The benchmark Nifty index on the National Stock Exchange (NSE) continued its upward trajectory on Monday, reaching 25,000 mid-session. This marks the eighth consecutive session of gains for the Nifty.
As of 1:10 PM, the Nifty stood at 25,025, up by 201 points or 0.81 percent. The Sensex also saw a rise of 671 points or 0.83 percent, reaching 81,757. The Nifty was nearing its all-time high of 25,078, just 50 points short of the record.
Indian equity markets have been buoyed by positive sentiment from the US, following dovish remarks by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. Powell’s comments suggested a potential rate cut in September, which has fueled global market optimism.
Also Read: Indian Equity Indices Close Flat Ahead Of Fed Chair’s Speech
Among sectoral indices, the Nifty IT sector led gains, climbing 1.49 percent. Other major gainers included sectors such as financial services, FMCG, realty, metals, energy, and autos. Conversely, PSU banks and pharmaceutical stocks were the primary laggards.
In the Sensex index, leading gainers included NTPC, HCL Tech, Wipro, Bajaj Finserv, Tech Mahindra, HDFC Bank, TCS, Infosys, Reliance, L&T, Power Grid, and Titan. On the downside, Ultratech Cement, Maruti Suzuki, and Sun Pharma experienced declines.
Midcap and smallcap stocks also saw positive movement. The Nifty Midcap 100 index rose by 228 points or 0.39 percent to 58,788, while the Nifty Smallcap 100 index increased by 54 points or 0.29 percent to 19,134.
Market experts attribute the sustained rally to Powell’s clear indication of an impending rate-cut cycle, which they believe will bolster global stock markets. “Powell’s decisive language suggests a supportive environment for equities, akin to the ‘Greenspan put’ that favored US markets during the Greenspan era,” said an analyst.
Choice Broking advised that the Nifty could find support at 24,750, followed by 24,700 and 24,650. On the upside, immediate resistance is at 24,900, with further resistance levels at 25,000 and 25,050.
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