The Indian stock markets closed at record highs on Friday, August 30, 2024, with both the Nifty and Sensex extending their winning streak. The Nifty 50 index ended the day at 25,235.90, up 83.95 points or 0.33 per cent, while the Sensex closed at 82,365.77, gaining 231.16 points or 0.28 per cent.
Market breadth remained positive, with 2,239 stocks advancing and 1,687 declining on the BSE. The exchange saw 280 stocks hitting 52-week highs, while only 21 touched 52-week lows. Additionally, 325 stocks hit the upper circuit, and 251 hit the lower circuit.
Among the top gainers on the NSE were Cipla (2.23 per cent), Bajaj Finance (2.07 per cent), M&M (1.97 per cent), Divi’s Laboratories (1.84 per cent), and NTPC (1.78 per cent). On the other hand, notable losers included Tata Motors (-1.13 per cent), HDFC Bank (-0.78 per cent), Tech Mahindra (-0.72 per cent), Coal India (-0.68 per cent), and Reliance Industries (-0.56 per cent).
The Sensex stocks showed a similar trend, with Bajaj Finance (2.03 per cent), M&M (2.01 per cent), NTPC (1.71 per cent), Bajaj Finserv (1.55 per cent), and Bharti Airtel (1.33 per cent) leading the gains. Conversely, Tata Motors (-0.95 per cent), Reliance Industries (-0.69 per cent), ITC (-0.61 per cent), Tech Mahindra (-0.51 per cent), and HDFC Bank (-0.34 per cent) were among the top losers.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the weekly market performance, saying, “The Nifty-50 Index and Sensex gained around 1.7 per cent each in the past week… Markets followed the bullish cues of global markets.”
Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, noted, “Indian markets opened positively on Friday, buoyed by encouraging U.S. labor market and GDP data… The Nifty extended its gains for the twelfth consecutive session, marking the strongest rally since its inception in 1996.”
Ajit Mishra, SVP of Research at Religare Broking Ltd, stated, “We expect this positive sentiment to continue, with the Nifty targeting the 25,500 mark soon… In this environment, traders should focus on stock selection, favoring those with relatively stronger performance.”
Rajesh Bhosale, Equity Technical Analyst at Angel One, cautioned, “The next leg of the move may not be as smooth as recent trends. The falling momentum during the recent upmove signals divergence, and the broader market is showing signs of weakness, with selective heavyweight stocks driving the gains.”
Vikram Kasat, Head of Advisory at PL Capital – Prabhudas Lilladher, added, “Looking ahead to next week, market movement may hinge on key economic indicators, such as inflation reports and employment data, which could either sustain the current rally or prompt a pullback.”
As the markets closed at record highs, investors remain cautiously optimistic, keeping a close eye on global economic indicators and potential volatility in the coming week.
