look news india
Mumbai: The details of the US Federal Reserve's July meeting on Wednesday gave a strong indication that the Federal Reserve will cut interest rates next month and the domestic Kharif sowing is about to end and the expectation of a good crop yield has kept the sentiment in the stock positive. On Thursday, the market. The major indices continued to rise. The Sensex again touched the level of 81000. Traders expect that US Federal Reserve Chairman Jerome Powell will hint at further reduction in interest rates at the Jackson Hole symposium on Friday. Apart from this, foreign institutional investors are also eyeing the unemployment data and PMI data to be announced in the current week in the US.
The BSE Sensex closed 147.89 higher at 81053.19 while the Nifty 50 index closed 41.30 higher at 24811.50. The Sensex witnessed a low of 80954.02 and a high of 81236.45. The Sensex then closed above 81000. Mid and small caps continued to attract attention. Market players believe that the market is consolidating at current levels. A trigger is needed to propel the rally. Market sentiment on the BSE remained positive. 2451 stocks advanced while 1513 stocks declined. Prices of 89 stocks remained unchanged.
Bank stocks are attractive
Bank stocks surged on Thursday after banks reported over twenty per cent growth in corporate loans in the June quarter. Nifty Bank index rose 300.15 to 50985.70. IDFC First Bank rose Rs 1.73 to Rs 75.36, ICICI Bank rose Rs 16.25 to Rs 1191.10, Bandhan Bank rose Rs 1.66 to Rs 205.43. PNB, SBI, Kotak Mahindra were also attractive.
Mixed flows in IT stocks
Information Technology (IT) stocks were mixed ahead of US Federal Reserve Chairman Jerome Powell's statement on interest rate cuts at the Jackson Hole Symposium on Friday. In case of interest rate cuts, the country's IT companies are expected to benefit in business. Tech Mahindra rose Rs 6.60 to Rs 1611.25, Infosys rose Rs 7.55 to close at Rs 1880.25. Wipro fell Rs 7.35 to close at Rs 519. TCS, HCL Tech also closed weak.
metal stocks gain
Expectations that the government will take concrete steps against the rising imports of steel in the country dominated metal stocks. Manufacturers who were net importers of steel in India in the current financial year after being net importers in the previous financial year have appealed to the government to take appropriate action, on which appropriate action is expected from the government. High imports indicate increasing demand for steel from the infrastructure sector in the country. NMDC rose Rs 3.67 to Rs 226.34, Hind Zinc rose Rs 7.80 to Rs 518.65, Tata Steel rose Rs 2.22 to close at Rs 154.14. Vedanta, Jindal Steel, JSW Steel, Nelco were also recovering from lower levels.
Institutional investors buying
FIIs/FPIs and DIIs were net buyers in the Indian stock market on Thursday. FIIs/FPIs bought equities worth Rs 18462.95 crore and made net purchases of Rs 1371.79 crore while selling Rs 17091.16 crore. DIIs made net purchases of Rs 2971.80 crore while buying Rs 12239.70 crore and selling Rs 9267.90 crore.
