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Global stock markets rose on expectations that the US Federal Reserve will aggressively cut interest rates in September, leading to a rise in Indian stock market indices today, which closed with half a per cent gains.
The market is now eyeing the minutes of the US Federal Reserve meeting to be released on Wednesday. After this, Federal Reserve Chairman Powell is going to give a speech on Friday, which will indicate how the decision to cut interest rates in the US will be taken. The volatility index fell 3.45 percent to 13.82 from yesterday's level of 14.32. Today, 12 out of 14 sector indices on Nifty closed with gains. Only the Nifty FMCG index was down 0.14 percent and the media index was down 0.27 percent. The Nifty PSU Bank index rose 1.68 percent, Financial Services 1.11 percent, Private Bank 1.02 percent, Banks 0.86 percent and IT 0.81 percent.
After opening 298 points higher initially, the Sensex hit an intra-day high of 80,942 and a low of 80,517 today. Thus, after a total fluctuation of 425 points during the day, the Sensex finally closed 378 points or 0.47 per cent higher at 80,803. On the other hand, the Nifty opened 76 points higher and hit an intra-day high of 24,734 and a low of 24,607. Thus, after a total fluctuation of 127 points, the Nifty finally closed at 24,699, up 126 points or 0.51 per cent. Mid-cap stocks performed better today and the BSE Mid-Cap index closed 467 points or 0.98 per cent higher at 48,113. At the same time, the BSE Small Cap index closed 283 points or 0.52 per cent higher at 54,856. The BSE SME IPO index was the biggest gainer today and the index closed at 1,03,054, up 1,519 points or 1.50 per cent. Thus, now all the major indices are slowly moving towards their record highs once again.
Out of a total of 4,036 stocks traded on BSE today, 2,371 stocks rose, 1,561 stocks declined while 104 stocks closed flat. 291 stocks hit 52-week high today while 21 stocks hit 52-week low. 5 stocks hit upper circuit while 3 stocks hit lower circuit. The market capitalization of companies listed on the BSE today rose to Rs. 456.86 lakh crore or $5.45 trillion, as compared to Rs. 454.39 lakh crore or $2.47 lakh crore yesterday.
Out of the 30 stocks listed on the Sensex, 24 stocks closed with gains today. Top gainers were Bajaj Finserv up 3.25 per cent, IndusInd Bank up 2.29 per cent, Tech Mahindra up 2.12 per cent, Bajaj Finance up 1.57 per cent and Kotak Mahindra Bank up 1.42 per cent. Top losers were Bharti Airtel up 1.37 per cent, ITC up 0.46 per cent, Adani Ports up 0.27 per cent, JSW Steel up 0.21 per cent and UltraTrek Cement up 0.16 per cent. Out of the 50 stocks listed on the Nifty, 38 stocks rose while 12 stocks declined. Top gainers were SBI Life up 5.48 per cent, HDFC Life up 3.48 per cent, Bajaj Finserv up 3.41 per cent, IndusInd Bank up 2.55 per cent and Shriram Finance up 2.39 per cent. Top losers were Bharti Airtel, down 1.41 per cent, ONGC, down 1.40 per cent, Apollo Hospitals, down 1.11 per cent, Adani Enterprises, down 1.02 per cent and Cipla, down 0.80 per cent.
The Nifty IT index rose for the seventh consecutive session.
The Nifty IT index rose for the seventh consecutive session today as expectations of a rate cut by the US Federal Reserve in September strengthened. The index touched a new record high of 41,746 today with a gain of 1.2 per cent. In the last seven trading sessions, this index has registered a rise of 8.21 per cent. On August 9, the index rose 1.55 per cent. Since then, the index has risen continuously in a total of 7 sessions. Indian IT companies get a large part of their revenue from the US and IT stocks are seeing a rise on the expectation that US companies will increase their IT spending when interest rates fall.
FIIs net sell Rs. 1,457 crore
FIIA today made a net sale of Rs. 1,457 crore in the Indian stock market, while DII took a net of Rs. 2,252 crore. In August, the net sale figure by FIIA was Rs. 33,101 crore, while the net borrowing figure by DII was Rs. 38,115 crore.
Rupee strengthens against dollar, closes 8 paise stronger
The Indian rupee strengthened against the US dollar today. The rupee closed at 83.7925 today, up about 0.1 percent from yesterday's 83.87. The rupee hit a high of 83.7650 intraday, its highest level since August 5. The rupee gained due to a fall in the dollar index and possible inflow of foreign investment into India.
