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IT stocks rallied for the third consecutive day today after the US Federal Reserve chairman hinted at a rate cut in September in his speech late Friday night.
Due to which Nifty made a new record high of 25,129 in intra-day and at the end of the day both benchmark indices closed with marginal gains. Aggressive rally in IT stocks was responsible for maintaining the bullish trend in the market today, because apart from IT, only pharma and healthcare sectors were bullish and all other sectors were in recession, although Sensex and Nifty closed with gains.
Out of the 14 sectoral indices of Nifty, only three sectors closed with gains, with the Nifty IT index up 1.64 per cent, pharma up 1.14 per cent and healthcare up 1.20 per cent. The Nifty media index fell 1.41 per cent, PSU banks down 0.45 per cent and FMCG down 0.42 per cent.
The Sensex hit an intra-day high of 82,039 and a low of 81,578 today. In the end, the Sensex closed at 81,785, up 74 points or 0.09 per cent. The Nifty hit a new intraday high of 25,129 and ended the day up 34 points or 0.14 per cent at 25,052. Which is also its highest closing surface. The broader market saw mixed moves today. The BSE Midcap index closed with a marginal gain and the Smallcap index closed with a marginal decline. However, both the indices hit new intraday highs of 49,099 and 56,416 respectively. In the end, the Midcap index rose 22 points or 0.04 per cent to close at 48,942 while the Smallcap index fell 68 points or 0.12 per cent to close at 56,005. The market capitalisation of companies listed on the BSE fell to Rs 1.50 per cent today. It reached the level of Rs 463.03 lakh crore or 5.51 trillion dollars. From this level, it is only Rs 463.14 lakh crore. There is a decrease of Rs 11,000 crore.
SME IPO index hits new record high of 1,14,991
Amid much volatility, the BSE SME IPO index hit a new intraday high of 1,14,991 today, but after a total gain of 3,736 points during the day, the index closed down 1,372 points or 1.21 per cent at 1,11,683. The index had gained nearly 6.50 per cent in the last two days, after which it declined.
FIIs net sell Rs. 1,347 crore
FIIs today sold Rs. 1,347 crore net in the Indian stock market, while DIIs bought Rs. 439 crore net. With this, the figure of net selling by FIIs in the month of August is Rs. 29,945 crore, while the figure of net buying by DIIs is Rs. 48,785 crore.