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Stock market today: India’s stock market indices, the NSE Nifty 50 and the S&P BSE Sensex, reached record highs on Thursday, primarily driven by gains in Reliance Industries. Reliance Industries announced plans to enhance its adoption of AI technologies and issue bonus shares to shareholders.
Despite trimming some gains, both indices settled at record closing levels, with the Nifty 50 extending its winning streak to 11 consecutive sessions, marking its longest such streak since October 2007.
India’s equity markets have outperformed most global markets this year, supported by strong domestic inflows and a positive outlook for the economy and corporate earnings.
Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors, commented, “The party will continue in Indian markets as long as liquidity continues to be supportive. Investors are resorting to buying every dip, to benefit from the upward momentum.”
Reliance Industries, the second-largest component of the Nifty 50, gained 1.51% following the announcement of its plans to consider a bonus share issue during its board meeting on September 5.
Chairman Mukesh Ambani also stated that the company will introduce a range of AI tools and platforms while strengthening its green energy manufacturing ecosystem. Additionally, Bajaj Finance and its holding company Bajaj Finserv both rose approximately 2.5% after reports suggested that Bajaj Finance’s mortgage lending arm is expected to list in the first half of September.
Among the 13 major sectors, eight recorded gains, with the financial services and IT sectors, which have the highest weightage in the Nifty 50, rising about 0.25% and 0.5%, respectively.
However, the broader and more domestically focused small-cap and mid-cap indices underperformed the benchmarks, falling around 0.5% each. Dasgupta cautioned, “Investors should exercise caution in small- and mid-caps, where valuations are out-of-sync with fundamentals.”
Despite trimming some gains, both indices settled at record closing levels, with the Nifty 50 extending its winning streak to 11 consecutive sessions, marking its longest such streak since October 2007.
India’s equity markets have outperformed most global markets this year, supported by strong domestic inflows and a positive outlook for the economy and corporate earnings.
Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors, commented, “The party will continue in Indian markets as long as liquidity continues to be supportive. Investors are resorting to buying every dip, to benefit from the upward momentum.”
Reliance Industries, the second-largest component of the Nifty 50, gained 1.51% following the announcement of its plans to consider a bonus share issue during its board meeting on September 5.
Chairman Mukesh Ambani also stated that the company will introduce a range of AI tools and platforms while strengthening its green energy manufacturing ecosystem. Additionally, Bajaj Finance and its holding company Bajaj Finserv both rose approximately 2.5% after reports suggested that Bajaj Finance’s mortgage lending arm is expected to list in the first half of September.
Among the 13 major sectors, eight recorded gains, with the financial services and IT sectors, which have the highest weightage in the Nifty 50, rising about 0.25% and 0.5%, respectively.
However, the broader and more domestically focused small-cap and mid-cap indices underperformed the benchmarks, falling around 0.5% each. Dasgupta cautioned, “Investors should exercise caution in small- and mid-caps, where valuations are out-of-sync with fundamentals.”
