Rupee Closes Flat At 83.11; Sensex, Nifty End Higher; Power Grid, Bajaj Finance Gain Over 2%; Jio Financial In Red

Following encouraging global signals, Indian benchmark indexes closed the day on a bullish note on Monday, August 21. The benchmark Sensex and Nifty 50 indexes increased by 0.41% and 0.43%, respectively, to reach 65,216.09 points and 19,393.60 points.

In spite of selling in Asian rivals, the Indian rupee concluded Monday’s trading day unchanged at 83.11. The local money ended Friday at 83.10.

In Asian markets, Shanghai and Hong Kong finished down, while Seoul and Tokyo closed in the black.

To help the economy of the nation, China’s central bank decreased its one-year loan rate by 10 basis points (bps) on Monday. The prime rate for one-year loans has been decreased by 10 basis points (bps) to 3.45% from 3.55% by the People’s Bank of China (PBOC). The five-year LPR, however, stays the same at 4.20%.

However, because of worries about a fast depreciating currency, the five-year rate remained at 4.20%.

China’s move to lower interest rates coincides with other major countries boosting interest rates to fight inflation. The People’s Bank of China (PBOC) decided to decrease its medium-term policy rate last week, which led to the fall in the one-year LPR. The LPR is guided by the medium-term lending facility (MLF) rate, which is often seen as a sign of upcoming changes to the lending benchmarks.

The equities of Infosys, ITC, Bajaj Finance, Bharti Airtel, TCS, and Larsen & Toubro helped the Sensex index gain ground. Mid- and small-cap stocks did better than the benchmark. The BSE Midcap and Smallcap indexes both increased by 0.87% and 0.71%. Investors gained Rs 3.5 lakh crore in wealth in a single day as the total market capitalization of the companies listed on the BSE jumped from Rs 303.4 lakh crore in the previous session to roughly Rs 306.9 lakh crore.

Listing of JFSL stock:

Reliance Industries Jio Financial Services Limited (JFSL), a demerged firm, was listed on Indian markets today. On the first day after becoming public, shares of Jio Financial Services fell 5% and ended up at the lower circuit.

Top Gainers And Losers:

Sensex:

Power Grid Corporation, up 2.74%, Bajaj Finance, up 2.70%, IndusInd Bank, up 2.06%, Bharti Airtel, up 1.855%, and NTPC, up 1.63% were the top gainers in the group.

Jio Financial Services (-5%), Reliance Industries (-1.50%), Mahindra & Mahindra (0.87%), Maruti Suzuki (-0.30%), and State Bank of India (-0.28%) were the top losses on the Sensex.

Nifty50:

The top five gainers on the Nifty 50 index were Adani Ports (up 2.59%), Power Grid Corporation (up 2.66%), Hindalco (up 2.09%), and Bajaj Finance (up 2.75%).

Jio Financial Services (-5%), Reliance Industries (1.11%), Mahindra & Mahindra (-0.91%), Britannia (-0.75%), and Bajaj Auto (-0.36%) were the group’s biggest losses.