Indian equity markets closed Monday’s session on a positive note after the US Federal Reserve Chairperson Jerome Powell hinted at a rate cut in his Jackson Hole speech. The Nifty 50 closed the session 98 points higher near 25,000, and the Sensex rose 330 points or 0.40% to end above 81,635. The tech stocks topped the charts, stealing the show.
However, the Nifty Bank underperformed the overall market, settling 10 points or 0.02% lower at 55,140. In line with the key indices, the midcap stocks also surged. The BSE Midcap rose 47 points, or 0.10%, higher at 45,937.79. On the other hand, the BSE Smallcap closed on a flat note to finish at 52,989.34.
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“A wave of optimism swept through the domestic market, driven by expectations of a Fed rate cut in September and a subsequent decline in the US 10-year yield. The IT index outperformed, buoyed by favourable global sentiment. The domestic levers stay positive with the proposed GST rationalisation to push consumption demand, and a good monsoon season could serve as a catalyst to navigate any uncertainty in the global trade environment,” said Vinod Nair, Head of Research at Geojit Investments.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Monday’s session on a negative note. During the session, out of 3,110 trading stocks, 1,414 advanced, while 1,614 declined, and 82 remained unchanged. Today, 76 stocks hit a fresh 52-week high. Meanwhile, 35 stocks touched a new 52-week low.
Top gainers
Infosys was the top gainer in the Nifty 50 in Monday’s session, closing 3.1% higher. It was followed by TCS, HCL Technologies, Wipro, and Hindalco.
Top losers
Adani Enterprises’ shares were the biggest losers in today’s trade, declining 0.95%. It was followed by Apollo Hospitals, Nestle India, Bharat Electronics, SBI Life Insurance, and many others.
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The Paper sector’s stocks surged the most in Monday’s trade, rising 3.3% in the market capitalisation.
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