An evening walk down Dalal Street

What a cracker of a Monday that was for the market! Bulls had it their way throughout the session, gaining with every passing hour. Benchmarks ended the day at record high levels. The Nifty managed to clock 11,700-mark as well.

Positive global cues also supported the rally as investors took note of cues coming in from Jackson Hole symposium. Jerome Powell, the US Fed Chair, has hinted at slow, but steady rate hikes ahead on the back of strong economic growth in the US as well. Along with it, likely easing tensions and softening of dollar helped the indices end well above key milestones.

Banks led the gainers’ chart as intense buying was visible across the financials space. The Bank Nifty and Nifty PSU bank index were one of the top gainers. Additionally, metals, too, were one of the strong gainers, up over 1.5 percent.

Other gainers included auto, FMCG, infrastructure and IT as well. In the broader markets, midcaps saw very good upmove. The Nifty Midcap index rose over a percent. The rupee, meanwhile, hovered around 70.01 levels.

At the close of market hours, the Sensex ended up 442.31 points or 1.16% at 38694.11, while the Nifty rose 134.90 points or 1.17% at 11692.00. The market breadth is positive as 1,431 shares advanced, against a decline of 1,282 shares, while 207 shares were unchanged.

Bharti Airtel, Power Grid Corporation, and Hindalco were the top gainers, while Sun Pharma and Bajaj Finserv lost the most.