Frontline indices, the Sensex and Nifty, marked a second consecutive day of positive closure, buoyed by notable advancements in heavyweight stocks such as HDFC Bank, Larsen and Toubro, and Tata Steel. Nonetheless, the upturn was limited by declines in the shares of Reliance Industries (RIL), Bharti Airtel, and ICICI Bank.
Global markets experienced an encouraging upswing, with significant gains across major European and Asian exchanges, following China’s unveiling of measures aimed at bolstering market sentiment, including reductions in trading stamp duty and constraints on new listings.
Despite these global tailwinds, the domestic market benchmarks remained bound within a narrow range due to the lack of decisive catalysts. In the context of Reliance Industries, the conglomerate’s heavy presence on the index suffered its fourth consecutive session of decline. The market disappointment stemmed from RIL Chairman Mukesh Ambani’s omission of specific timelines for the much-anticipated telecom and retail IPOs during the company’s 46th Annual General Meeting (AGM). Consequently, Reliance Industries’ shares concluded the day with a 0.91% dip at ₹2,420.25 on BSE.
Interestingly, Jio Financial Services (JFSL) counteracted this trend, surging by an impressive 4.72%. However, JFSL will be excluded from Sensex, Nifty, and other indices effective September 1, in line with exchange regulations.
Stock market’s day in summary
Kicking off with a gain of 205 points at 65,201.35 compared to the previous close of 64,996.60, Sensex displayed initial promise but struggled to sustain momentum as it fluctuated within a range. The index reached an intraday high of 65,229.03, marking a 232-point surge during the session. Simultaneously, Nifty50 reached its own intraday peak of 19,377.90.
Notable Nifty Performances
Within the Nifty index, a total of 37 stocks concluded in the green. JFSL, UPL, Hindalco, Tata Steel, and Hero MotoCorp emerged as the top gainers, driving the positive trend. Conversely, Bharti Airtel, Hindustan Unilever, Reliance Industries, Dr. Reddy’s Labs, and Axis Bank faced losses, earning them the top positions among the index’s decliners.
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