Share Market Today: Sensex Gains Over 600 Points; Nifty Reclaims 25K. All Sectors In The Green
Share Market Today: On the 30-share Sensex platform, TCS, Bajaj Finserv, PowerGrid, TechM, Infosys, HDFC Bank emerged early gainers
Share market today: The two key equity benchmark indices, Sensex and Nifty, on Monday opened on a positive note amid a rally in the US peers and foreign fund inflows. The indices sored in the morning trade as US Federal chief Jerome Powell indicated an interest rate cut by the US central bank can happen soon. At 10.15 am, the BSE Sensex jumped 642 points to 81,728. On the other hand, the NSE Nifty50 was trading at 25,012, rising 189 points.
Stock update
On the 30-share Sensex platform, TCS, Bajaj Finserv, PowerGrid, TechM, Infosys, HDFC Bank emerged early gainers. On the down side, Sun Pharma, UltraCemco, IndusInd Bank, Kotak Bank, and Maruti were the only losers.
In the broader market, the BSE Midcap and Smallcap indices advanced 0.5 per cent each.
Sectoral update
Sectorally, all the indices are trading in the green.
In the previous session on Friday, the BSE Sensex settled at 81,086, up 33 points, while the NSE Nifty50 closed at 24,823, rising by 12 points.
"The Fed chief Powell’s clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Hong Kong quoted in the positive territory while Seoul, Tokyo and Shanghai traded lower. The US markets ended with significant gains on Friday.
Japan's Nikkei eased 0.7 per cent as a stronger yen pressured exporter stocks. Australia's S&P/ASX 200 was up by 0.61 per cent. Hong Kong’s Hang Seng index was up by 0.89 per cent at 17,768 levels.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,944.48 crore on Friday, according to exchange data.
Global oil benchmark Brent crude climbed 0.61 per cent to $79.50 a barrel.
Rupee gains 10 paise
Rupee appreciated 10 paise to 83.80 against the US dollar in morning trade on Monday, supported by the weakening of the American currency in the overseas market and foreign fund inflows.
Forex traders said the dollar index lost significant ground and is hovering around the 100.60 level following US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible US rate cuts in September.
At the interbank foreign exchange market, the local unit opened at 83.83 and then gained ground and touched 83.80, registering a rise of 10 paise from its previous close.
On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.
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