look news india
Stock Market Closing: The new month has started excitingly in the Indian stock market. After opening with a slight improvement, the Sensex and Nifty closed with a big gain. Investors' capital has increased by Rs. 3.87 lakh crore. Smallcap and midcap stocks jumped up to 20 percent to reach new record highs.
After a fluctuation of 589.21 points, Sensex closed at 79476.19 with a gain of 443.46 points. Nifty closed at 24141.95 with a gain of 131.35 points. BSE market cap has again reached a new record high with 443.12 lakh crores. Apart from power and realty, top 11 sector indices rose by 1.50 percent.
Midcap-smallcap stocks rise
Midcap and smallcap stocks are on the rise. In the midcap segment, the index touched an all-time high of 46711.27 with 90 stocks including Policybazaar, Castrol India, JSW Infra, Patanjali registering gains. In the small cap segment, 20 stocks including Walkpharma, Atul Auto, Veranda, Subros have registered a jump of 11 to 20 percent. The BSE Technology Index today reached a new all-time high of 17497.86.
Market conditions as seen by a market expert
According to Vinod Nair, Head of Research, Geojit Financial Services, “The fall in US PCE inflation has raised expectations of a rate cut by the Fed in September. This optimism has contributed to the strong performance of IT stocks. We expect this trend to continue.” With discretionary spending expected to improve in the near term, investors are now focusing on the upcoming US jobs data and the Fed chairman's speech for further cues on interest rates.
