Stock Market NewsBenchmark indices opened on a positive note at the start of Monday’s session, ultimately tracking gains in their Asian peers after dovish comments from Federal Reserve Chair Jerome Powell solidified hopes for an interest rate cut sooner rather than later.
The 50 actions NSE The Nifty index opened 82.95 points higher at 24,906.10, while the 30-share S&P BSE Sensex opened over 300 points higher at 81,388.26.
While WiproONGC, Tech Mahindra, Hindalco, LTI Mindtree and Tata Consultancy Services led gainers on the Nifty 50 index, Apollo Hospital, Grasim, HDFC Life, ITC, BPCL were among the top losers.
Earlier in the day, the GIFT Nifty indicated a positive start for the Nifty 50 index after a 3 per cent bullish move in the last seven sessions, marking the longest rally this year. This comes amid heightened hopes of a US rate cut in September and robust domestic capital inflows.
This immediately fuelled speculation following Powell’s speech at the prestigious Jackson Hole Economic Symposium on Friday, when he said that “the time has come for policy tightening”. This could well continue to boost stock market flows into emerging markets like India, leading to a sustained rally in domestic stocks.
Stocks in the news
- KEC International rose after the company bagged three orders totaling Rs 1,079 crore.
- Dr. Reddy:Its Srikakulam plant was issued a US FDA Form 483 with three observations.
- Religare Companies:The Enforcement Directorate carried out raids on the premises of its officials.
- Hotels in Lemon Tree:Signed a licensing agreement for a 175-room property in Surat.
On Friday, foreign institutional investors were also net buyers, with shares worth about Rs 1,944 crore, and domestic institutional investors with Rs 2,896 crore, contributing to the market’s momentum.
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