Share Market Today: Nifty Above 25K; Sensex Tests 82K. PowerGrid, Maruti Stocks Gain
Share market today: On the 30-share Sensex platform, PowerGrid, Maruti, Nestle, JSW Steel, Adani Ports, Asian Paints emerged gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Thursday opened higher tracking positive global sentiment. The increase follows the US Federal Reserve's decision to maintain current interest rates while suggesting a possible rate cut in September. At 10.15 am, the BSE Sensex jumped 220 points to 81,961. On the other hand, Nifty50 crossed the record 25,000-mark in early trade. The benchmark was trading at 25,048, up 98 points.
Stock update
On the 30-share Sensex platform, PowerGrid, Maruti, Nestle, JSW Steel, Adani Ports, Asian Paints emerged gainers. On the down side, M&M, Sun Pharma, ITC, Infosys, Kotak Bank, Bajaj Finserv were among the losers.
In the broader markets, Nifty Smallcap jumped 0.44 per cent while Midcap advanced 0.35 per cent.
Sectoral update
Sectorwise, except realty, all other indices are trading in the green, with Nifty Metal was the top gainer, up 1.55 per cent, followed by Oil and Gas, rising 0.64 per cent.
In the previous session on Wednesday, the BSE Sensex closed at 81,741, up 285 points, while NSE Nifty50 settled 94 points higher at 24,951.
"The Fed chief signalling a possible rate cut in September is positive for global equity markets. More important, his comments that the US economy is normalising is a shot in the arm for bulls," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Indicating a rate cut by September, US Federal Reserve Chair Jerome Powell said that progress has been made in reducing inflation to the 2 per cent target which is a sign that the Fed is moving closer toward reducing the key interest rate for the first time in four years.
Global update
In Asian markets, Tokyo, Shanghai and Hong Kong were trading in the negative territory while Seoul was in the green on Thursday.
Foreign institutional investors were net sellers in the capital markets on Wednesday and offloaded shares worth Rs 3,462.36 crore, according to exchange data.
Brent crude, the global oil benchmark, rose 2.26 per cent to $80.41 per barrel in futures trade.
Rupee gains 1 paise
The rupee opened 1 paisa higher at 83.67 against the US currency on Thursday after the Federal Reserve held the rates, but said a September rate cut could be on the table. The US dollar declined marginally in overseas markets but Brent crude oil prices rose further, limiting gains for the domestic currency.
At the interbank currency exchange, the domestic currency opened at 83.67, 1 paisa higher than the previous day's close. The domestic currency moved in a tight range of 83.67-83.69.
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