August 30, 2024
New Delhi, India
Stock Market Today
Indian stock indices Sensex and Nifty ended at all-time highs for the second consecutive day on Friday, driven by positive cues from regional markets and U.S. economic data that eased growth concerns.
Key Market Highlights:
- Sensex Performance: Closed 231.16 points higher, up 0.28%, at 82,365.77. Hit an all-time high of 82,637.03 during intra-day trading.
- Nifty 50 Performance: Closed at 25,235.90, up 83.95 points or 0.33%, with an all-time high of 25,268.35 during the session.
Also Read: Moody’s Raises India’s GDP Growth Forecast to 7.2% for 2024
Top Gainers and Losers:
- Nifty Gainers: Cipla, Bajaj Finance, Mahindra & Mahindra, Divi’s Laboratories, NTPC (up to 2.23%)
- Nifty Losers: Grasim Industries, M&M, Eicher Motors, Hindalco, Adani Enterprises
- Sectoral Performance: Gains in IT, oil & gas, and FMCG sectors; losses in auto, capital goods, media, metal, and power sectors
Also Read: Premier Energies IPO Allotment Likely Today: How To Check Status?
Sectoral and Stock Performance
Broad Market Gains:
- Eleven out of thirteen major sectors logged gains, led by IT, oil & gas, and FMCG.
- Broader small-cap and mid-cap indices showed mixed performance, with small-caps up 0.5% and mid-caps down 0.5%.
Sectoral Indices:
- Gainers: IT, oil & gas, FMCG rallied strongly
- Losers: Auto, capital goods, media, metal, and power sectors declined by 0.5-1%.
Stock Market Momentum Ahead of GDP Data
The rally comes ahead of the Q1 FY25 GDP data release, with market sentiment buoyed by investor optimism and strong buying across sectors. Sensex and Nifty50 both recorded their highest-ever closing levels, marking a record close for the fourth consecutive session.
Nomura to Expand Wealth Management Team in Dubai, Hong Kong, and Singapore
Market Outlook:
With 41 out of 50 Nifty stocks and 21 out of 30 Sensex stocks ending in the green, the market appears bullish, driven by gains in blue-chip stocks such as Bharti Airtel, M&M, ICICI Bank, TCS, and Power Grid.
Stocks in Focus:
HDFC Bank, Reliance, Infosys, Tata Motors, and several others, including Sugar stocks, RVNL, ITI, Jai Corp, NBCC, SpiceJet, CDSL, LIC, and Lemon Tree, are stocks to watch as market momentum continues.
The Indian stock market has ended the week on a high note, with record-breaking performances in both the Sensex and Nifty, underscoring strong investor confidence and market resilience.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
