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The Nifty Auto index closed 1.65 per cent up at 15928.3.

The stock market marked an exceptional day on September 1, 2023, as several large and midcap companies achieved significant milestones by reaching new all-time highs.

Nifty50 started the September series with an open interest of 1.06 crore shares, compared to an open interest of 1.33 crore shares at the beginning of the August series.

At present, Asset Management Companies (AMCs) calculate the performance of mutual fund schemes. Similarly, portfolio managers have been permitted to report their performance vis-a-vis certain benchmarks. The claims made by these intermediaries are mostly self-verified and currently there is no dedicated agency to validate such claims.

The category reserved for retail investors was subscribed 5.46 times, and that of non-institutional investors was booked 14.93 times. The demand from qualified institutional buyers, which was muted for the first two days, also gained momentum with 4.21 times subscription.

The record-breaking achievements of NTPC, Tata Steel, and other Nifty50 stocks on September 1 signify their outstanding market performance and growth prospects.

“ JSPN is our top pick in the ferrous space followed by Tata Steel and in non-ferrous our top pick is Hindalco. For the first time in my 20 years’ career in the metal space, I am seeing that companies are adding capacities but without any additional debt. The debt will remain unchanged while EBITDA will go up.”

Drawing data from StockEdge and insights from ETMarkets, we shed light on 11 stocks trading in the overbought zone while exhibiting a bearish or declining RSI trend. Learn why RSI is a vital tool for investors and gain insights into these selected stocks for informed decision-making.

​​The Sensex rose 1% or 573 points to 65,408, and the Nifty 50 gained 1% or 185 points to 19,439.40 points. The overall breadth remained positive, as of the 51 stocks on Nifty 50, 42 stocks gained and nine lost.