August 20, 2024 - Broader Indices Show Strength as Financial and Banking Stocks Lead Market Upsurge

August 20, 2024 - Banking and IT Lead Gains While Metals and FMCG Struggle; Sensex Up 0.57% at 80,889

Nifty IT Logs Seventh Consecutive Gain, Best Streak Since January 2023

Nifty and Sensex managed to put up minor gains ahead of Diwali weekend. The benchmark index closed at 17,576 while Sensex gained 100 points.

At 11 am, the core equity indices i.e., Sensex and Nifty 50 were trading flat amidst mixed global cues. The Asian markets plunged due to a fall in the technology stocks as well as the surge in COVID-19 cases.  

On Thursday, the Indian markets opened marginally higher, as the core equity indices were up by 0.80 per cent. This comes after the FED Chairman, Jerome Powell announced that the highly anticipated rate hike will happen but at 0.25 bps rise only for now. The further point increase in the interest rate will depend if the inflation in the US remains ‘persistently high'. This statement came as a slight relief to the markets globally, in this period of turmoil. 

The insurance sector was widely anticipating a GST cut in the insurance products but to no avail.