Mumbai: Sensex and Nifty, two key market indicators, rose in early trading on Monday due to a surge in US stock markets and an increase in foreign investments. Market trading started positively after US Fed Chair Jerome Powell's keynote speech at the Jackson Hole conference, which hinted at upcoming policy changes and potential rate cuts in September.
In early trading, the BSE Sensex, comprising 30 shares, rose by 312.33 points to reach 81,398.54. The NSE Nifty surged by 94.15 points and reached 24,917.30. Tech Mahindra, Tata Consultancy Services, Tata Motors, Power Grid, HDFC Bank, and Bajaj Finance were the top performers among the 30 Sensex companies.
ITC, Sun Pharma, UltraTech Cement, and Adani Ports were among the companies that performed the worst. Hong Kong showed gains in Asian markets, while Seoul, Tokyo, and Shanghai experienced declines. Significant gains were observed in the US markets on Friday when trading closed.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that Fed Chief Powell's explicit announcement about the start of the rate-cutting cycle will enhance the ongoing global stock market rally.
According to data from the exchange, on Friday, FIIs purchased equities totaling Rs 1,944.48 crore. The internationally recognized standard for oil prices, Brent crude, rose by 0.61 percent to reach USD 79.50 per barrel.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, stated that Jerome Powell's speech at Jackson Hole was dovish and suggested a potential rate cut in September, which has sparked optimism among investors.
The BSE benchmark continued its upward trend for the fourth consecutive session on Friday, closing at 81,086.21 with a 0.04% increase of 33.02 points. The NSE Nifty increased by 11.65 points or 0.05% to finish at 24,823.15, experiencing growth for the seventh consecutive session.
FIRST Business Portal addressing the potential of business capability of North East Region.
