Market Wrap: Sensex, Nifty end higher; bank stocks lead the gains; all eyes on US Fed Chair Jerome Powell
ICICI Bank, Axis Bank, HDFC Bank and SBI even as investors shift their focus to the meeting at the summer symposium in Jackson Hole, Wyoming. Investors are anticipating clues about the future direction of interest rates as officials of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan are to meet in Jackson Hole, Wyoming, later this week for their yearly conference on central banking. All eyes will be on what the US Federal Reserve Chair Jerome Powell says about inflation and interest rate trajectory on Friday.
Meanwhile, global cues were mixed as the benchmark US Treasury yields hit a near 16-year high amid concerns that interest rates will remain high for a longer-than-expected period. China's Shanghai Composite Index fell over a per cent and Korea's KOSPI ended 0.41 per cent lower. On the other hand, among the European peers, UK's FTSE rose over a per cent while France's CAC and Germany's DAX were about half a per cent up when the Sensex closed.
Sensex opened 81 points higher at 65,300.93 against the previous close of 65,220.03 and rose 285 points to hit the intraday high of 65,504.71. The Nifty50 hit an intraday high of 19,472.05. Sensex closed 213.27 points, or 0.33 per cent, higher at 65,433.30 while the Nifty50 closed the day at 19,444, up 47.55 points, or 0.25 per cent.
Mid and smallcaps outperformed the benchmarks. The BSE Midcap index ended 0.42 per cent higher while the Smallcap index closed with a gain of 0.60 per cent. (More to come)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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