Buying was seen across all the sectors and the market capitalisation of all listed companies on BSE surged by ₹4.15 lakh crore.
Sensex and Nifty opened higher today (August 16) tracking positive cues from global peers as US economic data eased recession fears. Buying was seen across all the sectors and the market capitalisation of all listed companies on BSE surged by ₹4.15 lakh crore to ₹448.44 lakh crore. Sensex was trading 824 points higher at 79,930 and Nifty50 was up 244 points trading at 24,388.
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
This comes as latest US consumer price data offered little deviation from expectations of September interest rate cut. US consumer prices rose moderately in July with annual inflation rate slowing to below 3% for the first time since 2021.
From Sensex pack, M&M, Tata Motors, Tech Mahindra, TCS, ICICI Bank, and HCL Tech opened with gains. Tata Steel, JSW Steel, IndusInd Bank, and Bharti Airtel also rose today. IT stocks also surged up to 3.5% led by LTTS and Mphasis.
“Investors are looking to capitalise on positive momentum from Wall Street. Traders are adopting a risk-on approach on easing U.S. recession concerns,” said Prashanth Tapse, senior vice president of research at Mehta Equities.
Among individual stocks, auto maker Mahindra & Mahindra rose 3% after launching a five-door variant of its ‘Thar’ model.
Morgan Stanley reiterated its “overweight” rating on the stock, expecting a strong sales jump as it found the new variant “impressive”. The stock was the top gainer on the Nifty 50 and auto index, which rose 1.75%.
News/Business/ Sensex soars 800 points today: What’s behind the rally and will it continue?
