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Sensex Hits Record High on Rate Cut Hopes, Extends Rally

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By Rediff Money Desk, Mumbai   Sep 02, 2024 16:33

The Sensex surged for the 10th straight day, fueled by foreign fund inflows and rate cut expectations. The Nifty also hit a record high, extending its winning streak to 13 days.
Mumbai, Sep 2 (PTI) Logging its longest winning run in nearly a year, benchmark BSE Sensex rose for the 10th straight day to close at a fresh lifetime high on Monday, tracking foreign fund inflows and a rally in the US markets.

The 30-share Sensex rose by 194.07 points or 0.24 per cent to settle at a record high of 82,559.84. During the day, it surged 359.51 points or 0.43 per cent to reach a new intra-day record peak of 82,725.28.

The index surged for the 10th straight session, which is its longest gaining streak since September 2023 when it rose for nine straight days in the first half of the month. The NSE Nifty rose for the 13th straight day, which experts said, was its longest winning run in decades.

The 50-share index climbed 42.80 points or 0.17 per cent to settle at a lifetime high of 25,278.70. During the day, it soared 97.75 points or 0.38 per cent to hit a fresh intra-day peak of 25,333.65.

In a 13-day gaining streak since August 14, the Nifty has rallied 4.72 per cent or nearly 1,140 points. Sensex has risen by 2.65 per cent or 2,135.16 points in its 10 straight days of gains.

Expectations of an interest rate cut by the US Federal Reserve this month and renewed foreign fund inflows have fuelled the recent rally in domestic equities, traders said.

FMCG, IT and financial sector shares supported the record run in indices while metal and pharma sector shares ended in the red.

Among the 30 Sensex firms, Bajaj Finserv, Bajaj Finance, HCL Tech, IndusInd Bank, ITC, UltraTech Cement, Axis Bank and Infosys were the biggest gainers.

On the other hand, Tata Motors, NTPC, Mahindra & Mahindra, Bharti Airtel, Larsen & Toubro and Power Grid were among the laggards.

"Nifty ended on a positive note on Monday extending gains for the 13th consecutive session, its longest run in decades," said Deepak Jasani, Head of Retail Research, HDFC Securities.

In the BSE smallcap gauge declined 0.47 per cent and the midcap index dipped 0.03 per cent.

Among the indices, FMCG jumped 0.75 per cent, financial services (0.55 per cent), IT (0.37 per cent) and bankex (0.32 per cent).

Commodities, consumer discretionary, telecommunication, metal and services were among the laggards.

A total of 332 stocks hit their 52-week high while 34 firms declined to their 52-week lows on the BSE.

In Asian markets, Seoul and Tokyo settled in the positive territory, while Shanghai and Hong Kong ended lower.

European markets were trading in the negative territory. The US markets ended higher on Friday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 5,318.14 crore on Friday, according to exchange data.

"The market has entered a zone of steady but mild up-move caused by the accumulation of quality large-caps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.14 per cent to USD 77.04 a barrel.

Gross GST collections in August grew 10 per cent to about Rs 1.75 lakh crore, reflecting higher domestic consumption.
Source: PTI
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