Benchmark indices traded higher on the first trading session of the week supported by the late rally in shares with nifty closing at 8607 i.e. 35 points higher. The markets reacted negatively after the Yellen’s speech at Jackson Hole along with the global indices, but Nifty recovered in late trading session and was able to give closing in the green. The weak global cues capped the upside of the market for the day. Zeel, Tata Motors and Hero moto Corp were the top gainers of the day while the Hcltech, Wipro, Infratel and Lupin were the top losers of the day.
Global Markets Update:
- China’s power generation companies will have to contend with massive closures of their smaller coal-fired power plants as government plans to shut excessive coal and steel capacity deprives the plants of customers.
- Japanese stocks surged to 1-1/2-week highs as the yen weakened after U.S. Fed Reserve Chair Janet Yellen signaled an interest rate hike remains on the cards this year, lifting insurers and exporters.
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