Sensex soars 1174 pts, Nifty above 17,650; Bajaj twins jump

The domestic equity benchmarks further extended gains in afternoon trade. The Nifty crossed the 17,650 mark.

At 13:35 IST, the barometer index, the S&P BSE Sensex, surged 1173.97 points or 2.03% to 59,146.59. The Nifty 50 index added 340.50 points or 1.97% to 17,653.40.

In the broader market, the S&P BSE Mid-Cap index rose 1.72% while the S&P BSE Small-Cap index advanced 1.38%.

The market breadth was strong. On the BSE, 2430 shares rose and 931 shares fell. A total of 132 shares were unchanged.

Bajaj Finserv (up 5.04%), Tech Mahindra (up 4.27%), Indusind Bank (up 3.85%), Bajaj Finance (up 3.74%) and Tata Motors (up 3.35%) were major NIfty gainers.

Global Markets:

The Dow Jones index futures were up 186 points, indicating a strong opening in the US stock market today.

Shares Europe and Asia advanced on Tuesday after a negative start to the week following remarks from U.S. Federal Reserve Chair Jerome Powell last Friday.

Japan's jobless rate was unchanged at 2.6% in July, in line with expectations and flat for the third consecutive month, according to official data.

US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.

In his annual policy speech at Jackson Hole, Wyoming, Powell said that the Fed will "use our tools forcefully" to control inflation. He acknowledged that rising interest rates will cause "some pain" to households and businesses.

European Central Bank board member Isabel Schnabel reaffirmed the view that central banks must act aggressively to tackle rising inflation, even if that means dragging their economies into a recession.

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