Market Wrap Podcast, Aug 30: Here's all that happened in the markets today

Buoyed by encouraging global cues amid US Federal Reserve chair Jerome Powell's comments, the Indian benchmark indices scaled fresh record highs on Monday. Powell on Friday signalled that pandemic-era Federal Reserve policy support will be withdrawn cautiously and gradually, boosting riskier assets.

After opening on a gap-up note, the benchmark indices extended gains. logging their best intra-day gains since August 3. The BSE Sensex hit a new high of 56,958 in intra-day session. The 30-pack index closed the day at 56,890, up 765 points, led by gains in RIL and private lenders. Bharti Airtel, Axis Bank and Tata Steel were the top Sensex gainers and TechM, Nestle India and Infosys were the worst performers.

Meanwhile, NSE Nifty ended at 16,931, a gain of 226 points. It vaulted past 16,800 and 16,900 marks to a new peak of 16,952.

The gains were not concentrated at the benchmark level. Both BSE Midcap and Smallcap indices outperformed Sensex, with a gain of 1.72 per cent and 1.55 per cent, respectively. BSE Midcap even scaled a new high of 23,672 in trade today.

Following this, the market breadth remained positive, with an advance-decline ratio of 2:1.

Sectorally, the Nifty IT was the only loser amid profit-taking and strength in the rupee versus the dollar. Nifty Metal, on the other hand, was the top gainer, up nearly 2.5 per cent. Nifty PSU Bank, Nifty Bank and Nifty Private Bank rose 2 per cent each.

In stock-specific action, shares of Bharti Airtel hogged the limelight as they rallied over 4 per cent on BSE following the announcement of Rs 21,000 crore rights issue. Further, the company's chairman Sunil Mittal said that it was time to raise tariffs and the company eyes ARPU of Rs 200 by the end of this fiscal & Rs 300 eventually, which also boosted the stock.

Shares of another blue-chip firm Axis Bank rose 4 per cent after the company has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year.

Meanwhile, Maruti Suzuki added nearly 3 per cent pn announcing price hikes across models from next month amid rising input costs.

Sandhar Technologies surged 9 per cent after a media report suggested the firm along with Sona BLW Precision Forgings and Bharat Forge are among Indian firms supplying components to Tesla. The stock had risen 13 per cent in intra-day deals.

Now, the focus will turn to the GDP numbers that are due for release on Tuesday post market hours. Any disappointment on the recovery front can dent the overall bullish sentiment on the Street. Besides, global cues and stock-specific triggers will continue to hold sway over market moves.