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Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in trade on Monday. Sensex and Nifty, experienced a surge of nearly 1 percent, fueled by renewed optimism that the US Federal Reserve will begin reducing interest rates in the near future. Market participants attributed the upward movement to foreign fund inflows and buying activity in key stocks such as HDFC Bank and Reliance Industries.
While BSE Sensex closed just shy of 81,700, Nifty50 crossed the 25,000 level.BSE Sensex ended the day at 81,698.11, up 612 points or 0.75%. Nifty50 closed the day at 25,010.60, up 188 points or 0.76%.
The top BSE Sensex gainers were HCL Tech, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan Company and M&M. The top BSE Sensex losers were Adani Ports SEZ, Maruti Suzuki, Nestle India, Kotak Bank, IndusInd Bank and Sun Pharma.
During a speech on Friday, US Federal Reserve Chair Jerome Powell signaled that the time had arrived to lower the main interest rate from its two-decade high. “The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
In the Asian markets, Shanghai and Hong Kong ended the day in positive territory, while Seoul and Tokyo closed lower. European markets were mostly trading lower. The US markets, however, concluded Friday’s session with significant gains.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The Fed chief Powell’s clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets.”
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,944.48 crore on Friday. The global oil benchmark, Brent crude, climbed 1.08 percent to reach USD 79.87 a barrel.
While BSE Sensex closed just shy of 81,700, Nifty50 crossed the 25,000 level.BSE Sensex ended the day at 81,698.11, up 612 points or 0.75%. Nifty50 closed the day at 25,010.60, up 188 points or 0.76%.
The top BSE Sensex gainers were HCL Tech, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan Company and M&M. The top BSE Sensex losers were Adani Ports SEZ, Maruti Suzuki, Nestle India, Kotak Bank, IndusInd Bank and Sun Pharma.
During a speech on Friday, US Federal Reserve Chair Jerome Powell signaled that the time had arrived to lower the main interest rate from its two-decade high. “The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
In the Asian markets, Shanghai and Hong Kong ended the day in positive territory, while Seoul and Tokyo closed lower. European markets were mostly trading lower. The US markets, however, concluded Friday’s session with significant gains.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The Fed chief Powell’s clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets.”
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,944.48 crore on Friday. The global oil benchmark, Brent crude, climbed 1.08 percent to reach USD 79.87 a barrel.
