The Indian stock market witnessed a remarkable day of trading, with both the Sensex and Nifty 50 reaching record highs. The Nifty 50 extended its gaining streak for the eighth consecutive session, posting a record close for the sixth straight session. The market displayed strong bullish momentum, reflecting investor optimism and confidence in the ongoing rally.
The Nifty 50 index crossed the significant milestone of 19,500 points during intra-day trading, indicating the strong upward momentum and positive sentiment in the market. Meanwhile, the Midcap Index approached the 36,500 mark, showcasing the broad-based strength of the market.
In terms of numbers, the Sensex rose by 340 points to reach 65,786, while the Nifty 50 recorded a gain of 99 points, closing at 19,497. The Nifty Bank index gained 188 points, closing at 45,340, and the Midcap Index surged by 348 points, ending the day at 36,373. These record-breaking closing highs across the major indices highlight the overall bullishness and robust performance of the Indian stock market.
Notably, except for Eicher Motors, all Nifty stocks recorded gains in the last eight sessions, underscoring the broad-based nature of the market rally. In Thursday's session, as many as 14 Nifty stocks reached either a 52-week high or a record high, signifying the strength and upward trajectory of individual stocks.
However, Eicher Motors faced a decline for the third consecutive day, resulting in an erosion of Rs 11,200 crore from its market capitalization within three days. This decline raised concerns among investors and highlighted the volatility and challenges in certain sectors.
On the other hand, Bajaj Auto and Hero Moto continued their gaining streak, rising by 5-9 percent over the week. The auto sector, as a whole, witnessed positive performance, with the Auto Index hitting a record high. Stocks like M&M and Tata Motors contributed to the sector's rally.
Reliance Industries emerged as the top contributor to the Nifty 50, lifting the index by 43 points. The company's strong performance reflected its influence and positive impact on the broader market.
In specific stock-related news, MCX regained all the losses seen after the 63 Moons agreement renewal, surging by over 7 percent. Oil Marketing Companies (OMCs) also experienced substantial gains following positive brokerage notes, with stock prices rising by 2-4 percent. Hospital and diagnostic companies gained momentum, with stocks increasing by 1-4 percent on healthy volumes.
BSE witnessed a gain of more than 3 percent as the board approved a share buyback at ₹816 per share. This development boosted investor confidence and contributed to the market's upward trajectory.
Market breadth favored advances, with an advance-decline ratio of 3:2, indicating a predominantly positive sentiment among investors. Indian companies experienced a significant boost in their overall market value, reaching a record high of ₹302 lakh crore. This impressive surge amounted to an increase of ₹2 lakh crore on Thursday, highlighting the substantial growth and positive market sentiment.
In conclusion, the Indian stock market showcased remarkable strength and bullish momentum on Friday, with the Sensex and Nifty 50 ending at record highs. The Nifty 50's eight-day gaining streak, along with several stocks reaching new highs, indicates the positive sentiment and investor confidence in the market. However, certain stocks faced challenges and volatility, underlining the importance of careful analysis and monitoring of individual sectors. Investors are advised to stay updated on market trends & news to make wise and well-informed investment decisions.