7 points about Indian stock market's best winning streak in decades

Sept. 2, 2024, 5:52 a.m.

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The Indian benchmark equity indices – BSE Sensex and Nifty 50 – hit their fresh all-time high levels in early trade on Monday, September 2.

The BSE Sensex, a benchmark index of 30 leading companies, surged 359.51 points in early trading, hitting a new record high of 82,725.28. Concurrently, the NSE Nifty, another major index, climbed 97.75 points to reach a fresh all-time peak of 25,333.65.

At 11:15 am, Sensex was trading at 82,648.60, up 282.83 points, or 0.34 per cent, while Nifty was at 25,314.95, 79.05 points, or 0.31 per cent higher.

Continuing its rally for the ninth straight trading day on Friday (August 30), the BSE Sensex climbed 231.16 points, or 0.28 per cent, to close at an all-time high of 82,365.77.

In its longest winning streak since its inception in 1996, the NSE Nifty surged 83.95 points, or 0.33 per cent, to close at a new record high of 25,235.90, marking its 12th consecutive day of gains.

7 points of Indian stock market’s best winning streak in decades

Sensex and Nifty were trading higher, driven by foreign fund inflows and a positive performance in US markets.

Equity markets have been steadily rising due to growing expectations of interest rate reductions in the US and a surge in foreign investment.

3 - Market sentiment is positive, with Foreign Institutional Investors (FIIs) turning into buyers. According to exchange data, FIIs purchased equities worth Rs 5,318.14 crore on Friday.

4 - The Indian share market was on the rise, mirroring the upward trajectory of Wall Street stocks. The Dow Jones Industrial Average achieved a second consecutive all-time closing high on Friday.

5 - Investors are closely watching the US jobs report, which could determine whether the anticipated rate cut this month will be standard or larger than usual.

6 - The Indian stock markets are reaching new highs due to the expectation of an imminent US interest rate cut this month.

7 - Oil prices also continued to decline on Monday as investors weighed the impact of higher OPEC+ production from October against a significant drop in output from Libya as well as sluggish demand in China and the US, who are the world’s two largest oil consumers.

Advertisement On Monday, among the 30 Sensex companies, Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, Infosys, and Asian Paints experienced the most significant gains.

With inputs from agencies.