NEW DELHI: Increasing hope of an interest rate cut by the US Federal Reserve and a rally in the global markets helped equity markets to make a roaring comeback. The local benchmark indices- BSE Sensex and NSE Nifty50 – surged nearly 1% intraday.
While the Sensex added 612 points or 0.75% to settle at 81,698.11 on Monday, the Nifty50 ended 187.46 points or 0.76% higher at 25,010.60.
“The 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,” said Vinod Nair, Head of Research, Geojit Financial Services.
Mid and smallcap also advanced on Monday. The BSE Midcap index closed 0.66% and the BSE Smallcap index ended 0.20% higher. The overall market capitalisation of the firms listed on the BSE surged to a new high of Rs 462.3 lakh crore on Monday from 460 lakh crore in the previous session.
33 out of 50 listed stocks on Nifty50 ended higher on Monday with gains led by HCL Tech, Hindalco, NTPC, ONGC, and Bajaj Finserv. On a sectoral front, Metal (+2.16%) was the top performer followed by Realty (+1.76%) and IT (+1.39%) while PSU Bank (0.50%) was the major laggard.
BSE cos’ m-cap rises to Rs 462 L cr
The overall market capitalisation of the firms listed on the BSE surged to a new high of Rs 462.3 lakh crore on Monday from 460 lakh crore in the previous session. 33 out of 50 listed stocks on Nifty50 ended higher on Monday with gains led by HCL Tech, Hindalco, NTPC, ONGC, and Bajaj Finserv.