Indian benchmark indices extended the previous session's gains to end at fresh record high on August 29, led by heavyweights including Reliance Industries after the company announced to consider bonus share issue on September 5.
At close, the Sensex was up 349.05 points or 0.43 percent at 82,134.61, and the Nifty was up 99.60 points or 0.40 percent at 25,152.
Biggest Nifty gainers were Bajaj Finserv, Bajaj Finance, Tata Motors, Britannia Industries and BPCL, while losers included Grasim Industries, M&M, JSW Steel, Kotak Mahindra Bank, and Dr Reddy's Laboratories.
BSE Midcap index shed 0.3 percent and Smallcap index was down 0.7 percent.
On the sectoral front, auto, oil & gas, telecom, IT and FMCG rose 0.5-1 percent, while capital goods, pharma media, metal, power were down 0.3-0.7 percent.
Also Read - Reliance Industries bonus issue sentimentally positive for RIL shares, analysts see 15% upside
Nearly 300 stocks touched their 52-high on the BSE, including, Bajaj Finserv, Bharti Airtel, Sun Pharma, Whirlpool, HPCL, L&T Technology, Persistent Systems, Godrej Industries, Oil India, Voltas, Colgate Palmolive, Alkem Lab, Abbott India, Pokarna, Genesys International, Gokul Agro, Ram Ratna Wires, Gujarat State Petro, PNB Housing Finance, Concord Biotech, Godfrey Phillip, Genus Power, among others. Click to view full list
Outlook for August 30
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened on a flat note and witnessed a volatile day of trade today. It closed the day on a positive note up ~100 points. On the daily charts we can observe that the Nifty has been inching higher on account of sector rotation. We expect the momentum to continue towards 25250. On the downside crucial support zone is placed at 25000 – 24970. Divergence among the daily and hourly time frame momentum indicator can lead to some more range-bound price action.
The Bank Nifty traded within the range of the previous couple of trading sessions. A breach above 51400 can lead to an upmove towards 51900 and on the downside 51000 remains a crucial support zone. Overall, until we get decisive evidence of a trend reversal we shall continue to ride the upmove.
Aditya Gaggar Director of Progressive Shares
Indian equities witnessed a stereotypical expiry in today's trade. During the day, Index was swinging on either sides and finally ended the session higher at 25,151.95 with gains of 99.60 points. FMCG and Energy were the day's top performers while Metal corrected the most. After a stellar rally, the Pharma segment witnessed a minor pause in the form of profit booking.
Broader markets underperformed the Frontline Index as Mid and Smallcaps corrected over 0.40% each. With a strong bullish candle, the Index has given a convincing close above 25,100 which portrays continuation of the move and the next potential target comes at 25,370 while the downside seems to be protected at 25,000.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
