Nifty 50 closed 41 points, or 0.17%, higher at 24,811.50
MUMBAI: The Nifty 50 index extended its winning streak to six sessions on Thursday, August 22, propelled by favorable global cues and rising hopes that the US Federal Reserve might cut interest rates in September.
The Nifty 50 closed 41 points, or 0.17per cent, higher at 24,811.50, with 27 of its constituent stocks gaining.
The Sensex also rose by 148 points, or 0.18 per cent, to finish at 81,053.19.
Top gainers
ICICI Bank, Bharti Airtel, Grasim, Infosys, and HDFC Bank were the top contributors to the Nifty 50’s gains, while TCS, Mahindra & Mahindra, NTPC, Tata Motors, and ONGC were the main drags on the index. Over the past six sessions, the Nifty 50 has climbed 2.8 per cent.
On the BSE, over 340 stocks, including Ashok Leyland, HDFC AMC, HDFC Life, ICICI Lombard General Insurance, SBI Life, Persistent Systems, and TVS Motor, reached new 52-week highs during intraday trading.
In the broader market, mid and small-cap indices outperformed the Sensex and Nifty. The BSE MidCap index rose by 0.67 per cent, while the BSE SmallCap index increased by 0.47 per cent.
Nifty IT index dips
Sector-wise, the Nifty IT index dipped by 0.16 per cent, and the Nifty Pharma index fell by 0.14 per cent. Conversely, the Nifty Metal and Nifty PSU Bank indices both gained 0.67 per cent, and the Nifty Realty index was up by 0.47 per cent.
The total market capitalization of BSE-listed companies increased to nearly Rs 460.5 lakh crore, up from around Rs 459.2 lakh crore in the previous session, adding over Rs 1 lakh crore to investors’ wealth in just one day.
Experts attribute the market’s rise primarily to strong retail investor participation, which has kept sentiment positive amid global developments. The Indian market mirrored the upbeat global indices, driven by the US Fed’s recent minutes suggesting potential rate cuts and a downward revision in US jobs data, which fuelled expectations of an imminent rate cut.
FOMC meeting
The next US Federal Open Market Committee (FOMC) meeting is scheduled for September 17-18.
Additionally, the Federal Reserve’s annual Jackson Hole conference begins later today, with investors keenly awaiting Fed Chair Jerome Powell’s speech on Friday for insights into possible rate cuts next month.
An analyst noted, “Investors are looking forward to the outcome of the Fed Chair’s Jackson Hole speech on Friday, which could provide indications on whether a rate cut will be announced next month.
