Markets Close Higher After Gold Prices Hit Record High, Sensex Ends Over 81K
Gold futures on the Multi Commodity Exchange (MCX) for December delivery gained Rs 458, or 0.41 per cent, to hit a lifetime high of Rs 1,10,047 per 10 grams.
The stock markets witnessed a robust session today with benchmarks, Sensex and Nifty, closing the day in green. The BSE Sensex settled a little over 81,100, climbing more than 300 points, while the NSE Nifty50 ended over 100 points higher and inched closer to 24,900 at 24,877.
On the 30-share Sensex, Infosys, Adani Ports, Tech M, HCL Tech, and TCS settled among the gainers. Meanwhile, the laggards included Trent, Eternal, UltraTech Cement, NTPC, and Tata Motors.
In the broader markets, the Nifty100 index ended 0.34 per cent higher. Sectorally, the IT index stood out after it jumped 2.76 per cent, followed by the Midsmall IT & Telecom index which rose 1.77 per cent. On the other hand, the Realty and Oil & Gas indices slipped 0.30 per cent each.
"Markets closed higher on Tuesday, buoyed by strength in IT stocks following Infosys' announcement that its board will consider a share buyback on September 11. The news lifted sector sentiment," explained Hariprasad K, Research Analyst and Founder - Livelong Wealth.
Gold and Silver Extend Record-Breaking Rally
Parallel to equity market optimism, precious metals surged to fresh records in both domestic and international markets. Gold futures on the Multi Commodity Exchange (MCX) for December delivery gained Rs 458, or 0.41 per cent, to hit a lifetime high of Rs 1,10,047 per 10 grams. According to India Bullion and Jewellers Association (IBJA), 24-carat gold was priced at Rs 10,804 per gram on Tuesday.
Silver also scaled a 14-year peak globally, tracking increased industrial demand from electric vehicles and solar energy. The rally followed disappointing US labour market data, with non-farm payrolls in August rising by just 22,000 against expectations of 75,000, while the unemployment rate edged up to 4.3 per cent. The weak data fuelled speculation of aggressive Fed easing, with market forecasts now indicating a 91 per cent probability of a 25-basis-point cut at the 17th September meeting.
How Did Markets Fare This Morning?
Notably, Indian equities opened Tuesday’s session on a strong footing, taking cues from gains in global markets and renewed optimism over a potential US Federal Reserve rate cut later this month. A rebound in IT counters also provided early support to the indices.
The Sensex climbed 366.87 points to 81,154.17 in opening trade, while the Nifty gained 101.35 points to 24,874.50. Analysts expect the market to hold a positive bias despite near-term volatility. “Nifty is expected to trade with a positive bias despite volatility, supported by hopes of a quarter-point Fed rate cut on 17th September and the possibility of further cuts in the year’s remaining meetings, keeping bears at bay,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Foreign Institutional Investors (FIIs) sold equities worth Rs 2,170.35 crore on Monday, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 3,014.30 crore, exchange data showed. On Monday, the Sensex had inched up 76.54 points to 80,787.30, while the Nifty ended 32.15 points higher at 24,773.15.
Before You Go
BREAKING NOW: Indore fire tragedy as EV short circuit triggers deadly explosions
Top Headlines
