.

The overall positive sentiment in the Asian markets on Thursday morning, along with the positive close of Wall Street due to the US Treasury yields dropping from their recent highs, added to the momentum in Indian equities.

Investors will continue to monitor the geopolitical dynamics and the situation in West Asia, along with crude oil prices in the global market, which dropped to $94.97 per barrel (bbl) for Brent, from $95.63 per bbl at the previous commodity market close.

Despite the intraday drop, the benchmark Brent crude oil prices surged 7.8% in the past one-week and more than 13% in the last one-month basis.

Latest reports showed that the escalations between the United States and Iran continued in West Asia, with Iran attacking Jordan, Bahrain, and Kuwait in response to the US military strikes earlier this week on Tuesday.

The situation in the region remains critical, with no signs of a peace agreement so far.

Top gainers & losers today

Stocks like Tata Steel, Coal India, Adani Ports, ICICI Bank, Axis Bank, HDFC Bank, State Bank of India, among others were the top gainers during the morning market hours on September 3.

Tata Steel was up 1.2%, Coal India was up 2.5%, Adani Ports was up 1.9%, ICICI Bank was up 1.7%, Axis Bank was up 1.7%, HDFC Bank was up 1.2%, and State Bank of India was up 1%, as per NSE data.

Others like Tech Mahindra, Infosys, HCL Tech, IndiGo, TCS, Titan, Eicher Motors, and Sun Pharma were among the top laggards during Thursday’s trading session.

Tech Mahindra lost 1.3%, Infosys lost 1.1%, HCL Tech lost 1.1%, IndiGo declined 0.9%, TCS was down 0.7%, Titan was down 0.7%, Eicher Motors was down 0.5%, and Sun Pharma was down 0.4% on September 3.

Global markets today

The benchmark stock market indices in Asia were trading higher on Thursday due to a positive bias among investors after US Treasury yields pulled back from recent highs and the marginal fall in crude oil prices in the market.

MarketWatch data showed that Japan’s Nikkei 225 was trading 0.35% higher, Hong Kong-based Hang Seng was up 0.02%, China’s Shanghai Composite was up 0.43%, South Korea’s KOSPI was up 1.59%, and Singapore’s FTSE was up 0.54% on Sept 3.

This positive momentum comes after the Wall Street indices ended lower after their trading session on Wednesday.