Mumbai, Aug 19: On August 19, benchmark indices Nifty 50 and the 30-stock Sensex began the day on a positive note, buoyed by encouraging signals from global markets. Easing fears of a US recession and optimistic expectations regarding the Federal Reserve’s ability to achieve a soft landing contributed to the upbeat sentiment. Investors are also looking forward to Fed Chair Jerome Powell's speech at Jackson Hole on Friday, which is anticipated to provide insights into the likelihood of a rate cut at the Fed's upcoming September meeting.
By 09:25 am, the Sensex had risen by 98.25 points or 0.12 percent to 80,535.09, while the Nifty had gained 55.5 points or 0.23 percent, reaching 24,596.7. The market breadth favored gainers significantly, with over three stocks advancing for every one that declined. Specifically, about 2,250 shares saw gains, 683 fell, and 133 remained unchanged.
Among the notable gainers on the Nifty was Oil and Natural Gas Corp, which surged over 2 percent due to a decline in crude prices driven by demand concerns and a reduction in windfall gains tax.
In the broader market, mid and small-cap stocks demonstrated stronger buying momentum. The BSE Midcap and BSE Smallcap indices rose by 0.6 percent and 0.8 percent, respectively, outperforming the major indices.
