Stock Market News: Sensex Gains Over 300 Points, Nifty Finishes Above 24,600 Amid Strong Cues

Stock Market News: The stock market witnessed a rebound on August 13 amid a truncated trading week on account of the Independence Day holiday on August 15. The indices gained amid strong cues such as expectations of a US Federal Reserve rate cut in September and easing headline inflation in India. The 30-share Sensex ended the session at 80,539.91, adding 304.32 points or 0.38 per cent. On the other hand, the Nifty 50 index finished at 24,619.35 up by 131.95 points or 0.54 per cent.

Apollo Hospitals and Hindalco Industries Surge

Shares of Apollo Hospitals Ltd and Hindalco Industries Ltd closed higher by 8.2 per cent and 5.09 per cent on the NSE and led gainers among Nifty 50 stocks. Shares of other pharmaceutical companies such as Dr Reddy’s Laboratories and Cipla also closed higher by up to 2.71 per cent. On the other hand banking sector stocks such as IndusInd Bank and Adani Ports and Special Economic Zone led the losers closing lower by as much as 1.26 per cent.

Nifty Pharma And Nifty Healthcare Index Lead Gainers

The Nifty Pharma and the Nifty Healthcare indices led the gainers among the sectoral pack as they finished higher by 2.13 per cent and 1.73 per cent, respectively. On the other hand, the Nifty FMCG closed lower by 0.04 per cent. The broader market indices such as the Nifty MidCap 100 and the Nifty SmallCap 100 also gained in trade on August 13, finishing the session higher by 0.63 per cent and 0.66 per cent, respectively.

Global Markets on August 13

Asian indices finished the session higher on August 13. The Nikkei 225 and the Hang Seng closed higher by 1.29 per cent and 2.29 per cent respectively. The KOSPI and the Shanghai Composite finished the session up by 1.07 per cent and 0.48 per cent respectively.

Primary Market Action On August 13

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Market Cues

The current week is a truncated one with one less trading day on account of August 15 being a market holiday. The US and India are also negotiating a trade deal ahead of August 27. Notably, if a deal is not inked the US is expected to go ahead with the imposition of the additional 25 per cent tariffs it plans to levy on India.