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    Nifty50 surpasses 17,600 as market begins September F&O series with a bang

    Nifty50 surpasses 17,600 as market begins September F&O series with a bang

    Nifty50 surpasses 17,600 as market begins September F&O series with a bang
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    By Sandeep Singh   IST (Published)

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    The Sensex and the Nifty50 jumped almost one percent in early deals on Friday, as Dalal Street entered the September F&O series, backed by gains across sectors. Globally, investors looked out for updates from the Fed's annual Jackson Hole symposium.

    Indian equity benchmarks held on to opening gains after a gap-up start on Friday led by gains across sectors, tracking strength across global markets. The Nifty50 entered a new monthly derivatives series after clocking a 3.5 percent gain in the last one. Globally, investors looked out for updates from the Fed's annual Jackson Hole conference for clues about the US central bank's policy outlook.
    Both headline indices jumped as much as 0.9 percent in the first few minutes of trade. The Sensex gained 546.9 points to touch 59,321.7 at the strongest level of the day so far and the Nifty50 climbed to as high as 17,685.9, up 163.4 points from its previous close.
    As many as 47 stocks in the Nifty50 basket began the day in the green. Mahindra & Mahindra, Tata Motors, Hero MotoCorp, Coal India and Bharat Petroleum were the top gainers.
    Tech Mahindra, JSW Steel, Infosys, Bajaj Finance, Bajaj Finserv, Hindustan Unilever and Tata Steel — up around one percent each — were also among the top blue-chip gainers.
    Financial, IT and FMCG shares were the biggest contributors to the gains in both main indices.
    "Even though markets are focused on what the Fed Chief will say at Jackson Hole, his comments are unlikely to trigger a market trend. The markets know, and have discounted, a hawkish Fed. More important will be the trends in the economy, such as employment numbers," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
    Overall market breadth strongly favoured the bulls, as 2,115 stocks rose and 731 fell on BSE.
    On Thursday, the Nifty50 finished a second straight monthly series of futures and options contracts higher.
    Global markets
    Equities in other Asian markets were firmly in the green following a strong session overnight on Wall Street, even as data pointed to mild US economic contraction in the second quarter of 2022. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.6 percent at the last count.
    Japan's Nikkei 225 was up 0.9 percent. S&P 500 futures, however, declined 0.1 percent. On Thursday, the three main US indices finished 1-2 percent higher.
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