Nifty Posts Best Winning Streak In Nearly 17 Years; RIL, ITC Rise: Market Wrap
The Nifty 50 closed higher for 11 consecutive sessions to record its best winning streak since Oct. 3, 2007. The Sensex ended higher for eight days, the best winning streak since Sept. 15, 2023.
India's benchmark stock indices ended at a fresh record high on Thursday, with the NSE Nifty 50 posting the best winning streak in nearly 17 years, tracking gains in Reliance Industries Ltd. and Tata Motors Ltd.
The NSE Nifty 50 settled 99.60 points, or 0.40%, higher at 25,151.95, and the BSE Sensex ended 349.05 points, or 0.43%, higher at 82,134.61. Intraday, the Nifty hit a fresh high of 25,192.90, and the Sensex rose to a lifetime high of 82,285.83.
The Nifty 50 closed higher for 11 consecutive sessions to record its best winning streak since Oct. 3, 2007. The Sensex ended higher for eight days and posted the best winning streak since Sept. 15, 2023.
"The Nifty 50 traded in a thin range prior to Reliance Industries' annual general meeting. The announcement of bonus shares and the listing of its subsidiaries caused the volatility to peak. Nifty registered a fresh all-time high of 25,192. The metal index experienced profit booking while the dollar index showed some recovery. The Bajaj twins experienced a robust rebound," said Hashim Yacoobali, director of South Gujarat Shares And Sharebrokers Ltd.
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Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd., Bajaj Finance Ltd., and HCL Technologies Ltd. added to the benchmark index.
Mahindra & Mahindra Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., Grasim Industries Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the index.
On NSE, seven sectors ended higher, four declined, and one ended flat. The NSE Nifty Oil & Gas rose the most, and the NSE Metal declined the most.
Broader indices underperformed. BSE Midcap closed 0.27% lower and BSE Small cap ended 0.72% down.
On the BSE, 10 ended lower and 10 closed with gains. BSE Capital Goods was the top loser and BSE Energy gained the most.
Market breadth was skewed in favour of the sellers. As many as 2,510 stocks fell, 1,435 rose, and 102 remained unchanged on the BSE.
