Sensex ends above 82,000, Nifty at 25,000; markets await cues on Fed rate cuts

Domestic equity benchmarks Sensex and Nifty50 climbed for the sixth straight session on Thursday, extending their winning run ahead of the US Federal Reserve’s Jackson Hole symposium. Investors are awaiting Fed Chairman Jerome Powell’s speech on Friday for cues on the timing and trajectory of potential rate cuts.

At close, the BSE Sensex was up 142.87 points, or 0.17 per cent, at 82,000.71. Nifty50 advanced 33.20 points, or 0.13 per cent, to settle at 25,083.75. The 50-pack index traded in a narrow range of 25,050–25,150 throughout the day, reflecting limited volatility. Sentiment remains positive, with the index comfortably holding above the short-term moving average, analysts said.

“The daily RSI is in a bullish crossover and trending higher. On the downside, support is placed at 24,800; as long as this level holds, a buy-on-dips strategy is likely to prevail. On the upside, resistance is seen at 25,250 and 25,500," said Rupak De, Senior Technical Analyst at LKP Securities.

Bajaj Finserv emerged as the leading gainer on Sensex, with its shares rising 1.12 per cent to Rs 1979.45. ICICI Bank rose 1.09 per cent, followed by Bajaj Finance (up 0.90 per cent), Reliance Industries (up 0.89 per cent), Larsen & Toubro (up 0.76 per cent) and Bharat Electronics (up 0.65 per cent).

Five stocks namely ICICI Bank, Reliance Industries, Larsen & Toubro, Bajaj Finance and HDFC Bank, contributed heavily to the Sensex’s rise.

In terms of sectoral performance, the BSE Bankex rose 0.12 per cent to end at 62,134.84, while the BSE Healthcare index climbed 0.61 per cent, closing at 44,767.20.

Overall, out of the 4,248 stocks traded on the BSE, 2,103 ended with gains, while 1,984 settled lower and 161 remained unchanged. As many as 141 stocks scaled their 52-week highs, whereas 49 touched their 52-week lows. The session also saw 272 stocks locked in the upper circuit and 148 in the lower circuit.

Vinod Nair, Head of Research at Geojit Investments Limited, said the Indian equities ended mixed, as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings. 

“India’s record-high composite PMI in August, reflecting strong expansion in both manufacturing and services, particularly in business activity, may provide stability in the near term. Investors remain cautious ahead of the upcoming Jackson Hole symposium on Friday, and rising domestic bond yields due to fiscal concerns surrounding GST rationalization," Nair said.

Ajit Mishra, SVP, Research, Religare Broking Ltd, said the investors are closely tracking developments around recent discussions and approvals on GST reforms, which are prompting sector-specific reactions. 

“In addition, global cues remain in focus, particularly the Jackson Hole symposium, where commentary from central bankers could influence sentiment. The IT space, in particular, may witness further rebound once clarity emerges on the global policy outlook,” Mishra said.