FIRST TRADE (September 2, 2024): Indian equities tracking global cues started Monday's session on a positive note as investors largely awaited key data this week, hinting at a possible rate cut quantum by the US Fed. At the open, Nifty was up 0.25 per cent ot 62.55 points at 25,298.45, while the Sensex started trade higher by 209.61 at 82,575.38.

Sectorally, in a mixed session, FMCG and IT indices lent support, while others such as auto, metal and banking indices traded in the negative.  Prashanth Tapse, Senior VP (Research), Mehta Equities said, "This Monday morning, the stage is set for solid gains in the benchmark Nifty, bolstered by Wall Street's surge following the Fed's preferred inflation gauge, which signals potential rate cuts in September. Optimism on Dalal Street is further fueled by a 3.1% drop in WTI crude futures and strong FII buying of Rs 9,217 crore last week." 
 
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The market has entered a zone of steady but mild up-move caused by accumulation of quality largecaps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market. If the market closes positive today that will be a record for the Indian stock market with the Nifty posting a record 13-day winning streak. Sentiment-wise this is positive, he added.

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From the Nifty pack, top gainers included stocks like Bajaj Auto, Hero MotoCorp, HDFC Life, TCPL and ITC, while the laggards have been Tata Motors, Hindalco, M&M, Dr. Reddy's and ONGC.

Meanwhile, Asian markets largely traded higher as investors awaited key data due to be released this week. Nonetheless, the Hang Seng index suffered a blow as investors remained anxious about the liquidity crunch facing the realty sector.