Stock Market: Blue chips rise amid broader consolidation

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Life insurers rise in stock market amid consolidation in Nifty

By S Jha

New Delhi, September 3: Nifty ended on Tuesday flat amid choppy trades. Sensex also ended the day flat. But Bank Nifty spiked with strong gains on Tuesday.

Bank Nifty made strong gains in the afternoon session. The gains in the Bank Nifty came amid strong rally in the ICICI Bank.

With the ICICI Bank and HDFC bank strongly gaining, the Bank Nifty saw a rise of 300 points. The Bank Nifty emerged winner among all the indices.

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The US Federal Reserve is likely to announce rate cut this month. There appears a consensus opinion that a rate cut by 0.25 point is on the card from the US Federal Reserve.

Bank Nifty is heading into the weekly expiry on a firm note. Strong show in the counter of the ICICI bank will be on the radar of the trader on Wednesday.

But the Broader market showed signs of consolidation. The lack of leadership in the indices capped the gains on the street.

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Premier Energy listed on the bourses with strong gains. The solar panel maker from Telangana listed with gains of over 90 per cent.

But the share price of Primer Energy witnessed profit booking. The stock ended around ₹840. It had listed at ₹905.

But there are signs of the investors betting on the big counters. After the phenomenal run in the share price of Bajaj Auto, it was the turn of Hero Moto Corp on Tuesday.

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The share price of Hero Moto Corp on Tuesday touched the high of ₹5695. Hero Moto Corp share price is on course to double within a year.

In November last year, the share price of Hero Moto Corp was trading at ₹3100. Both Bajaj Auto and Hero Moto Corp have seen phenomenal run in their share prices in the last few months.

Two life insurers are trending on the street for the past few weeks. SBI Life and HDFC Life share prices are trading at life time high.

In the afternoon session, shares of SBI Life and HDFC Life went trending. Seen conservative on the street, SBI Life has given a return of 44 per cent in the last one year.

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The day belonged to consumer durables. Nestle was strong on the street. It was in the strong company of ITC, Tata Consumer Global, Hindustan Unilever.

After the cut in the import duty on gold, Titan has also been gaining steadily on the street. The share price of Titan was strong on Tuesday.

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