New Delhi [India], August 21 (ANI): Indian stock indices managed to hold on to the early gains accumulated on Wednesday, to close the day in the green. The stock indices had opened largely flat today as investors took a breather after a four-session rally.
FMCG, media, and consumer durable stocks helped indices remain buoyed today.
The upbeat stock market in the US also lent some support to Indian stocks. US markets have now rallied for over a week in a row, recovering over USD 3 trillion of market cap from the August lows, analysts said.
At the day’s close, Sensex settled at 80,905.30 points, up 102.44 points or 0.13 per cent, while Nifty settled at 24,770.20 points, up 71.35 points or 0.29 per cent.
“Rotational buying in heavyweights across sectors is aiding the index’s gradual climb, though inconsistency in the banking majors is keeping participants cautious…In addition to domestic factors, we recommend closely monitoring the US markets for further cues,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Vinod Nair, Head of Research, Geojit Financial Services, noted that the Indian market traded on a tight range with a positive bias supported by strong domestic institutional investor flows.
“While defensive sector outperformed due to a continued shift in portfolio towards FMCG, consumer, commodities, and pharma. Global markets exhibited a mildly cautious tone ahead of the release of the FOMC minutes later today. Currently, the expectation of a rate cut remains high, given the fall in US inflation and moderation in overall growth,” Nair added.
However, foreign portfolio investors continue to remain net buyers in India.
Data from the National Securities Depository showed foreign portfolio investors (FPIs) have sold stocks worth Rs 17,726 crore in India in August. In June and July, they were net buyers.
Going ahead into this week, investors will keep an eye on US Fed Chief Jerome Powell’s speech at the Jackson Hole symposium.
Also, the US Fed’s policy minutes, where the central bank may give hints about its monetary policy stance and possible loosening of interest rates, will be closely monitored. Minutes are expected tonight (India time).
Today, the Indian rupee inched lower. It appreciated recently after the dollar index plunged to the lowest in several months and steady international crude oil prices. At the time of writing this story, the rupee was trading at 83.90 against the previous day’s closing of 83.76. Recently, the rupee was shy below the 84 mark. (ANI)
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