Stock Market Today: Sensex, Nifty 50 End at Fresh Closing Highs; Midcaps, Smallcaps Falter

Stock Market Today: Sensex, Nifty 50 End at Fresh Closing Highs; Midcaps, Smallcaps Falter

MINT | August 1, 2024 | 04:10 PM IST | Breaking News | Follow on Google News

Stock Market Today: Sensex, Nifty 50 End at Fresh Closing Highs; Midcaps, Smallcaps Falter

Stock Market Today: Sensex, Nifty 50 End at Fresh Closing Highs; Midcaps, Smallcaps Falter

On Thursday, August 1, the Indian stock market benchmarks, the Sensex and the Nifty 50, achieved fresh closing highs, marking their fifth consecutive session of gains. This upward momentum was driven primarily by strong performances from index heavyweights HDFC Bank and Reliance Industries.

During the session, the Sensex hit a fresh all-time high of 82,129.49, and the Nifty 50 peaked at 25,078.30. Eventually, the Sensex closed at 81,867.55, up 126 points, or 0.15%, while the Nifty 50 ended 60 points, or 0.24%, higher at 25,010.90.

Market Summary

Key Highlights

• Sensex and Nifty 50: Achieved fresh all-time highs during the session.
• Midcap and Smallcap Indices: Ended with losses due to profit booking and concerns over rich valuations.
• BSE Midcap: Fell by 0.80%.
• BSE Smallcap: Lost 0.70%.

Global Cues

• European Markets: Fell, reacting to corporate earnings.
• US Stock Futures: In the green, as the US Federal Reserve signalled potential rate cuts in September.

Federal Reserve Update

Federal Reserve Chair Jerome Powell, speaking after the policy decision on July 31, indicated that the first interest rate cut could come as soon as the next meeting in September, contingent on data suggesting progress towards the Fed’s objectives of tackling inflation and employment.

MINT