Stock market benchmark indices Sensex and Nifty surged in early trade on Monday morning following a rally in the US stock markets and foreign fund inflows. The BSE Sensex climbed 312.33 points to reach 81,398.54 in early trade while the NSE Nifty rallied 94.15 points to 24,917.30.
Among the 30 firms registered with BSE Sensex, Tech Mahindra, Tata Motors, Tata Consultancy Services, Power Grid, HDFC Bank and Bajaj Finance were the biggest gainers. Meanwhile, ITC, Sun Pharma, UltraTech Cement and Adani Ports were among the laggards.
Global markets
In Asian markets, only Hong Kong quoted in the positive territory while Seoul, Tokyo and Shanghai traded lower. The US markets ended with significant gains on Friday. Following US Fed Chair Jerome Powell's speech at the Jackson Hole meeting, where he indicated possible rate cuts by saying that time has come for the loosening of policy, the Markets began the trade on an optimistic note
Chief Investment Strategist, Geojit Financial Services V K Vijayakumar said, "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." Besides, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said that Jerome Powell's dovish speech at Jackson Hole, has reignited investor optimism,
BSE rises fourth session, NSE gains seventh session in row
Rising for the fourth straight session on Friday, the BSE benchmark ended 33.02 points or 0.04 per cent higher at 81,086.21. The NSE Nifty edged up 11.65 points or 0.05 per cent to close at 24,823.15, registering gains for the seventh session in a row. According to exchange data, Foreign Institutional Investors (FIIs) bought worth Rs 1,944.48 crore equities on Friday. During the opening session, global oil benchmark Brent crude jumped 0.61 per cent to USD 79.50 a barrel.
(With PTI Inputs)
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