Stock market today: Nifty 50 hits fresh record high, remains in the green for 13th consecutive session

Stock market today: The Nifty 50 and the Sensex hit their fresh record highs of 25,333.65 and 82,725.28, respectively, during the session.

Nishant Kumar
Updated2 Sep 2024, 04:18 PM IST
Trade Now
Stock market today: Nifty 50 hits fresh record high, remains in the green for 13th consecutive session
Stock market today: Nifty 50 hits fresh record high, remains in the green for 13th consecutive session(Unsplash)

Stock market today: The upward march of the Indian stock market benchmark Nifty 50 continued for the 13th consecutive session as the index hit its fresh record high on Monday, September 2, despite weak global cues.

The domestic market benchmarks remained in the green on gains led by shares of select heavyweights such as ITC, Bajaj Finance, Infosys, Reliance and HCL Tech.

However, gains were capped amid weak global cues. Major European markets, such as the UK's FTSE, France's CAC and Germany's DAX, were in the red when the Nifty 50 closed. Among the Asian peers, Hang Seng and Shanghai Composite Index fell up to 2 per cent, while Kospi and Nikkei ended with mild gains.

The market's focus is now on US macro data, including the US jobs report this week, which will influence expectations about the US Fed rate cut this month. At the current juncture, the market has fairly discounted a 25 bps rate cut.

The Nifty 50 and the Sensex hit their fresh record highs of 25,333.65 and 82,725.28, respectively, during the session. The Nifty 50 finally closed 43 points, or 0.17 per cent, higher at 25,278.70, with shares of Bajaj Finserv, Bajaj Finance and HCL Tech as the top gainers.

Also Read | Top Gainers and Losers today on 2 September, 2024: Bajaj Finance, Bajaj Finserv, Hindalco Industries, Dr Reddys Laboratories among most active stocks; Check full list here

The Sensex closed 194 points, or 0.24 per cent, higher at 82,559.84. Gains were not broad-based as the mid and smallcap indices ended lower. The BSE Midcap index slipped 0.03 per cent, while the Smallcap index closed with a loss of 0.47 per cent.

“While key indices continued to be in a record-breaking spree on the back of selective buying in frontline stocks, several sectoral indices ended in red indicating that the bulls are beginning to lose steam. Investors would wait for the outcome of the key US jobs data to be released on Friday which will be key for interest rate decisions by the US Fed in the current month,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Over 330 stocks, including TCS, Infosys, ITC, HCL Tech, Persistent Systems, Bharti Airtel, Bajaj Finserv, Bajaj Auto, Sun Pharma, Lupin, Cipla and Divi's Labs, hit their fresh 52-week highs in intraday trade on BSE.

Also Read | Stocks at record high: TCS, Infosys, ITC...over 330 stocks hit 52-week highs

Due to mild gains in the Sensex and losses in the mid and small-cap segments, the overall market capitalisation (mcap) of the firms listed on the BSE saw a nominal rise to nearly 464.87 lakh crore from nearly 464.40 lakh crore in the previous session.

Among the sectoral indices, BSE Telecom (down 1.65 per cent), Metal (down 1.18 per cent) and Industrials (down 0.82 per cent) lost significantly.

On the NSE, Nifty Bank closed 0.17 per cent higher, while the PSU Bank and Private Bank indices rose 0.51 per cent and 0.25 per cent respectively.

"Markets are gradually inching higher each day, buoyed by favourable global cues and rotational buying in heavyweight stocks. However, the ongoing underperformance of banking majors continues to dampen sentiment. Given this scenario, we recommend aligning trades with the prevailing trend and seeking buying opportunities on market dips," said Ajit Mishra – SVP, Research, Religare Broking.

As the Nifty 50 has been rising for the last 13 sessions, experts see chances of a consolidation, which will be healthy for the market and offer investors the opportunity to initiate fresh longs.

Also Read | ‘If the market is so overpriced, why isn’t it declining?’

According to Rupak De, Senior Technical Analyst, LKP Securities, the Nifty 50 failed to surpass the opening high after a positive start.

"Heavy call writing was observed at the 25,300 strike, and overall, call writers significantly outnumbered put writers throughout the day. In the near term, the trend might remain sideways to negative as long as it stays below 25,300. On the lower end, however, the correction may be limited to 25,000, where significant put writing has been observed," said De.

"On the upside, we expect the Nifty 50 to target levels of 25,500. On the downside, the crucial support base is placed at 25,210 – 25,120 is the crucial support base where the key hourly moving averages are placed," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:2 Sep 2024, 04:18 PM IST
Business NewsMarketsStock MarketsStock market today: Nifty 50 hits fresh record high, remains in the green for 13th consecutive session

Most Active Stocks

Tata Steel share price

159.00
03:59 PM | 9 OCT 2024
-0.55 (-0.34%)

Indian Oil Corporation share price

164.75
03:58 PM | 9 OCT 2024
0.35 (0.21%)

Zee Entertainment Enterprises share price

128.90
03:58 PM | 9 OCT 2024
2.1 (1.66%)

Ashok Leyland share price

222.05
03:59 PM | 9 OCT 2024
-0.45 (-0.2%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Divis Laboratories share price

5,972.90
03:29 PM | 9 OCT 2024
425.9 (7.68%)

Lloyds Metals & Energy share price

982.00
03:29 PM | 9 OCT 2024
52.2 (5.61%)

Cipla share price

1,681.05
03:48 PM | 9 OCT 2024
40.45 (2.47%)

Infosys share price

1,953.90
03:50 PM | 9 OCT 2024
5.4 (0.28%)
More from 52 Week High

Bank Of Maharashtra share price

54.79
03:56 PM | 9 OCT 2024
-2.22 (-3.89%)

Vodafone Idea share price

9.19
03:58 PM | 9 OCT 2024
-0.31 (-3.26%)

ITC share price

491.80
03:55 PM | 9 OCT 2024
-16.1 (-3.17%)

Tata Communications share price

1,950.15
03:52 PM | 9 OCT 2024
-54.95 (-2.74%)
More from Top Losers

Gujarat Ambuja Exports share price

142.45
03:59 PM | 9 OCT 2024
12 (9.2%)

RITES share price

324.60
03:56 PM | 9 OCT 2024
24 (7.98%)

Divis Laboratories share price

5,972.90
03:29 PM | 9 OCT 2024
425.9 (7.68%)

Torrent Power share price

1,935.20
03:52 PM | 9 OCT 2024
118.05 (6.5%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,455.000.00
    Chennai
    77,461.000.00
    Delhi
    77,613.000.00
    Kolkata
    77,465.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.85/L0.10
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts