NIFTY50 closes above 25,000 for the first time, SENSEX jumps 600 poins; HCL Tech, Hindalco top gainers

After a robust start, the Indian equity benchmark indices build upon their early gains to end the session at a record-high level. The NIFTY50 index extended its winning streak for eight straight days to close above the significant psychological mark of 25,000 for the first time. The SENSEX rallied 0.75%, extending its rally for the fifth consecutive session to close at 81,698.11.

The positive catalyst for the Indian markets was the crystal-clear message from Jerome Powell's Jackson Hole speech. The Fed is poised to cut interest rates at the September meeting, and investors are once again drawn into the narrative that lower rates are crucial for preventing a recession. The U.S. Fed outcome on September 18 will depend on the inflation report and U.S. employment report.

In the daily time frame, the NIFTY50 formed a bullish candle, filling the opening downside gap area on August 2. The Nifty Bank index retraced over 150 points from the day's high to settle below the 51,150 mark. The broader markets, though, ended in green, underperformed the frontline indices.

Top Gainers & Losers

Index Movers

Coming to the NIFTY50 index pullers and draggers, HDFC Bank (+25.48 pts), HCL Tech (+16.88 pts), ICICI Bank (+16.4 pts), Reliance (+16.26 pts) and NTPC (+13.92 pts) were the pullers of the day. Draggers included Kotak Bank (-2.71 pts), Apollo Hospitals (-1.84 pts), Adani Ports (-1.71 pts), Maruti (-1.56 pts), and Grasim Industries (-1.46 pts).

Broader indices

Today, the broader market ended the day on a positive note. The Nifty Midcap 100 gained by +0.64%, and the Nifty Smallcap 100 index closed up by +0.28%. Market breadth was strong on Monday as the advancing stocks outnumbered the declining stocks.

Sectoral Indices

Most of the sectoral indices closed the day in green today barring Nifty PSU Bank, which ended lower by -0.50% and Nifty Media ended down by -0.22%. The top three gainers were Nifty Metal (+2.16%), Nifty Realty (+1.76%), and Nifty IT (+1.39%).

Asian Markets

On Monday, the Asian indices exhibited a mixed trend. Japan’s Nikkei 225 declined by -0.67%, and the Kospi index closed down by -0.14%. Meanwhile, the Hang Seng gained by +1.05%, and Shanghai ended flat by +0.04%.

As of 3:42 PM, The Dow Jones futures were trading higher by +32 points at 41,302.