Bull run continues: Nifty, Sensex up on Fed's rate cut hints

Indian benchmark indices ended higher for the fifth straight session on Thursday, led by rise in energy stocks.The domestic market shares reached record highs at the open,with the Nifty index surpassing the 25,000 point threshold as investors cheered the US Federal Reserve's dovish commentary and hints of September rate cuts. 
At close, the Sensex was up 126.21 points or 0.15 percent at 81,867.55, and the Nifty was up 59.75 points or 0.24 percent at 25,010.90. About 1237 shares advanced, 2181 shares declined, and 78 shares unchanged.
Highlights of Trade:
●Adani Ports cons PAT climbs 47% YoY to Rs 3,113 cr in Q1,
●Hero FinCorp files papers to raise Rs 3,668 crore via IPO,
●Tata Steel up 2% after reporting 51% YoY jump in Q1 PAT,
●India 10-year bond yield hits 28-month low,
●Trom Industries lists at 90% premium over issue price,
●Sensex scales 82,000 for the first time, Nifty 25,000,
●Infosys trades in red on alleged tax evasion reports,
●Maruti rises 3% following its stellar June quarter results.
Coal India, Power Grid Corp, Shriram Finance, Dr Reddy's Labs and ONGC were the top gainers on the Nifty, while losers included M&M, Hero MotoCorp, Tata Steel, Bajaj Finserv and SBI.
On the sectoral front, auto, capital goods, IT, media, telecom, PSU Bank and realty down 0.5-2 percent, while buying was seen in the metal, oil & gas, power and energy.The BSE midcap and smallcap indices shed nearly 1 percent each.
Rupee Close:
On 1 Aug'24,the Indian rupee declined 5 paise to settle at 83.73 against the US dollar on Thursday amid a rise in demand for the dollar and an increase in crude oil prices.
The rupee opened at higher at 83.67 due to weakness in the US dollar in overseas markets after the US Federal Reserve hinted at a rate cut in near future.The unit however failed to hold onto gains and fell to the day's low of 83.75 later. The domestic unit closed at 83.73,down 5 paise from the previous close, according to information.
Forex traders reportedly stated gains from a weak dollar were offset by month-end dollar demand and rising crude prices.
Trading Guide: 
Vinod Nair, Head of Research, Geojit Financial Services, reportedly stated,the benchmarks started positive taking cues from the global market following the Fed Chair’s indication that a rate cut might be considered at the September meeting due to easing inflationary pressures. However, the broader market closed on a negative bias due to escalating geopolitical tensions in the Middle East leading to rising crude oil prices. Sector-wise, capital goods and realty were impacted by profit-booking coupled with auto sectors owing to below-expected monthly auto sales figures.
Market experts recommend these five shares to buy today- Glenmark Pharmaceuticals, ICICI Lombard, Kotak Mahindra Bank, Samvardhan Motherson, and Wipro.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)