Stock Market Today: Nifty Records Longest Winning Streak In Nearly One Month

• The local currency strengthened by 3 paise to close at 83.28 against the US dollar.

• It closed at 83.31 on Tuesday.

Source: Bloomberg

India's benchmark indices ended the range-bound session higher tracking gains in shares of Reliance Industries Ltd., Infosys Ltd., and Hindustan Unilever Ltd.

The NSE Nifty 50 settled 68.75 points or 0.31% higher at 22,597.80. This index settled higher four fifth consecutive session and recorded longest winning streak since April 25.

The S&P BSE Sensex 267.75 points or 0.36% higher at 74,221.06.

During the last leg of the trade, the NSE Nifty 50 rose 0.45% to 22,629.50, and the S&P BSE Sensex rose 0.48% to 74,307.79.

"Markets remained volatile for another session but ended with modest gains. After a flat start, Nifty fluctuated within a narrow range for most of the session, closing at 22,586. Sector trends were mixed, with FMCG and realty showing decent gains, while metal and banking lagged. The broader indices mirrored the same pattern, resulting in flat market breadth," said Ajit Mishra, senior vice president, research, Religare Broking Ltd.

All key sectors are contributing to the index's recovery, but the banking sector's underperformance is limiting momentum. Amid the market's choppiness, we anticipate the Nifty index will retest its record high soon. We continue to recommend a stock-specific approach, using dips or periods of consolidation to accumulate quality stocks, Mishra said.

"A late surge in heavyweight counters pushed the Index higher to settle the session at 22,597.80 with gains of 68.75 points," said Aditya Gaggar, director, Progressive Shares.

Among the sectors, FMCG was the top performer of the day followed by Realty and Energy. On the flip side, Metal sector witnessed a round of profit booking after a spectacular rally in the previous session. Midcap segment underperformed the benchmark index but ended in green; while on the other hand, Smallcaps ended in the red. Back-to-back green candles on the daily chart indicate a strong bullish momentum and now the immediate hurdle for the Index stands at its previous high 22,780 while the support level shifted higher at 22,470, Gaggar said.

Reliance Industries Ltd., Infosys Ltd., Hindustan Unilever Ltd., ITC Ltd., HDFC Bank Ltd. added to the index.

State Bank of India, ICICI Bank Ltd., Axis Bank Ltd., Shriram Finance Ltd., and Hindalco Industries Ltd. weighed on the benchmark indices.

On NSE, seven sector advanced, and five declined out of 12. The NSE Nifty Realty rose the most among its peers, and the NSE Nifty Metal was the worst performing sector.

On BSE, broader markets ended on a mixed note. The S&P BSE Midcap ended 0.05% lower, and the S&P BSE Smallcap settled 0.18% higher.

On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE Realty was the top performing sector, and the S&P BSE Bankex was the top loser.

Market breadth was even split between buyers and sellers. Around 1,923 stocks declined, 1,906 stocks advanced, and 119 stocks remained unchanged on BSE.

• Revenue up 9.62% at Rs 11,983 crore vs Rs 10,931 crore,

• EBITDA up 9.26% at Rs 3092 crore vs Rs 2829 crore

• Margin down 8 bps at 25.8% vs 25.9%

• Net profit up 33.76% at Rs 2654 crore vs Rs 1984 crore