Indian stock markets climb on Thursday, ending on a positive note, driven by optimistic global cues and strong performances across key sectors.
The Sensex rose by 147 points, or 0.18%, to close at 81,053, while the Nifty gained 41 points, or 0.17%, to settle at 24,811.
Positive sentiment from global markets, especially the US, where the S&P 500 extended its winning streak, influenced the day’s trading.
Speculation of potential interest rate cuts by the Federal Reserve bolstered investor confidence, adding momentum to the Indian markets.
Throughout the trading session, the Sensex fluctuated within a range of 80,954 to 81,236, and the Nifty moved between 24,784 and 24,867.
In the Sensex lineup, Bharti Airtel, Tata Steel, ICICI Bank, Titan, Asian Paints, UltraTech Cement, JSW Steel, Maruti Suzuki, and SBI emerged as the top performers. On the other hand, Tata Motors, M&M, Wipro, NTPC, TCS, Power Grid, Sun Pharma, Axis Bank, and Nestle closed in the red.
The market rally was led by the Nifty Bank, which surged 300 points (0.59%) to close at 50,985.
Sector-wise, PSU Bank, financial services, FMCG, metal, realty, and private banks were the top gainers.
However, the pharma, IT, and energy sectors lagged behind.
The session also saw an upward trend in smaller stocks.
The Nifty Midcap 100 index advanced by 400 points, or 0.69%, to reach 58,844, while the Nifty Smallcap 100 index climbed 32 points, or 0.17%, to close at 19,099.
Market analysts attributed the gains to a mix of global and domestic factors.
“The positive sentiment in the domestic market is a reflection of global trends, particularly the softening US non-farm payroll data, which has raised hopes of a potential rate cut by the Federal Reserve in September. However, investors remain cautious and are adopting a selective approach as they await further signals from central bank leaders in Japan and the US,” experts noted.
The overall market mood was buoyant, but with a touch of caution, as investors continue to navigate global economic uncertainties.
Also Read: Delhi-NCR Among Top 10 APAC Markets For Logistics Rental Growth In H1 2024
Mr Jain, a 1989-batch Indian Police Service (IPS) officer from the Punjab cadre, will take…
Flora Development, a UK-based subsidiary of Bhosale’s ABIL Group, carried out the sale in August…
The MoU follows the recent approval of the proposal by the State Cabinet. Hon’ble Chief…
Dr Meharda, a senior Dalit IPS officer, now stands at the centre of a larger…
The Press Information Bureau (PIB) has dismissed a media report by The Wire as misleading,…
When asked if the original cast is returning for Hera Pheri 3, Rawal replied, “It…