Stock Market: Soft power makes strong comeback; leadership issue sorted out
Persistent Systems show that models rooted in Neural Radiance Field can play a pivotal role in producing XR content of superior quality and realism. Photo credit X Persistent Systems
By S Jha
New Delhi, September 4: Indices gained strong momentum on the back of the indices finally sorting out the missing leadership issue. The drifting down of the indices were explained to the index heavyweights not rising to the occasion to lend their strength to the bourses. But the indices now have plenty of leaders going all guns blazing.
Nifty took off on a strong note in tandem with Bank Nifty, but sell on the rise still played out and the two indices erased almost all of the gains within the first session of the day. The market participants claimed that both the indices held on to their support levels, completed the retracements, and staged comebacks with the support of heavweights leading the bull charge.
Nifty closed with gains of 95 points to stay above the crucial 19500 level. Bank Nifty also logged in gains of 140 points to close almost close to 44600 level. The market participants claimed that both the indices are in the strong zones, while the global cues went in favour of the bulls as the Asian indices were sharply up on Monday.
The rally on the NASDAQ rubbed on well on the IT scrips and after the midcap show last week the front liners joined the party on Monday. Wipro and HCL technology led the show, both gaining over four per cent, which is significant for heavyweight stocks. Tech Mahindra had already been rolling alongside the midcaps in the IT sector.
The star of the day within the IT pack was Persistent Systems, which had broken out last week and is now trending up, gaining over four per cent on Monday, while briefly crossing the level of Rs 5800. The stellar show if Persistent Systems has kept other midcaps in the shade, and the scrip is seen to be strong on the index. Mphasis also extended the gains, while Birlasoft cooled off on Monday.
The cement sector has been buzzing since the release of the GDP number, which showed that the ear-estate and the construction sectors are leading the Indian growth story. Following in the footsteps of India Cement last week, the likes of Dalmia Cement and others gained strongly.
There is no looking back for the railway stocks on the bourses, as the likes of Indian Railway Finance, Rail Vikas Nigam Limited and others extended the gains on the bourses.
(Disclaimer: The article makes no buy/sell recommendations; investors should consult their SEBI-registered financial advisors for making investment decisions)
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