US stock traders, buoyed by the anticipated Federal Reserve rate cuts, pushed down tech megacaps just days before Nvidia Corp.’s earnings report.
Most S&P 500 shares saw gains as Wall Street continued its trend of shifting funds away from big tech stocks. On Monday, the S&P 500 hovered near 5,600 and fell 0.19% and the Nasdaq 100 dropped 0.82% as of 12:32 p.m. The Dow Jones Industrial Average was up 0.21%.
Brent crude was trading 2.51% higher at $81 a barrel. Gold rose 0.24% to $2,518.58 an ounce.
The NSE Nifty 50 logged its longest stretch of gaining streak in more than a year to end above the psychologically crucial 25,000 mark on Monday after 16 sessions and the S&P BSE Sensex extended its gains for the fifth consecutive session. The rally came after dovish commentary by US Fed Chair Jerome Powell at the Jackson Hole symposium, which confirmed a September rate cut in the US.
The Nifty closed 187.45 points or 0.76%, higher at 25,010.60 and the Sensex was 611.90 points or 0.75%, up at 81,698.11. Both indices closed at their highest levels since Aug. 1.
Overseas investors stayed net buyers of Indian equities on Monday for the third consecutive session. Foreign portfolio investors bought stocks worth Rs 483.4 crore, while domestic investors stayed net buyers for the 16th session and bought equities 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.
