Indian equities extended their winning streak for a second consecutive session on Tuesday, August 19, driven by expectations that a proposed GST cut could boost consumer spending. The Nifty 50 rose 0.42% to close at 24,980, while the S&P BSE Sensex gained 0.46% to end at 81,633, supported by attractive valuations after a period of market weakness.
Broader markets outperformed the frontline indices, with the Nifty Midcap 100 climbing 1.2% and the Nifty Smallcap 100 advancing 0.60%. Sectoral performance was led by the Nifty Oil & Gas index, which surged 1.69%, followed by Nifty Media, Nifty Auto, and Nifty FMCG, posting gains between 1% and 1.39%.
On the global front, former U.S. President Donald Trump, after meetings with Ukrainian President Volodymyr Zelenskyy and European leaders, revealed discussions with Russian President Vladimir Putin to arrange a meeting between the two leaders, raising hopes for a potential peace initiative.
Investors are now focusing on U.S. Federal Reserve Chair Jerome Powell’s upcoming speech in Wyoming for hints on whether the central bank will resume interest rate cuts in September, with markets pricing in an 84% likelihood of a 25-basis-point reduction.
Meanwhile, China assured India that it will address three key concerns—rare earths, fertilizers, and tunnel boring machines—during a bilateral meeting between External Affairs Minister S. Jaishankar and Chinese Foreign Minister Wang Yi, ANI reported
