MARKET HITS FRESH LIFE HIGH; NIFTY SCALES ABOVE 25,200

The frontline indices traded with modest gains in early trade. The Nifty traded above the 25,200 level. All the sectoral indices on NSE were in the green with Realty, oil & gas and pharma shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex jumped 322.69 points or 0.40% to 82,457.30. The Nifty 50 index gained 93.95 points or 0.37% to 25,245.90.

The Sensex and Nifty clocked an all-time high of 82,637.03 and 25,258.80, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index gained 0.37%.

The market breadth was strong. On the BSE, 2,017 shares rose and 961 shares fell. A total of 125 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,259.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,690.85 crore in the Indian equity market on 29 August 2024, provisional data showed.

Stocks in Spotlight:

Infosys shed 0.13%. The company expands its collaboration with Nvidia to introduce high performance generative AI powered telco solutions based on Nvidia NIMs.

Central Depository Services (India) (CDSL) shed 0.52%. The company said that the Securities and Exchange Board of India (SEBI) has approved the appointment of Nehal Vora as a managing director & chief executive officer (CEO) of the company.

Great Eastern Shipping rose 0.11%. The firm has contracted to sell its 2011-built Supramax dry bulk carrier, Jag Rani to an unaffiliated third party. The Vessel will be delivered to the new buyer by the third quarter of the financial year 2025.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 1.78% to 6.986 as compared with previous close 6.978.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.8500, compared with its close of 83.8900 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement fell 0.32% to Rs 71,434.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 101.40.

The United States 10-year bond yield was flat at 3.867.

In the commodities market, Brent crude for October 2024 settlement gained 15 cents or 0.19% to $78.97 a barrel.

Global Markets:

Asian stocks advanced on Friday, buoyed by the expectation that the Federal Reserve will soon lower interest rates.

The upcoming release of the U.S. core personal consumption expenditures (PCE) price index, the Fed`s preferred inflation gauge, and a reading on euro zone inflation are eagerly awaited. These data points will likely provide further insights into the rate outlook for major economies.

U.S. stocks closed higher on Thursday, despite a late-afternoon sell-off. The Dow Jones Industrial Average reached another record high as investors anticipated the release of the PCE inflation data. The Dow Jones Industrial Average rose 0.59%, the S&P 500 remained relatively unchanged at 5,591.96, and the Nasdaq Composite declined by 0.23%.

The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion.

Additionally, the number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29).

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