The Indian markets ended the first session of the week on a positive note. The BSE Sensex settled the session at 81,636, surging over 300 points, while the NSE Nifty50 closed trading under 25k at 24,980, climbing more than 100 points.
On the 30-share Sensex, Infosys, TCS, HCL Tech, Tech M, and Sun Pharma stood among the gainers. Meanwhile, BEL, Asian Paints, Bharti Airtel, ICICI Bank, and Kotak Bank ended among the laggards.
In the broader markets, the Nifty50 logged the largest jump of 0.39 per cent, followed by the Nifty100 index which rose 0.37 per cent. Sectorally, the IT index led in green and ended 2.37 per cent higher, while the Media index registered a loss of 1.67 per cent.
US Fed Rate Cut Possibility Uplifts Sentiment
Notably, markets began the day robustly and attempted a recovery rally throughout the session after the indices snapped a 6-day winning streak in the last trading session on Friday. This optimism in the markets was backed by the possibility of a rate cut from the US Federal Reserve.
The rally was seen across global markets. Fed Chief Jerome Powell recently noted that ‘there is a downside risk to unemployment and shifting risk balance may warrant policy adjustment’, indicating that a rate cut is likely in the September meeting of the American central bank.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,622.52 crore on Friday, according to exchange data. However, caution is advised this week as markets inch closer to the deadline for secondary tariffs threatened by the US on India for engaging in oil trade with Russia.
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