Stock Market Today: The Indian stock market posted solid gains on Monday, August 26, with the Nifty 50 and the Sensex gaining nearly 1 percent each, as investors welcomed US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole last Friday in which he signalled that the time had come for a policy adjustment.

The Indian stock market rose, reflecting positive global sentiment as a rate cut in September seems almost certain.

The Nifty 50 rose 0.90 percent to hit an intraday high of 25,043.80, just 35 points below its all-time high of 25,078.30. The index closed 187 points or 0.76 percent higher at 25,010.60, with 33 stocks in the plus. This extended the index’s gains for the eighth consecutive session. During these eight sessions, the index has risen 3.6 percent.

The 30-share Sensex index, on the other hand, closed up 612 points or 0.75 percent at 81,698.11, with 21 stocks in the plus.

The mid- and small-cap indices on the BSE also gained, but lagged behind the benchmark Sensex. The BSE Midcap index closed 0.66 percent higher and the BSE Smallcap index closed 0.20 percent higher.

The total market capitalization of companies listed on the BSE rose to a record high ₹462.3 Lakh Crore from almost ₹460 lakh crore in the previous session, making investors richer by over ₹2 lakh crore in a single sitting.

“The US Federal Reserve announced a rate cut in September, which was reflected in the decline in US Treasury yields and the dollar index and led to a rally in global markets, although there was no indication of the extent of the cuts,” said Vinod Nair, head of research at Geojit Financial Services.