Reliance boosts Indian shares to record, Nifty logs longest gaining streak in 17 years
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
India's equity benchmarks hit record highs on Thursday, boosted by heavyweight conglomerate Reliance Industries, which plans to step up the adoption of AI and issue bonus shares.
The NSE Nifty 50 and the S&P BSE Sensex both rose about 0.6% to hit all-time highs, before trimming some gains to settle up 0.4% at record closing levels.
The Nifty 50 has risen for 11 consecutive sessions, adding about 4% to post its longest winning streak since October 2007.
Indian markets are among the top performers globally this year, helped by hefty domestic inflows amid a robust economic and earnings outlook.
"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," Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors said.
Reliance Industries, Nifty 50's second heaviest stock, rose 1.51% after the company said it will consider a bonus share issue at its board meeting on Sept. 5.
Reliance Chairman Mukesh Ambani said the company will launch a suite of AI tools and platforms and boost its green energy manufacturing ecosystem.
Non-bank lender Bajaj Finance and its holding company Bajaj Finserv both rose about 2.5% after media reports the mortgage lending arm of Bajaj Finance is likely to list in the first half of September.
Eight of the 13 major sectors logged gains. Financial services and IT, the heaviest sectors in the Nifty 50, rose about 0.25% and 0.5%, respectively.
The broader, more domestically focussed small- and mid-caps fell about 0.5% each, underperforming the benchmarks.
"Investors should exercise caution in small- and mid-caps, where valuations are out-of-sync with fundamentals," Esquire Capital's Dasgupta said.
($1 = 83.8800 Indian rupees)
