The Indian stock market experienced a surge on Monday, August 26, with the Nifty 50 and the Sensex climbing nearly 1% each. This positive sentiment was fueled by investors’ reaction to US Fed Chair Jerome Powell’s Jackson Hole speech last Friday. Powell’s remarks signaled a potential policy adjustment, hinting at a possible rate cut in September. The positive global sentiment further contributed to the rise in the Indian stock market.
Meanwhile, the Bharatiya Janata Party (BJP) distanced itself from actress Kangana Ranaut’s comments regarding the farmers’ agitation. Ranaut, who is also a politician, had made remarks about the protest that were not well-received. The BJP clarified that Ranaut is not authorized to speak on policy issues and asked her to refrain from making such statements in the future.
In a significant development, Ukraine President Volodymyr Zelensky claimed that Russia launched a massive attack on Ukrainian soil using over 100 missiles and around 100 drones. This attack, according to Zelensky, was one of the largest combined strikes, with a variety of missile types and ‘shaheds’ (drones) employed. This event continues to highlight the ongoing conflict between the two nations.
Beyond the political and international news, the Indian stock market saw further positive news. Honasa Consumer, the parent company of D2C brands such as Mamaearth, The Derma Co, and BBlunt, experienced a significant share price increase of over 14%, hitting a new record high. This surge was attributed to the company receiving approval from the National Company Law Tribunal for its amalgamation scheme involving Just4Kids Services Private Limited, Fusion Cosmeceutics Private Limited, and Honasa Consumer.
On the domestic front, the Modi-led government announced the Unified Pension Scheme (UPS) for central government employees. This scheme, effective from the next fiscal year, guarantees a pension of 50% of the basic salary for those who joined the service after January 1, 2004. The scheme aims to standardize pension benefits for government employees.
