Nifty Registers Longest Gaining Streak In Over A Year: Market Wrap
On the BSE, 18 sectors advanced and two declined, with Consumer Durables rising the most.
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The NSE Nifty 50 logged its longest stretch of gaining streak in more than a year to end above the psychologically crucial 25,000 mark on Monday after 16 sessions and the S&P BSE Sensex extended its gains for the fifth consecutive session. The rally came after dovish commentary by US Fed Chair Jerome Powell at the Jackson Hole symposium, which confirmed a September rate cut in the US.
The Nifty closed 187.45 points or 0.76%, higher at 25,010.60 and the Sensex was 611.90 points or 0.75%, up at 81,698.11. Both indices closed at their highest levels since Aug. 1.
The Nifty ended higher for the eighth consecutive session, its best streak since the eight sessions that ended on July 6. During the day, the Nifty and the Sensex gained 0.9% each to 25,043.80 and 81,824.27, respectively.
The 24,900/81,300 level will be the trend-decider level for the Nifty and the Sensex, according to Shrikant Chouhan, head of equity research at Kotak Securities.
"Above the same, the market could continue the positive momentum till 25,125–25,200/82,000–82,600," he said. "On the flip side, below 24,900/81,300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions."
Shares of HDFC Bank Ltd., HCL Technologies Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and NTPC Ltd. contributed the most to the gains in the Nifty.
Kotak Mahindra Bank Ltd., Apollo Hospitals Enterprise Ltd., Adani Ports and Special Economic Zone Ltd., Maruti Suzuki India Ltd., and Grasim Industries Ltd. capped the upside.
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Except for Nifty PSU Bank and Media, all sectoral indices on the NSE closed higher. Metal rose the most.
The broader markets underperformed the benchmark indices, as the BSE MidCap and SmallCap indices ended 0.66% and 0.20% higher, respectively.
On the BSE, 18 sectors advanced and two declined out of 20. Consumer durables ended with the most gains, while services declined the most.
The market breadth was skewed in favour of the buyers as 2,189 stocks advanced, 1,862 declined and 146 remained unchanged on the BSE.
