Sensex climbs 612 pts in 5th day of gains, Nifty above 25,000

The domestic stock market benchmark indices Sensex and Nifty climbed on Monday, buoyed by a strong performance from U.S. markets and sustained foreign fund inflows,driven by optimism following Fed Chair Powell’s indication of possible interest rate cuts in the near term.At close, the Sensex was up 611.90 points or 0.75 percent at 81,698.11, and the Nifty was up 187.45 points or 0.76 percent at 25,010.60.
Hindalco, NTPC, HCL Technologies, Bajaj Finserv and ONGC were the top gainers on the Nifty, while losers included Apollo Hospitals, Hero MotoCorp, Adani Ports, Eicher Motors and Maruti Suzuki.
On the sectoral front,except PSU Bank (down 0.5 percent), all other sectoral indices ended in the green with Information Technology, Metal, Oil & Gas, Realty up 1-2 percent.The BSE midcap index was up 0.6 percent and smallcap index was up 0.2 percent.
Rupee Close:
On 26 Aug'24,the Indian rupee pared its initial gains and settled for the day on a flat note, rising just 1 paise to 83.89  against the American currency on Monday, weighed down by a surge in crude oil prices.
Forex traders reportedly stated the Indian rupee gained in morning trade on rise in domestic markets and a weak US Dollar. However, a surge in crude oil prices capped sharp gains for the local unit.
Trading Guide:
US Fed has signalled a rate cut in September which is reflecting in the decline in US treasury yields and dollar index, which has led to a rally in global markets despite there being no indication of size of cuts. Indian markets hit a new high led by change in FIIs stance to positive from negative along with continued strong DIIs inflows. Although the overall trend was positive, large caps outperform on account of healthy earnings and relatively fair valuation compared to broader markets. IT, Realty, FMCG and Consumption gained on account of improved outlook,Vinod Nair, Head of Research, Geojit Financial Services reportedly stated.
Market experts have recommended five shares to buy today — Welspun Enterprises, TVS Electronics, Swan Energy, Tata Motors, and Jindal Steel

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