Stock Market Today: Nifty Posts Best Winning Streak In Nearly 17 Years; RIL, ITC Lead Gains

• The local currency settled 8 paise higher at 83.87 against the US Dollar on Thursday.

• It closed at 83.95 a dollar on Wednesday.

Source: Cogencis

Indian benchmarks ended at a record high with the NSE Nifty 50 recording the best winning streak in nearly 17 years, tracking gains in shares of 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.

The Nifty 50 rose for 11 consecutive session and logged best winning streak since October 3, 2007. The Sensex ended higher for eight day and posted the best winning streak since Sept 15, 2023.

During the last leg of the trade, the Nifty 50 rose 0.56% to a fresh high of 25,192.90, and the Sensex rose 0.61% to a fresh high of 82,285.83. 

"The Nifty 50 traded in thin range prior to reliance limited annual general meeting. Announcement of Bonus shares and listing of its subsidiaries volatility peaked up. Nifty registered a fresh all time high of 25,192. Metal index witnessed profit booking as the dollar index showed some recovery. Whereas Bajaj twins enjoyed good recovery," said Hashim Yacoobali, director, South Gujarat Shares And Sharebrokers Ltd.

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 out of 12. 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.

Of the 20 sectoral indices on the BSE, 10 ended lower and 10 ended with gains. BSE Capital Goods was the top loser and BSE Energy gained the most.

Market breadth was skewed in the favour of sellers. As many as 2,510 stocks fell, 1,435 rose, and 102 remained unchanged on the BSE.

• The NSE Nifty 50 rose for 11 consecutive sessions and logged best winning streak since October 3, 2007.

• The BSE Sensex ended higher for eight day and posted the best winning streak since Sept 15, 2023.

• The Nifty 50 rose 0.54% to a fresh high of 25,188.30.  

• The Sensex rose 0.60% to a fresh high of 82,272.80. 

• The NSE Nifty Pharma rose 0.53% to a life high of 23,111.50. 

• The NSE Nifty IT hit a fresh high of 42,790.30 in late hour of the trade on Thursday.

• The NSE Nifty Oil & Gas rose to a fresh high of 13,435.10.

• Reliance Industries Ltd., ITC Ltd. were the top winner in the Nifty 50 index.

• Mahindra & Mahindra Ltd., and Infosys Ltd. are the top losers in the Nifty 50 index. 

• Moody's raised India's 2024 real GDP growth view to 7.2% from 6.8% earlier

• It raised 2025 real GDP growth view to 6.6% from 6.4% earlier

• The rating agency cut 2024 CPI inflation forecast to 5.0% from 5.2%

• Moody's retained 2025 CPI inflation forecast at 4.8%

• LT Foods will acquire 17.5% stake in Nature Bio-Foods for Rs 110 crore.

Source: Exchange filing