On Monday, August 26, the Indian stock market saw significant gains. The Nifty 50 and the Sensex increased by around 1% each, indicating that investors were pleased with US Fed Chair Jerome Powell’s announcement last Friday at Jackson Hole that a policy adjustment was warranted.
The rise in the Indian stock market reflected the optimistic outlook throughout the globe, with a rate decrease in September seemingly certain. Merely 35 points off its all-time high of 25,078.30, the Nifty 50 experienced an intraday high of 25,043.80 after rising 0.90 percent.
Dollar Index Have Declined
With 33 stocks in the green, the index finished 187 points, or 0.76 percent, higher at 25,010.60. However, the 30-share pack Sensex ended the day at 81,698.11, up 612 points, or 0.75 percent, with 21 equities in the green.
The BSE’s mid and smallcap indices increased as well, although they did not outperform the benchmark Sensex. With a 0.20 percent increase, the BSE Smallcap index closed 0.20 percent higher than the BSE Midcap index.
Investors gained almost ₹2 lakh crore in value in a single session as the total market capitalization of the companies listed on the BSE increased to a record ₹462.3 lakh crore from over ₹460 lakh crore in the previous session. The US Treasury yield curve and dollar index have declined since the US Fed signaled a rate cut in September.
Increase In All Sectoral Indices
The top gainers in the Nifty 50 index at closing were shares of NTPC (up 3.22%), Hindalco (up 3.96%), and HCL Tech (up 4.24%). Conversely, the index’s biggest losers were shares of Apollo Hospitals (down 1.18%), Hero MotoCorp (down 0.74%), and Adani Ports (down 0.69%).
All sectoral indices concluded with increases, with the exception of Nifty PSU Bank (down 0.50%) and Media (down 0.22%). The Nifty Metal index finished as the largest gainer among sectoral indices, up 2.16 percent. Nifty Real Estate (up 1.76%), Technology (up 1.39%), Consumer Durables (up 1.30%), and Oil & Gas (up 1.16%).
