Mumbai: The Sensex jumped 188.31 points to 81,093.61 in early trade on August 22, 2204, i.e., Thursday. The NSE Nifty climbed 38.80 points to 24,809. The benchmark equity indices advanced in early trade as global markets rallied and buying was reported in blue-chip stocks such as HDFC Bank and Infosys.
Market analysts were of the view that said the Indian equities were in positive territory as oil prices continued to fall on demand concerns. Also, and minutes from the Federal Reserve meeting hinted at potential rate cuts.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the equitioes are reacting positively to the aniticipated rate cuts by US Federal Reserve amid signs of easing inflation and a rising unemployment rate.
“The most likely scenario now is a Fed turning dovish and starting the rate cut cycle with a 25 bp rate cut in September indicating further cuts to follow. This can keep the markets stable since the room for uncertainty is coming down,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Sensex pack gainers: Asian Paints, Tata Steel, Bharti Airtel, Infosys, ICICI Bank and Tech Mahindra, State Bank of India, and HDFC Bank.
Laggards: Tata Motors, NTPC, Mahindra & Mahindra, Power Grid, Tata Consultancy Services, and Adani Ports and Special Economic Zone.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 799.74 crore on 21 August 2024. However, Domestic Institutional Investors (DIIs) continued with their buying spree and purchased equities worth Rs 3,097.45 crore.
“In institutional activity, the trend of sustained buying by DIIs and sustained selling by FIIs continues. But the intensity of FII selling is declining,” Vijayakumar said.
He added that the retail investors are expected to continue buying stocks on dips which has been a consistently successful strategy in this bull market.
World Markets
Asian markets: Tokyo and Hong Kong traded in Green, while Seoul and Shanghai were quoting lower. US stock markets ended on a higher note on August 22.
On August 22, 2024, the BSE Sensex gained 102.44 points to settle at 80,905.30. The NSE Nifty jumped 71.35 points to end at 24,770.20.
Stock Market today: The Sensex jumped 188.31 points to 81,093.61 in early trade on August 22, 2204, i.e., Thursday. The NSE Nifty climbed 38.80 points to 24,809. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
