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After opening the day on a positive note, the Indian share market continued its momentum as the session progressed and ended higher.

Equity markets extended gains for the second straight day led by sustained buying support in IT and Metal stocks. The sentiment turned positive globally after the US jobs data cemented hopes of a likely pause in rate hikes by the US Federal Reserve later this month.

At the closing bell, the BSE Sensex stood higher by 241 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 94 points (up 0.5%).

Coal India and Wipro were among the top gainers today.

M&M and ITC were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,617, up by 70 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.9% up and the BSE SmallCap index ended 0.8% higher.

Sectoral indices ended on a mixed note with stocks in the IT sector and the metal sector witnessing most of the buying.

On the other hand, stocks from the consumer durables sector and FMCG sector witnessed selling pressure.

Shares of 3M India and Coforge hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a positive note. The Nikkei ended 0.7% higher and Hang Seng ended 2.5% lower while the Shanghai Composite ended 1.4% higher.

The rupee is trading at 82.72 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 59,465 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.4% at Rs 74,795 per kg.
 

IndiGo's new VC arm

In news from the airlines sector, the board of InterGlobe Aviation Ltd, which operates India's largest airline IndiGo on 4 September 2023 approved the creation of a Venture Capital arm, which will focus on investing in early-stage companies operating in aviation, consumer-focused allied sectors such as travel & lifestyle, hospitality and transportation.

The company in a filing to the exchanges outlined that the Board of Directors has approved the incorporation of a Private Limited Company with an initial investment of Rs 300 m.

The airline's board has approved the investment, which will be set up in the Special Economic Zone at Gujarat International Finance Tec-City.

Furthermore, the airline's board has also approved issuing corporate guarantees worth up to US$ 996 m to secure the payment obligations of the aforesaid wholly-owned subsidiary.

Indian airlines are known for their mischiefs and managing an airline business is not so easy.
 

Why RVNL share price is rising

Moving on to news from the railway sector, shares of Rail Vikas Nigam hit an all-time high of Rs 163.5 today after the company announced that it has bagged orders worth Rs 6 bn from the Madhya Gujarat Vij Company.

The company has received a letter of acceptance for the development of distribution infrastructure work for loss reduction in the Vadodara and Dahod districts under the revamped reforms-based and results-linked distribution sector scheme.

The project cost for the work in Vadodara district is Rs 3.2 bn, while the cost for work in Dahod district is Rs 2.8 bn. As a part of the order-win, the company is expected to complete the projects in 31 months.

Rail Vikas Nigam is a government-owned 'Navaratna' company engaged in railway infrastructure project execution activities, including track renewal, electrification, station modernization, and bridge construction.

The shares of the company have been on a roll in 2023. To know why, check out railway stocks zoomed 40% in 4 days! More details inside.
 

GMR Power hits the upper circuit. Here's why.

Moving on to news from the power sector, GMR Power and Urban Infra was locked in a 20% upper circuit on 4 September, a day after the infrastructure company announced that its subsidiary, GMR Smart Electricity Distribution, bagged a Rs 51.2 bn order from the Uttar Pradesh government.

The company has received the letter of award (LoA) for implementing a 'smart metering project' in the Purvanchal region of Uttar Pradesh which consists of districts namely- Varanasi, Azamgarh, Prayagraj, and Mirzapur.

GMR Power and Urban Infra were expected to install and maintain 5 m smart meters in the area.

GMR Power and Urban Infra, part of the GMR Group, is in the business of power generation and infrastructure development.

The company derives its major revenue from power generation activities through thermal and renewable energy projects. It also engages in urban infrastructure development, including airports, highways, and urban transport projects.

India is home to many prominent engineering companies that cater to a wide range of sectors. From infrastructure to automobiles, these companies are known for their innovative solutions and quality services.

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