Mumbai, Aug 26 2024-
The National Stock Exchange (NSE) benchmark Nifty extended its gains after opening in the green and hit 25,000 in mid-session on Monday.
It is the eighth-consecutive session when the Nifty is trading with gains.
At 1:10 P.M., Nifty was at 25,025, up 201 points or 0.81 per cent and the Sensex was up 671 points or 0.83 per cent at 81,757.
The Nifty was just 50 points away from its lifetime high of 25,078.
Indian equity indices are following US market gains after Federal Reserve Chair Jerome Powell’s dovish commentary at the Jackson Hole which hinted at a likely rate cut in September.
Among the sectoral indices, Nifty IT gained the most, up by 1.49 per cent. Fin service, FMCG, realty, metal, energy and auto were the major gainers.
PSU banks and pharma were major laggards.
In the Sensex pack, NTPC, HCL Tech, Wipro, Bajaj Finserv, Tech Mahindra, HDFC Bank, TCS, Infosys, Reliance, L&T, Power Grid and Titan were top gainers.
Ultratech Cement, Maruti Suzuki and Sun Pharma were the top losers.
Buying was also seen in the midcap and smallcap stocks.
Nifty midcap 100 index was 228 points or 0.39 per cent at 58,788 and Nifty smallcap 100 index was 54 points or 0.29 per cent at 19,134.
According to market experts, “The Fed chief Powell’s clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets.
“Deviating from his usual cautious messaging, this time Powell unambiguously stated that ‘the time has come for policy to adjust’ and that ‘the direction of travel is clear.’ This will act as sort of a ‘Powell put’ similar to the famous ‘Greenspan put’ that supported US equity markets during the Greenspan era.”
Choice Broking said, “Nifty can find support at 24,750 followed by 24,700 and 24,650. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,050.” (Agency)
FOLLOW NOW
