MUMBAI: The markets though made smart gains in initial hours of trading today, the Indian stocks forwent much of the gains they made before and closed the trading on the first day of August with modest gains
Earlier this morning, the flagship Sensex reached a new record high of 82,129.49 points, while the Nifty surpassed the 25,000 mark for the first time.
By the close, the Sensex settled at 81,867.55, a gain of 0.15 points, and the Nifty ended at 25,010.9, up by 0.24 per cent. Among the sectoral losers, Nifty Media experienced the largest decline with a 1.9 per cent drop, followed by Nifty Realty and Nifty PSU Bank, which fell by 1.7 per cent and 1 per cent respectively.
The Consumer Durables and IT indices declined by 0.5 per ent and 0.4 per cent, respectively in today’s trading.
In contrast, Nifty Oil and Gas saw a rise of 0.4 per cent, while Nifty Healthcare increased by 0.3 per cent. Investors are closely monitoring the jobless claims data set to be released later on Thursday, as well as July’s unemployment figures, for more insights into the US labor market.
Additionally, traders are anticipating the Bank of England’s interest rate decision, which is expected in London.
Dovish comments
US equities surged, reflecting global gains following comments from the US Federal Reserve about a potential rate cut.
The Fed maintained its key rate at 5.25-5.50 per cent but suggested possible cuts in September if economic data aligns with inflation and employment targets.
Fed Chair Jerome Powell’s dovish remarks ignited a rally in US stocks, making it the best Fed day in two years. Wall Street, driven by tech giants such as Nvidia, Meta, and Apple, rallied on the anticipation of lower rates.
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