Sensex and Nifty Open Positive, Driven by Global Optimism; Broader Market Gains Momentum
IT, Oil & Gas, and PSU Banks Lead Nifty 50 to 24,629 as Sensex Surges Past 80,500
Market Update at 9:30 AM:
On the back of supportive global cues,The indian indices Sensex and Nifty opened positive on Aug 20, following GIFT Nifty trends indicating a gain.
At 9:30 am, the BSE Sensex soared 0.20 per cent reaching a level of 80,592. The Nifty 50 index climbed 0.23 per cent to the 24,629 level. Within the Nifty 50, BPCL, Hero MotoCorp, TCS, IndusInd Bank and UltraTech Cement were among major gainers on the Nifty, while losers were ONGC, Bharti Airtel, Cipla, and Tata Steel
Broader indices also posted gains in line with the main indices, reflecting a widespread upward trend across the market. With 1,642 shares rising on the NSE and 609 shares declining, the advance-decline ratio strongly remained in favour of advances.
In terms of sectoral performance, all indices were trading higher, with Nifty IT, Nifty Oil & Gas, and Nifty PSU Banks showing the most significant gains.
Pre Market - 8:00 A.M
U.S. stocks continued their upward momentum on Monday, extending the year's largest weekly percentage gain, as investors kept a close eye on the Democratic National Convention and the forthcoming Jackson Hole Economic Symposium. The Dow Jones Industrial Average increased by 0.58% to close at 40,896.53. Meanwhile, the S&P 500 advanced by 0.97% to 5,608.25, and the Nasdaq Composite surged by 1.39% to end at 17,876.77.
In Asia, markets rallied on Tuesday, following Wall Street's positive performance, with additional support from the release of crucial economic data from China. The GIFT Nifty is also trading higher, signaling a promising start to the day's session.
Oil prices dipped slightly on Tuesday after Israel agreed to a proposal aimed at resolving disputes hindering a ceasefire agreement in Gaza, which eased concerns about potential disruptions to Middle Eastern oil supplies.
The U.S. dollar remained near a seven-month low on Tuesday as traders anticipated potential interest rate cuts from the Federal Reserve starting next month. Market participants are now focusing on the upcoming remarks from Federal Reserve Chair Jerome Powell, scheduled for Friday.
On August 19, foreign institutional investors (FIIs) offloaded shares worth Rs 2,667 crore, while domestic institutional investors (DIIs) injected Rs 1,802 crore into the market.