Indices reach day’s high; PSU banks lead the charge

The BSE Sensex added 0.27 per cent reaching a level of 81,125. The Nifty 50 index surged 0.25 per cent to the 24,832 level.

Market Update at 12:25 PM: Headline indices were trading close to their intraday highs with minimal momentum following early gains today. At 12:25 pm, the BSE Sensex added 0.27 per cent reaching a level of 81,125. The Nifty 50 index surged 0.25 per cent to the 24,832 level. 

Within the Nifty 50, Grasim Industries, Bharti Airtel and Tata Consumer Products were among the leading gainers, whereas Dr Reddy’s Laboratories, NTPC and Hindalco Industries were among the market draggers.

With 1,826 shares rising on the NSE and 831 shares declining, the advance-decline ratio strongly remained in favour of advances.

Broader indices significantly outperformed the main indices. TVS Electronics Ltd, Precision Camshafts Ltd, and Varroc Engineering Ltd were the Top Gainers among Small-Cap stocks.

Market Update at 11:15 AM: Benchmark indices remained within a narrow range but held onto the early gains from today’s trading session. At 11:15 am, the BSE Sensex gained 0.23 per cent reaching a level of 81,089. The Nifty 50 index added 0.22 per cent to the 24,824 level. 

Within the Nifty 50, Grasim Industries, Bharti Airtel and Tata Consumer Products were among the leading gainers, whereas Dr Reddy’s Laboratories, NTPC and Tata Motors were among the market draggers.

Broader markets continued to display resilience, with the BSE Mid-Cap Index and BSE Small-cap Index gaining 0.64 per cent and 0.68 per cent, respectively. With 1,813 shares gaining and 795 shares declining on the NSE, the advance-decline ratio strongly favoured advances.

In terms of sectoral performance, all sectoral indices were trading higher except for Nifty Pharma and Nifty Healthcare.

Market Update at 9:40 AM: As expected based on GIFT Nifty's performance, Indian benchmark indices started today's trading session on a strong note, driven by robust gains in the consumer durables, telecom, and information technology sectors.

At 9:40 am, the BSE Sensex gained 0.25 per cent reaching a level of 81,108. The Nifty 50 index surged 0.25 per cent to the 24,832 level. Within the Nifty 50, Grasim Industries, Tata Consumer Products and Bharti Airtel were among the leading gainers, whereas Power Grid Corporation of India, Dr Reddy’s Laboratories and Shriram Finance were among the market draggers.

Broader indices sustained their upward momentum, reflecting widespread positive investor sentiment across the market. With 1,740 shares rising on the NSE and 634 shares declining, the advance-decline ratio strongly remained in favour of advances.

In terms of sectoral performance, Nifty Consumer Durables, Nifty Bank and Nifty FMCG were the best performers, while Nifty Realty and Nifty Pharma experienced the most decline.

Pre-Market Update at 8:30 AM: The U.S. stock market closed higher overnight following the release of the Federal Reserve meeting minutes, which indicated that officials were already leaning strongly towards a rate cut in the upcoming September meeting. Additionally, positive U.S. payroll data further fuelled expectations of this anticipated rate reduction.

The Nasdaq Composite Index climbed 0.57 per cent, the S&P 500 surged 0.42 per cent, and the Dow Jones Industrial Average added 0.14 per cent.

This optimism extended to Asian markets, where most key indices traded higher. The GIFT Nifty was trading at a premium compared to the previous close of Nifty futures, signalling a positive opening for domestic indices.

Oil prices dropped by USD 1 per barrel on Wednesday following a significant downward revision of employment statistics by the U.S. government. The dollar traded near its lowest level in over a year against the euro and sterling, following a dovish stance from the Federal Reserve.

On August 21, foreign institutional investors (FIIs) sold shares worth Rs 799.74 crore, while domestic institutional investors (DIIs) made a sizeable inflow of Rs 3,097.45 crore.