Share Market Updates: Mahindra & Mahindra saw a jump of 4%. At the same time, a decline of 5% has been seen in Adani Power.
Sensex closed at 59,031.30 today with a gain of 257 points in the Sensex. So the Nifty also climbed up and closed at 17,550. Mahindra & Mahindra saw a jump of 4%. So there has been a decline of 5% in Adani Power. Indian Rupee today closed flat at 79.86 per dollar against the previous close of 79.86 per dollar.
On August 23, TCS, Infosys, HCL Technologies, Tech Mahindra, and Wipro were all in the red. IT stocks fell after margin pressures forced a large IT firm to cut variable pay.
Fears of uncertainty are visible in the market as it moves with high volatility on weak cues from global peers, while a strong domestic economy is providing some respite.
Global markets were under pressure ahead of the Jackson Hole meeting, with rising European energy prices and fears of a rate hike.
On the domestic front, gains in banks, auto, and metals were countered by selling in IT stocks, as large companies are reducing variable pay due to margin pressure.
Mahindra & Mahindra was the top gainer in the Sensex, up 3.44%, followed by Bajaj Finsev, Tata Steel, and Titan.
Sensex and Nifty are up 14% from June lows as foreign institutional investors (FIIs) return to Dalal Street and inflation is easing. On 23 August, the Sensex and Nifty were swinging between gains and losses as the bulls and bears engaged in a tug of war after the recent run-up.