The domestic equity benchmarks traded with modest gains in the mid-morning trade, driven by strong performance in IT stocks. The upbeat sentiment was echoed across Asian markets, which tracked overnight gains on Wall Street after U.S. Federal Reserve Chair Jerome Powell signaled a potential interest rate cut next month.
The Nifty traded above the 24,950 mark. Realty shares advanced after declining in the past trading session.
At 11:27 IST, the barometer index, the S&P BSE Sensex, rose 260.01 points or 0.32% to 81,575.74. The Nifty 50 index gained 81.55 points or 0.33% to 24,951.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index added 0.22%.
The market breadth was positive. On the BSE, 2,100 shares rose and 1,820 shares fell. A total of 232 shares were unchanged.
Buzzing Index:
The Nifty Realty index rose 1.22% to 920.75. The index fell 0.84% in the past trading session.
Godrej Properties (up 1.88%), Prestige Estates Projects (up 1.66%), Lodha Developers (up 1.59%), Sobha (up 1.43%), DLF (up 1.38%), Brigade Enterprises (up 1.35%), Oberoi Realty (up 1.22%), Phoenix Mills (up 1.21%) and Raymond (up 0.47%) advanced.
Stocks in Spotlight:
Interarch Building Solutions rose 1% after the company secured an order worth approximately Rs 90 crore from Rungta Mines.
Coal India advanced 1.40% after the company signed a non-binding memorandum of understanding (MoU) with the Government of Madhya Pradesh (through the Directorate of Geology and Mining) and the Madhya Pradesh State Mining Corporation.
Global Markets:
Markets in Asia advanced across the board on Monday after Federal Reserve Chair Jerome Powell signaled that the central bank could begin easing monetary policy next month.
These comments were made by the US Fed Chair at his widely anticipated annual speech in Jackson Hole, Wyoming.
In a tepid speech at the central bank’s annual conclave in Jackson Hole, Wyo., Powell said that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
The Fed chief added that "the balance of risks appear to be shifting” between the central bank’s dual mandate of full employment and stable prices. He cited “sweeping changes” in tax, trade and immigration policies.
On Friday, the Dow Jones Industrial Average rallied to an all-time high Friday after Federal Reserve Chair Jerome Powell signaled the central bank could begin easing monetary policy next month.
The Dow climbed 846.24 points, or 1.89%, reaching a fresh high and closing at a record level of 45,631.74. The S&P 500 rose 1.52% to end at 6,466.91. At its session high, the broad market index came within three points of its record. The Nasdaq Composite gained 1.88% and settled at 21,496.53.