NewKerala.com

Key Points

The Indian stock market maintained its positive momentum for the second consecutive session. Benchmark indices climbed higher with Sensex gaining 370 points to close above 81,600. Market experts attribute the rally to GST rationalization expectations and India's recent credit rating upgrade. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine.

Key Points: Sensex Jumps 370 Points as GST Reform Fuels Market Rally

  • Sensex closed at 81,644.39 with a 0.46% gain for second day
  • Nifty ended at 24,980.65 rising 0.42% during the session
  • Auto and FMCG sectors led rally with over 1% gains each
  • Broader indices followed with Midcap and Smallcap both posting advances
2 min read

Indian stock market rally continues, Sensex jumps 370 points

Indian stock market extends gains with Sensex up 370 points, driven by GST rationalization, credit rating upgrade, and easing geopolitical tensions.

"The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India's credit rating - Vinod Nair, Geojit Investments"

Mumbai, Aug 19

The Indian benchmark indices ended the session with a decent rally on Tuesday for the second consecutive day, buoyed by the GST rationalisation move.

Sensex settled at 81,644.39, up 370 points or 0.46 per cent. The 30-share index started the session with a decent gap-up at 81,39.11 against last session's closing of 81,273.75. Continuing the last session's gaining momentum, the index touched an intra-day high at 81,755.88, buoyed by buying in auto, FMCG, oil and gas and others.

Nifty ended the session at 24,980.65, up 103.70 or 0.42 per cent.

"The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India's credit rating," said Vinod Nair, Head of Research, Geojit Investments Limited.

Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance, Nair added.

Tata Motors, Adani Ports, Eternal, Tech Mahindra, Hindustan Unilever, Kotak Bank, Maruti, Bharati Airtel, Tata Steel, ITC, Ultratech Cement and Infosys were the top gainers among the Sensex basket. While Bajaj FinServ, Power Grid, Mahindra and Mahindra, HDFC Bank, and BEL settled in negative territory.

The majority of sectoral indices ended the session in green with Nifty Auto (up 329 points or 1.31 per cent) and Nifty FMCG (up 582.40 points or 1.05 per cent) leading the sectoral rally, escalating the previous session's momentum post GST reform announcement. Nifty IT (121 points) and Nifty Bank (130 points) ended the session in positive territory.

Broader indices followed suit as well. Nifty Midcap 100 surged 551 points or 0.97 per cent, Nifty Smallcap 100 soared 123 points or 0.70 per cent, and Nifty 100 escalated 120 points or o.47 per cent.

"On the technical front, after a gap-up opening, the Nifty has sustained for two sessions in a sideways-to-bullish trend," said Mandar Bhojane of Choice Broking.

Prices are taking support at the 20, 50, 100, and 200 EMAs, indicating strong underlying strength. If the index sustains above 25,050, it has the potential to move towards 25,250 and 25,500 in the coming sessions, he added.

- IANS

Share this article:

Reader Comments

P
Priya S
Auto and FMCG sectors leading the rally makes sense given the festive season approaching. Smart money is positioning itself for the consumption boom 🚀
A
Aditya G
While the rally is encouraging, I hope retail investors don't get carried away. Markets can be volatile - always invest with proper research and risk management
S
Sarah B
Interesting to see how global factors like Russia-Ukraine tensions easing are impacting our markets. Shows how interconnected everything is these days
K
Karthik V
Nifty touching 25,000 is psychological barrier. Once we cross that sustainably, we might see 25,500 as the expert said. Bull run continues! 💪
M
Michael C
Midcap and smallcap indices also performing well shows broad-based participation. Good for overall market health beyond just the blue chips
N
Neha E
Hope the positive sentiment translates to better job opportunities and economic growth for everyone, not just stock market investors 🤞

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50