Stock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter

Stock market today: Sensex hit a fresh record high of 82,285.83, while the Nifty 50 scaled a fresh peak of 25,192.90 during the session. The Sensex finally closed 349 points, or 0.43 per cent, higher at 82,134.61. The Nifty 50 settled at 25,151.95, up 100 points, or 0.40 per cent.

Nishant Kumar
Updated29 Aug 2024, 04:46 PM IST
Trade Now
Stock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter. Photo: Mint
Stock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter. Photo: Mint(Mint)

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, hit their fresh record highs on Thursday, August 29, led by select index heavyweights, including Reliance Industries, Tata Motors and ITC.

Major European markets were up with decent gains when the Sensex closed. However, among Asian peers, Korea's KOSPI, China's Shanghai Composite Index, and Japan's Nikkei ended in the red, following a decline of over one per cent in the Nasdaq overnight after Nvidia's quarterly earnings failed to impress investors.

According to a Reuters report, even though Nvidia’s third-quarter revenue forecast of $32.5 billion exceeded Wall Street’s expectations, its second-quarter revenue beat analysts' predictions by the smallest margin in six quarters.

Sensex hit a fresh record high of 82,285.83, while the Nifty 50 scaled a fresh peak of 25,192.90 during the session.

The Sensex finally closed 349 points, or 0.43 per cent, higher at 82,134.61. The Nifty 50 settled at 25,151.95, up 100 points, or 0.40 per cent. Both indices ended at their fresh closing highs.

The BSE Midcap index slipped 0.27 per cent, while the Smallcap index dropped 0.72 per cent.

Shares of Tata Motors, Bajaj Finserv and Britannia ended as the top gainers in the Nifty 50 index. On the flip side, shares of Grasim, Mahindra and Mahindra and JSW Steel ended as the top losers in the index. 28 stocks closed with gains, and the remaining 22 ended with losses in the Nifty pack.

Also Read | Top Gainers and Losers today on 29 August, 2024: Tata Motors, Bajaj Finserv, Grasim Industries, Mahindra & Mahindra among most active stocks; Check full list here

What drove the Indian stock market today?

Domestic market benchmarks clocked decent gains due to gains in select heavyweights, while the mid and small-cap indices ended lower amid mixed global cues and a lack of fresh triggers back home.

Reliance Industries was the biggest contributor to the gains in the key indices, which ended with a gain of 1.51 per cent at 3,040.85 after it announced a 1:1 bonus issue.

In its Annual General Meeting (AGM), the company revealed its future growth plans across business segments, which were cheered by the market.

Track Reliance AGM 2024 Live Updates Here

“Markets were back in action on the expiry day after range-bound sessions, as benchmark indices hit fresh intra-day lifetime highs led by gains in Reliance Industries, which announced a 1:1 bonus issue. Markets were volatile and had slipped into the red in mid-session, but rebounded in late trades as investors cheered the bonus issue announcement by RIL in its AGM, which led to buying action in other select frontline stocks,” said Prashanth Tapse, Senior VP (of Research), Mehta Equities.

Also Read | From Jio Brain to AI-Cloud, a look at tech announcements made at RIL AGM 2024

Apart from Reliance, ITC, Tata Motors, and Bajaj Finance also appeared among the top contributors to the gains in the indices.

Trading in Tata Motors' differential voting rights (DVR) shares will not be possible now as it was stopped after market hours on Thursday, August 29. The DVR shares, listed since 2008, will be converted into ordinary shares. For every 10 DVR shares, investors will receive seven ordinary shares.

The Nifty 50 has been in the green for 11 consecutive sessions, gaining 4.2 per cent overall.

Also Read | Indian stock market: Nifty 50 near record high; time to buy more or book profit?

The market's medium—to long-term outlook remains bright due to the prospects of strong economic growth and a massive influx of retail investors. However, experts believe stretched valuations can keep the upside capped. Moreover, the market seems to have most triggers, such as a Fed rate cut in September, which may also limit its upside in the near term.

"While many positives, such as robust domestic macro, sustained earnings growth, and political stability, have already been factored into current Indian market valuations, strong retail participation in Indian markets—directly and via mutual funds—with SIP figures crossing 20,000 crore continues to act as a positive trigger for our markets," according to Jyoti Vaswani, the chief investment officer (CIO) of Canara HSBC Life Insurance.

It was the expiry day of the August futures and options (F&O) series. The Nifty 50 gained 3 per cent in this series.

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 has undergone a brief consolidation breakout. The RSI is in a bullish crossover, indicating strong price momentum. In the short term, the index might move towards 25,300, with support at 25,000.

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:29 Aug 2024, 04:46 PM IST
Business NewsMarketsStock MarketsStock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter

Most Active Stocks

Bandhan Bank share price

211.00
03:51 PM | 11 OCT 2024
23.25 (12.38%)

Tata Steel share price

160.70
03:51 PM | 11 OCT 2024
1.05 (0.66%)

Axis Bank share price

1,174.25
03:29 PM | 11 OCT 2024
-9.5 (-0.8%)

Zee Entertainment Enterprises share price

130.10
03:55 PM | 11 OCT 2024
0.7 (0.54%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Cummins India share price

3,611.75
03:55 PM | 11 OCT 2024
-169.6 (-4.49%)

Star Health and Allied Insurance share price

547.85
03:59 PM | 11 OCT 2024
-19.35 (-3.41%)

Creditaccess Grameen share price

1,081.40
03:29 PM | 11 OCT 2024
-38 (-3.39%)

Jubilant Pharmova share price

1,146.15
03:55 PM | 11 OCT 2024
-37.65 (-3.18%)
More from Top Losers

Nippon Life share price

700.85
03:53 PM | 11 OCT 2024
59.15 (9.22%)

Network 18 Media & Investments share price

81.44
03:52 PM | 11 OCT 2024
5.16 (6.76%)

Sonata Software share price

608.50
03:42 PM | 11 OCT 2024
36.1 (6.31%)

Triveni Turbines share price

790.10
03:29 PM | 11 OCT 2024
45.85 (6.16%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    77,425.00780.00
    Chennai
    77,431.00780.00
    Delhi
    77,583.00780.00
    Kolkata
    77,435.00780.00

    Fuel Price

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

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts