Sensex jumps \~200 pts, Nifty tops 24,650; Bajaj Finserv & Tata Steel lead gains

Sectoral indices such as Nifty Auto, Metal, Financial Services, FMCG, Pharma, PSU Bank, Consumer Durables, and Oil & Gas were trading in the green, while Nifty IT remained under pressure. From the Sensex constituents, BEL, Tata Steel, Bajaj Finserv, UltraTech Cement, HUL, Asian Paints, and Reliance Industries opened on a positive note. On the flip side, Infosys, Tech Mahindra, HCL Tech, Power Grid, and Eicher Motors saw early losses.

On the global front, softer-than-expected U.S. jobs data for July, coupled with downward revisions to May and June figures, have raised hopes of a potential U.S. Fed rate cut in September. A rate cut would lower U.S. Treasury yields and weaken the dollar — a trend that generally favors emerging markets like India by improving foreign capital inflows.

Global Market Snapshot:

* S-&P 500 futures up 0.3% (as of 11:39 a.m. Tokyo time)

* Japan’s Topix declined 1.4%

* Australia’s S-&P/ASX 200 dipped 0.2%

* Hong Kong’s Hang Seng rose 0.3%

* Shanghai Composite remained largely flat

* Euro Stoxx 50 futures advanced 0.5%