Midcap and smallcap stocks also saw notable gains. The Nifty Midcap 100 index closed at 58,931, up 375 points or 0.64%, while the Nifty Smallcap 100 index ended at 19,132, marking an increase of 53 points or 0.28%.
Indian equity indices closed higher on Monday, buoyed by positive market sentiment driven by expectations of an interest rate cut following comments from the US Federal Reserve Chair at the Jackson Hole symposium.
By the end of trading, the Sensex had risen by 611 points or 0.75%, closing at 81,698. The Nifty gained 187 points or 0.76%, finishing the day at 25,010.
Throughout the session, the Sensex fluctuated between 81,278 and 81,824, while the Nifty traded within a range of 24,874 to 25,043.
Also Read: Nifty Hits 25,000 Mark In Extended Bull Run
Sector-wise, IT, FMCG, auto, metal, energy, private banks, and infrastructure sectors emerged as major gainers. Conversely, PSU banks and media sectors lagged.
Top performers in the Sensex pack included HCL Tech, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan, Wipro, M&M, and L&T. In contrast, Maruti Suzuki, Kotak Mahindra, Nestle, Sun Pharma, HUL, IndusInd Bank, and UltraTech Cement faced declines.
Market experts attributed the gains to the Fed’s indication of a possible rate cut in September, which has led to a decline in US Treasury yields and the dollar index, fueling a rally in global markets. Despite no specifics on the rate cut magnitude, the announcement positively impacted investor sentiment.
“Indian markets approached new highs, driven by a shift in foreign institutional investors’ (FIIs) stance from negative to positive, along with strong domestic institutional investor (DIIs) inflows. Large-cap stocks outperformed due to robust earnings and fair valuations compared to broader markets,” experts noted. “Sectors like IT, Realty, FMCG, and Consumption saw gains thanks to improved economic outlooks.”
Foreign institutional investors continued their buying spree, purchasing equities worth Rs 1,944 crore on August 23. Domestic institutional investors also added to their portfolios, buying equities worth Rs 2,896 crore on the same day.
Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…
In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…
Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…
Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…
The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…
PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…