U.S. stock traders, buoyed by expectations of a Federal Reserve interest rate cut, pushed down shares of major tech companies just days before Nvidia Inc.’s earnings release.
Most S&P 500 stocks rose as Wall Street continued its trend of shifting money out of big tech stocks. On Monday, the S&P 500 closed down 0.32% to 5,616.84, while the Nasdaq Composite closed down 0.85% to 17,725.77. The Dow Jones Industrial Average rose 0.16% to close at 41,240.52.
As of 6:27 a.m., Brent crude oil was trading 0.25% lower at $81.23 a barrel, while gold was down 0.18% to $2,513.4 an ounce.
GIFT Nifty was trading at 25,011.50, down 0.1 per cent, as of 6:30 am.
The NSE Nifty 50 on Monday surpassed the psychologically crucial 25,000-point mark after 16 sessions, registering its longest rally in over a year, while the S&P BSE Sensex rose for the fifth consecutive session. The rally came after US Federal Reserve Chairman Jerome Powell’s dovish comments at the Jackson Hole Symposium confirmed that interest rates will be cut in the US in September.
The Nifty rose 187.45 points, or 0.76 percent, to close at 25,010.60, while the Sensex rose 611.90 points, or 0.75 percent, to 81,698.11. Both indexes closed at their highest levels since August 1.
Overseas investors were net buyers of Indian stocks for the third consecutive session on Monday. Foreign portfolio investors bought shares worth Rs 4,834 crore, while domestic investors were net buyers for the 16th consecutive session, buying shares worth Rs 1,870.2 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.90 against the US dollar.
