Metal, IT stocks lead as Nifty moves up

NEW DELHI: Most of the sectoral indices were in green where Nifty Metal, Nifty PSU Bank, Nifty IT leading the way with gains of 2.47%, 2.27%,2.07%, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Nifty 50 index advanced 94 points to settle at 19,529 while the Sensex ended at 241 points higher at 65,628.

Vidwani said that the China is concentrating on enhancing production operations, and soon stimulus is anticipated in China. Improvement in metal demand globally has supported rising metal prices, fostering confidence in the metal industry.

IDBI Bank will be strategically disinvested; hence the Central Government has requested bids to fill the position of asset valuer. The deadline for submitting the proposals is October 9. The asset valuer will provide the bank's assets and liabilities' fair market value. The valuation will take into account the bank's investments, loans & advances, deposits, borrowings, and other obligations.

Shares of state-owned steel and alloy manufacturer Mishra Dhatu Nigam closed at Rs. 424 after the company revealed that it had provided specialist materials for the launching vehicle of ISRO's recently launched Aditya-L1 solar observatory, he said.

Coal India, Wipro, HCL Technologies, UltraTech Cement and Tata Steel were among the top gainers on the Nifty, while losers were Axis Bank, M&M, Nestle India, ITC and Asian Paints.

Vinod Nair, Head of Research at Geojit Financial Services said recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks.

The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment, he said.