Share Market Highlights August 28, 2024: Sensex, Nifty end higher; IT sector leads gains amid anticipated US rate cut
Sensex, Nifty updates on 28 August 2024: India’s NSE Nifty 50 index retreated from a record high on Wednesday due to profit booking across several sectors, limiting gains in IT stocks that were buoyed by expectations of a potential U.S. rate cut. The index rose by 0.45% to a peak of 25,129.6 points but closed 0.14% higher. The S&P BSE Sensex also edged up 0.09% to 81,785.56. The Nifty 50 has gained 3.8% over ten sessions, marking its longest winning streak since October 2020. IT stocks benefit from U.S. rate cuts and have surged 3.2% this week. LTIMindtree led gains with a 6.54% rise following an upgrade by Kotak Institutional Equities. Meanwhile, financial stocks fell 0.24%, though IndusInd Bank rose 2.35%, based on the positive sentiment of CLSA. Small- and mid-cap indices slipped marginally. Investors are now focused on upcoming U.S. inflation and India’s GDP data releases.
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