Sensex-Nifty: The stock markets today (August 24) exhibited a positive trend with both the Sensex and Nifty showing significant gains. Sensex surged ahead by 286.38 points to reach 65,707.71, while Nifty marked an ascent of 85.30 points at 19,530.30 at the time of market opening.
In the Nifty segment, 47 firms witnessed advances, while only four recorded declines, with none remaining unchanged. This buoyant market performance was underpinned by notable gains from key players, including Adani Enterprises, Adani Ports, Larsen and Toubro, Wipro, and Tech Mahindra, emerging as the top gainers.
On the flip side, Jio Financial Services, NTPC, and Eicher Motors were among the top losers. Investors are awaiting clarity on the interest rate outlook. This anticipation is tied to a speech by Federal Reserve Chair Jerome Powell, scheduled for Friday, August 25. The decisions and statements made by central banks, like the Federal Reserve, can significantly impact the broader financial markets.
Varun Aggarwal, the founder and Managing Director of Profit Idea, provided insights into the market dynamics, stating, "The Nifty, as anticipated, opened positively, thanks to the upbeat results from tech companies in the US, which set a positive tone. We anticipate this momentum to persist. Given today's weekly expiry, we may witness market consolidation with a bullish bias."
He further elaborated on specific sectors, saying, "IT, Pharma, Banks stocks are looking good for more rally. OI for the August series has heavily put writing at 19200-19000 levels. Investors hope for clarity on the rate outlook when Fed Chair Jerome Powell speaks on Friday. All eyes will be on fed and the market will look to take direction as per that".
The stock market's resilience and upward trajectory suggest cautious optimism among investors, with hopes of favourable signals from both domestic and international economic factors shaping the trading landscape in the days ahead.
(With ANI inputs)