Mumbai: The Indian equity benchmarks concluded their trading session on Thursday on a robust note, with the Nifty hovering around 25,150, marking a fresh all-time high.
At the conclusion of today's trading, the Sensex stood at 82,134.61, marking a gain of 349.05 points. Throughout the trading hours of Thursday, the Nifty reached its zenith at 25,174.55, while the Sensex soared to 82,220.68.
Both benchmarks neared their all-time highs, with the Nifty 50 achieving its 12th consecutive session of advancement.
The key contributors to the NSE Nifty 50 included Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL. Concurrently, the benchmarks saw a few underperforming sectors, such as Grasim, Mahindra & Mahindra, Dr. Reddy's Laboratories, JSW Steel, and HDFC Life Insurance.
The Nifty Midcap and Smallcap indices experienced a decline for the second consecutive session, whereas the Nifty Auto and FMCG indices reversed their two-session losing streaks, propelled by gains in Tata Motors, Britannia, and ITC.
Conversely, the Nifty Metal sector witnessed its third consecutive session of decline, with Hindustan Zinc and JSW Steel leading the way. The Nifty Pharma, despite achieving a record high, ended the day in a negative position.
The 47th Annual General Meeting of Reliance Industries garnered significant attention from the market, with Mukesh Ambani announcing a commitment of Rs 75,000 crore towards New Energy. Additionally, the company has announced consideration of a 1:1 bonus at the forthcoming board meeting scheduled for September 5. As a consequence of these announcements, the company's shares experienced a 1.55 per cent increase post-market close.
"The monthly expiry day was characterized by a roller-coaster of emotions, ultimately concluding on a positive note. The Nifty commenced the day relatively flat but gradually ascended in the first half. However, the latter half was marked by significant fluctuations, keeping traders on their toes. Sector-wise, there was a mix of trends, with the auto, FMCG, and energy sectors emerging as the top performers, while the pharma and metal sectors saw some profit-taking," observed Ajit Mishra - Senior Vice President, Research, Religare Broking Ltd. reflecting on Thursday's market dynamics.
"Over the past six months, the Nifty has consistently surpassed all-time highs, and I am of the belief that this rally still possesses considerable room for further growth. While a short-term correction is conceivable, the prevailing upward momentum is likely to persist, potentially driving the Nifty and Sensex to even higher levels," stated Vinnaayak Mehta, Founder and Managing Partner of The Infinity Group.
Later this week, the markets will be analyzing the first quarter GDP data, scheduled for Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with an expected growth rate for the first quarter at 7.1 per cent.
India's GDP witnessed an impressive growth rate of 8.2 per cent during the fiscal year 2023-24, maintaining its position as the fastest-growing major economy.
