Indian equity markets in Mumbai closed on a strong note on Thursday, with the Nifty reaching around 25,150 and the Sensex closing at 82,134.61, up 349.05 points. The Nifty touched a fresh lifetime high at 25,174.55 and the Sensex also rose to 82,220.68 during the trading hours. Key movers on the NSE Nifty 50 included Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL, while laggards were Grasim, Mahindra & Mahindra, Dr Reddy’s Laboratories, JSW Steel, and HDFC Life Insurance.
The Nifty Midcap and Smallcap indices fell for the second session, while the Nifty Auto and FMCG indices reversed their two-session losing streaks. The Nifty Metal sector declined for the third consecutive session, led by Hindustan Zinc and JSW Steel, while the Nifty Pharma, despite hitting a record high, ended in the red. The Reliance Industries’ 47th AGM drew significant attention from the market, with Mukesh Ambani announcing a Rs 75,000 crore investment in New Energy. The company also announced a 1:1 bonus at the board meeting scheduled on September 5.
According to Ajit Mishra, SVP of Research at Religare Broking Ltd, Thursday’s market was a roller-coaster ride for participants, ultimately ending on a positive note. Nifty started flat but gradually moved higher in the first half, with sharp swings in the latter half keeping traders on their toes. Auto, FMCG, and energy emerged as the top gainers, while pharma and metal sectors saw some profit-taking. Vinnaayak Mehta, Founder & Managing Partner of The Infinity Group, believes that despite a possible short-term pullback, the overall upward momentum is likely to continue, potentially pushing Nifty and Sensex to even higher levels.
In the upcoming week, the markets will be focusing on 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%, with growth for Q1 expected at 7.1%. India’s GDP grew by an impressive 8.2% during the financial year 2023-24, making it the fastest-growing major economy. As the market continues to show signs of growth and resilience, investors and analysts are optimistic about the future trajectory of the Indian equity markets.
