Markets bounce back after two days of decline on firm global trends

Sensex climbed 110.09 points or 0.17% to settle at 64,996.60, while Nifty gained 40.25 points or 0.21% to end at 19,306.05

August 28, 2023 05:01 pm | Updated 05:01 pm IST - Mumbai

The scene outside the Bombay Stock Exchange on Dalal Street.

The scene outside the Bombay Stock Exchange on Dalal Street. | Photo Credit: VIVEK BENDRE

Equity benchmark indices climbed on Monday after two days of fall, tracking strength in global markets and buying in HDFC Bank.

The BSE Sensex climbed 110.09 points or 0.17% to settle at 64,996.60. During the day, it jumped 326.94 points or 0.50% to 65,213.45.

The NSE Nifty gained 40.25 points or 0.21% to end at 19,306.05.

From the Sensex pack, Larsen & Toubro, Mahindra & Mahindra, HDFC Bank, Sun Pharma, Maruti, Kotak Mahindra Bank, IndusInd Bank, Tata Steel and State Bank of India were among the gainers.

Reliance Industries, Nestle, Titan, HCL Technologies, ITC and Tata Motors were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended with gains.

European markets were trading in the green. The U.S. markets ended in the positive territory on Friday.

"The highly anticipated Jackson Hole meeting didn't bring much surprise, as the Fed chair expressed satisfaction with the progress of policy measures and reiterated its commitment to managing inflation within target bounds. This has raised expectations of a rate hike during the November Fed meeting. Global markets traded positively, led by Asian peers, as China's measures to support the property sector boosted sentiment.

"Domestically, all major sectors, along with mid and small caps, remained positive, except for the IT sector, which faced concerns related to potential rate hikes," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.37% to $84.79 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs ₹4,638.21 crore on Friday, according to exchange data.

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