Indian markets have been on a roll ever since Fed rate cuts happened. For the last 4 straight sessions, the Sensex and Nifty have been hitting record highs as well. After a sluggish start, Sensex and Nifty closed at fresh highs on Monday, due to gains in banking and energy stocks. Sensex closed at 85,169, while the broader NSE Nifty ended at 26,004.
Gainers and losers
Among the Sensex stocks, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, and Tata Steel emerged as the top gainers, rising by up to 4%. Conversely, Tech Mahindra, Tata Motors, Titan, and Kotak Mahindra Bank closed in the red.
Sectors
On the sectoral front, the Nifty Metal index rose by 0.4%, building on a nearly 3% jump on Tuesday, fueled by China’s stimulus measures to boost its sluggish economy.
Nifty Bank, Financial Services, Media, Pharma, and Realty sectors closed higher, while Auto, FMCG, IT, PSU Bank, and Consumer Durables ended lower. In the broader market, Nifty Smallcap100 fell 0.4%, and Nifty Midcap100 dropped 0.6%.
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