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by Suryaa |
Mumbai, September 16:
Indian stock markets saw a strong rally on Tuesday, helped by growing hopes of a U.S. interest rate cut and renewed trade talks between India and the U.S.
The Sensex jumped 594.95 points to close at 82,380.69, while the Nifty ended 169.90 points higher at 25,239.10. Both indices opened slightly higher in the morning and gained strength throughout the day thanks to value buying and positive global cues.
The rally was mainly driven by auto and consumer durable stocks, with investors expecting higher demand during the upcoming festive season and the rollout of new GST rates.
Vinod Nair, Head of Research at Geojit Financial Services, said the market was lifted by strong global sentiment and excitement around the India-US trade talks. He added that India’s solid economic outlook and expected earnings growth are likely to support market strength going forward.
Most major stocks in the Sensex basket ended in the green. Big gainers included Kotak Bank, Mahindra & Mahindra, L&T, Maruti Suzuki, Tata Steel, Axis Bank, HCL Tech, TCS, SBI, and PowerGrid. On the other hand, Bajaj Finserv and Asian Paints were among the top losers.
Sector-wise performance was mostly positive:
Nifty Auto rose 1.44%,
Nifty IT gained 0.86%,
Nifty Bank climbed 0.47%, and
Nifty Financial Services added 0.39%.
The only sector to end lower was FMCG.
Smaller stocks also performed well.
Nifty Small Cap 100 rose 0.95%,
Nifty Midcap 100 added 0.54%, and
Nifty 100 was up 0.66%.
Meanwhile, the rupee strengthened slightly to 88.05, supported by the Fed’s possible rate cut and improved trade sentiment.
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