Indian equity markets extended their winning streak on Tuesday, August 19, driven by optimism over a potential GST rate cut that could boost consumption. The Nifty 50 rose 0.42% to 24,980, while the S&P BSE Sensex gained 0.46% to close at 81,633.
Broader markets outperformed the frontline indices, with the Nifty Midcap 100 climbing 1.2% and the Nifty Smallcap 100 up 0.60%. Sector-wise, Nifty Oil & Gas led the rally with a 1.69% increase, followed by Nifty Media, Nifty Auto, and Nifty FMCG, which rose between 1% and 1.39%.
Among the top gainers were OLA, Hyundai Motor, Raymond, Reliance Power, and Vardhman Textiles, reflecting strong investor interest across key sectors.
On the global front, investor focus remains on U.S. Federal Reserve Chair Jerome Powell’s upcoming speech in Wyoming, with markets currently pricing in an 84% chance of a 25-bps rate cut in September. Meanwhile, former U.S. President Trump’s discussions with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy have sparked hopes of a potential peace summit, though investors remain cautious.
Additionally, China has committed to addressing three key concerns raised by India—rare earths, fertilizers, and tunnel boring machines—during a bilateral meeting between External Affairs Minister S. Jaishankar and Chinese Foreign Minister Wang Yi, according to ANI sources.
In terms of market breadth, 143 stocks touched 52-week highs, while 65 stocks fell to 52-week lows, as the Nifty 50 and Sensex ended the day in positive territory.
