Sensex climbed 378 points, or 0.47%, closing at 80,803
MUMBAI: Benchmark indices maintained their bullish trend on Tuesday, August 20, driven by a strong rally in the financial and information technology (IT) sectors.
The BSE Sensex climbed 378 points, or 0.47 per cent, closing at 80,803. The NSE Nifty increased by 126 points, or 0.5 per cent, ending the day at 24,698.85.
A significant number of stocks, including TCS, Tech Mahindra, Sun Pharma, Ashok Leyland, HDFC Asset Management Company, ICICI Lombard General Insurance Company, Persistent Systems, Shriram Finance, and Trent, reached fresh 52-week highs during intraday trading on the BSE.
Broder market
In the broader market, the BSE MidCap and SmallCap indices rose by 0.98 per cent and 0.52 per cent, respectively.
Sector-wise, the Nifty PSU Bank index led the gains with a 1.68 per cent increase, followed by the Nifty Financial Services index at 1.1 per cent, and the Nifty IT index at 0.81 per cent.
According to a Senior Technical Analyst, “The Nifty surged above 24,700 after holding steady above 24,600. The trend is expected to remain strong as long as the Nifty stays above the 24,600-24,650 range. A significant drop below 24,600 could signal a reversal of the current uptrend, with potential resistance around 24,840-24,860.”
Global market
Global markets also experienced gains on Tuesday, supported by expectations that US Fed Chair Jerome Powell will provide clear guidance on a potential rate cut in September during the upcoming Jackson Hole Symposium. Experts anticipate a 25 basis point cut, though some speculate a 50 basis point reduction next month.
The domestic market began the session with a strong upward move, buoyed by positive global sentiment amid ongoing Israel-Hamas ceasefire talks and reduced US recession fears due to recent favorable economic data. Additionally, easing geopolitical risks and weaker demand from China have led to lower crude prices, which benefits the domestic economy, the analyst added
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