As Bulls Tighten Grip, Nifty Crosses 17800 Mark and Sensex Gains 235 Points
Indian equity markets started the day on a bullish note as the Nifty50 crossed the 17800 mark and the Sensex gained 235 points. The rally was driven by positive global cues and optimistic investor sentiment ahead of the release of inflation data.
The Nifty50 opened at 17755.25 and quickly gained momentum, touching an intraday high of 17822.90 before settling at 17795.50, up by 94.95 points, or 0.54 percent. The Sensex opened at 59599.47 and climbed to an intraday high of 59872.39 before closing at 59679.76, up by 235.44 points, or 0.40 percent.
Sector-wise, most of the indices ended in the green. The Nifty Bank index was the top gainer, rising by 1.51 percent, followed by the Nifty Private Bank index, which gained 1.25 percent. The Nifty IT index was the only major index that ended in the red, falling by 0.61 percent.
Top gainers on the Nifty50 were Tata Steel, Hindalco Industries, State Bank of India, and Axis Bank, while the top losers were Tech Mahindra, TCS, HCL Technologies, and Infosys.
In global markets, Asian stocks traded mixed as investors awaited the release of US inflation data. US stock futures rose slightly, indicating a positive start to trading on Wall Street.
The Indian rupee gained against the US dollar, rising by 0.15 percent to close at 75.19. Crude oil prices rose, with Brent crude futures trading at $74.40 per barrel, up by 0.52 percent.
Investors are eagerly waiting for the release of the inflation data later in the day, which is expected to provide a clear indication of the US Federal Reserve’s future monetary policy decisions. Rising inflation rates are likely to prompt the central bank to tighten its monetary policy, which could have a significant impact on global markets.
In conclusion, Indian equity markets started the day on a positive note, with the Nifty50 crossing the 17800 mark and the Sensex gaining 235 points. The rally was driven by positive global cues and optimistic investor sentiment ahead of the release of inflation data. Most sectoral indices ended in the green, with the Nifty Bank index and Nifty Private Bank index being the top gainers. Investors are eagerly awaiting the release of inflation data, which is expected to provide a clear indication of future monetary policy decisions by the US Federal Reserve.
