Sensex, Nifty post record highs after Federal Reserve's dovish stance

Sensex up 8% in August, making India the best-performing major market globally

India’s benchmark indices hit record highs on Monday, along with a rally in global markets, as dovish comments from US Federal Reserve Chairman Jerome Powell boosted risk appetite and pushed the dollar to near two-week lows.

The Sensex closed at 56,890, with a gain of 765 points, or 1.36 per cent — the most since August 3 — while the Nifty50 jumped 226 points, or 1.35 per cent, to close at 16,931. The market capitalisation of BSE-listed firms climbed to Rs 247 trillion ($3.37 trillion). US’ S&P 500 and Nasdaq indices, too, hit record highs in early trade on Monday.