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.
“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.
Top sectors in Monday’s trade
The Paper sector’s stocks surged the most in Monday’s trade, rising 3.3% in the market capitalisation. Information Technology stocks were followed by Metals – Non Ferrous, which was further followed by the Digital sector stocks. The Automobiles sector stood behind the Mining sector. However, the Alcohol sector stocks fell in today’s strong trade.
Best and worst performing business groups
The Singhania (HS) Group’s market cap increased the most in today’s session, rising 3.6%. It was followed by the Future Group. Apart from that, the Nagarjuna Group’s market capitalisation was erased the most, falling 4.7%. In the list of Nagarjuna Group stocks, NACL Industries’ share corrected 5%.