August 22, 2024
New Delhi, India
Stock Market Today
Indian benchmark indices closed on a positive note on August 22, with the Nifty maintaining its position above 24,800. The market’s upward momentum was supported by gains in key sectors like banking, metals, and realty, while power and pharma stocks witnessed a decline.
Market Performance: At the close of trading, the BSE Sensex rose by 147.89 points or 0.18%, settling at 81,053.19. Meanwhile, the NSE Nifty gained 41.30 points or 0.17%, closing at 24,811.50. Market breadth was positive, with 2,111 shares advancing, 1,299 shares declining, and 92 shares remaining unchanged.
Top Gainers and Losers: Among the top gainers on the Nifty were Grasim Industries, Tata Consumer Products, Tata Steel, Bharti Airtel, and Apollo Hospitals. On the other hand, Tata Motors, Dr. Reddy’s Labs, NTPC, Wipro, and M&M were among the major losers.
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Sectoral Performance: The market saw a mixed performance across sectors:
- Gainers: Banking, FMCG, metal, realty, and telecom sectors led the gains, with increases ranging from 0.5% to 1.4%.
- Laggards: The power index fell by 1%, while sectors like pharma, oil & gas, auto, and IT ended marginally lower.
Midcap and Smallcap Indices: Both the BSE midcap and smallcap indices recorded gains of 0.5% each, reflecting broader market strength and investor confidence in mid and small-cap stocks.
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Global and Domestic Cues: The positive momentum in the Indian markets was in part influenced by global cues. Overnight, the U.S. markets closed higher after the Federal Reserve’s meeting minutes suggested a possible rate cut. The Dow Jones, S&P 500, and Nasdaq all ended in the green. Asian markets also traded higher, with gains in Japan, Australia, and South Korea ahead of key events from the Federal Reserve and the Bank of Japan, which are expected to define global rate trajectories.
Bank Nifty and Other Indices: The Bank Nifty index outperformed, rising by 270 points or 0.53%, closing at 50,955.75. The Nifty Midcap 100 also showed strength, ending 0.68% higher at 58,839.95.
The Indian stock markets closed higher on August 22, driven by strong performances in banking, metal, and realty sectors. While some sectors faced pressure, the overall market sentiment remained positive, with key indices closing in the green. Investors will be watching global cues closely, especially the upcoming speech by the U.S. Federal Reserve Chair Jerome Powell, for further market direction.
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