MARKET CLOSING REPORT: In a bullish rally, the Indian stock market continued its upward trajectory for the second consecutive trading session on Monday, buoyed by favorable global indicators. This surge was further fueled by growing optimism that the US Federal Reserve might postpone its interest rate hike decision in September, given the unexpected surge in the US unemployment rate for August.

The Sensex, India's benchmark equity index, registered an impressive gain of 241 points, equivalent to 0.37 percent, concluding the trading day at 65,628.14. Not to be outdone, the Nifty, another prominent stock index, achieved a robust upswing, closing with a 94-point gain, or 0.48 percent, reaching 19,528.80.

Mid and small-cap stocks continued to shine, with the BSE Midcap index reaching a new all-time high of 31,783.29 during the session, ultimately finishing at 31,736.06, reflecting a commendable increase of 0.96 percent. Likewise, the BSE Smallcap index demonstrated resilience, concluding the day 0.84 percent higher at 37,734.14 after scaling its own historic pinnacle of 37,828.34 earlier in the session.

The bullish sentiment extended to individual stocks, with over 400 companies, including HCL Tech, Maruti Suzuki, NTPC, Tata Steel, UltraTech Cement, and Wipro, achieving fresh 52-week highs in intraday trading on the BSE.

The aggregate market capitalization (m-cap) of firms listed on the BSE witnessed a substantial upswing, rising to nearly Rs. 315 lakh crore from its previous session level of almost Rs. 312.4 lakh crore. This remarkable increase translated to a wealth gain of nearly Rs. 2.6 lakh crore for investors within a single trading session. Over the course of the last two days of consecutive gains, investors have collectively witnessed their wealth surge by an impressive Rs. 5.5 lakh crore.

Meanwhile, the stability in crude oil prices was another positive factor, as expectations of constrained supply and the possibility of the Federal Reserve hitting the pause button on interest rate hikes contributed to the overall market sentiment. Brent Crude hovered close to the $89 per barrel mark around 4 pm, offering further comfort to investors.

The recent economic data from the United States indicates a mixed picture, with job growth improving in August but the unemployment rate unexpectedly rising to 3.8 percent, coupled with moderating wage gains. Furthermore, revisions showed that the US economy created 110,000 fewer jobs in June and July than initially reported. Recent macroeconomic indicators suggest that inflation is on a downward trajectory, while the labor market in the US appears to be cooling, pointing towards a softer landing for the American economy.

Adding to this sentiment, the CME FedWatch tool revealed that the markets are assigning a 93 percent probability of the Federal Reserve maintaining its current interest rates this month, with a greater than 60 percent likelihood of no further rate hikes for the remainder of the year. Investors eagerly await further developments in this dynamic market environment.

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