Stock market today: Nifty 50 extends gains into the 8th consecutive session; BSE mcap rises to record ₹462 lakh crore

Stock market today: The Nifty 50 closed 0.76 per cent higher at 25,010.60, while the Sensex settled 0.75 per cent higher at 81,698.11. The overall market capitalisation of BSE-listed firms touched a record high of nearly 462 lakh crore.

Nishant Kumar
Updated26 Aug 2024, 04:08 PM IST
Stock market today: Nifty 50 extends gains into the 8th consecutive session; BSE mcap rises to record  <span class='webrupee'>₹</span>462 lakh crore.mint
Stock market today: Nifty 50 extends gains into the 8th consecutive session; BSE mcap rises to record ₹462 lakh crore.mint(MINT_PRINT)

Stock market today: The Indian stock market saw solid gains on Monday, August 26, with the Nifty 50 and the Sensex climbing nearly 1 per cent each as investors welcomed US Fed Chair Jerome Powell's Jackson Hole speech last Friday, in which he signalled that the time had come for a policy adjustment.

Indian stock market rose, mirroring positive global sentiment as a rate cut in September looks almost certain.

The Nifty 50 rose 0.90 per cent to hit its intraday high of 25,043.80, just 35 points below its all-time high of 25,078.30. The index ended 187 points, or 0.76 per cent, higher at 25,010.60, with 33 stocks in the green. With this, the index extended its gains into the eighth consecutive session. During these eight sessions, the index has risen 3.6 per cent.

On the other hand, the 30-share pack Sensex closed with a gain of 612 points, or 0.75 per cent, at 81,698.11, with 21 stocks in the green.

Also Read | US Fed rate cut: Can it boost the Indian stock market? What sectors may gain?

Mid and smallcap indices on the BSE also gained, but they underperformed the benchmark Sensex. The BSE Midcap index closed 0.66 per cent and the BSE Smallcap index ended 0.20 per cent higher.

The overall market capitalisation of the firms listed on the BSE rose to a record 462.3 lakh crore from nearly 460 lakh crore in the previous session, making investors richer by over 2 lakh crore in the single session.

"US Fed has signalled a rate cut in September, which is reflected in the decline in US treasury yields and dollar index, which has led to a rally in global markets despite there being no indication of the size of cuts," said Vinod Nair, Head of Research, Geojit Financial Services.

Also Read | IT stocks are surging on hopes of a rate cut, but it’s too early to celebrate

Shares of HCL Tech (up 4.24 per cent), Hindalco (up 3.96 per cent) and NTPC (up 3.22 per cent) closed as the top gainers in the Nifty 50 index. On the flip side, shares of Apollo Hospitals (down 1.18 per cent), Hero MotoCorp (down 0.74 per cent) and Adani Ports (down 0.69 per cent) closed as the top loser in the index.

Also Read | Top Gainers and Losers today on 26 August, 2024: Hindalco Industries, HCL Technologies, Apollo Hospitals Enterprise, Hero Motocorp among most active stocks; Check full list here

Except for Nifty PSU Bank (down 0.50 per cent) and Media (down 0.22 per cent), all sectoral indices ended with gains. With a gain of 2.16 per cent, the Nifty Metal index ended as the top gainer among sectoral indices. Nifty Realty (up 1.76 per cent), IT (up 1.39 per cent), Consumer Durables (up 1.30 per cent) and Oil & Gas (up 1.16 per cent) also closed with significant gains.

On the technical front, experts see key resistance of the Nifty 50 at the record high level even as they observe improving sentiment.

"The Nifty remained strong throughout the day. On the daily chart, a visible green candle has formed after two consecutive negligible red candles, suggesting improving sentiment. However, resistance is evident at 25,080, and a decisive move is needed to witness a rise toward 25,300," said Rupak De, Senior Technical Analyst at LKP Securities.

"Failure to move above 25,080 might trigger selling in the market, potentially bringing the index back toward 24,800," De said.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:26 Aug 2024, 04:08 PM IST
Business NewsMarketsStock MarketsStock market today: Nifty 50 extends gains into the 8th consecutive session; BSE mcap rises to record ₹462 lakh crore

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