Market Hits Fresh Record High; Reliance Industries to Consider Bonus Share Issue

Indian benchmark indices continued their upward momentum, closing at fresh record highs on August 29. The rally was largely driven by heavyweights, particularly Reliance Industries, which announced plans to consider a bonus share issue on September 5.

• Sensex: Up 349.05 points or 0.43%, closing at 82,134.61.
• Nifty: Up 99.60 points or 0.40%, finishing at 25,152.00.

Top Movers: Bajaj Finserv and Tata Motors Lead Gains

• Top Gainers: Bajaj Finserv, Bajaj Finance, Tata Motors, Britannia Industries, BPCL.
• Top Losers: Grasim Industries, M&M, JSW Steel, Kotak Mahindra Bank, Dr. Reddy’s Laboratories.

Sectoral Performance: Auto, Oil & Gas Shine; Metals and Pharma See Correction

• Gainers: Auto, Oil & Gas, Telecom, IT, FMCG sectors rose between 0.5% to 1%.
• Losers: Capital Goods, Pharma, Media, Metal, and Power sectors declined by 0.3% to 0.7%.

Broader Market: Midcap and Smallcap Indices Underperform

• BSE Midcap Index: Shed 0.3%.
• BSE Smallcap Index: Down by 0.7%.
• Stocks at 52-Week High: Nearly 300 stocks, including Bajaj Finserv, Bh arti Airtel, Sun Pharma, Whirlpool, and others, hit new 52-week highs on the BSE.

Technical Analysis: Nifty Expected to Target 25,250

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas:
Gedia notes that the Nifty witnessed a volatile trading day, closing positively with a gain of around 100 points. He expects momentum to continue towards 25,250, with a crucial support zone at 25,000-24,970. Divergence in the momentum indicators could lead to more range-bound trading in the short term.

Bank Nifty Outlook:
The Bank Nifty remained within its recent trading range. A breach above 51,400 could trigger a move towards 51,900, while 51,000 remains a key support level.

Aditya Gaggar, Director of Progressive Shares:
Gaggar highlighted that Indian equities saw a typical expiry day with the index swinging in both directions before ending higher. FMCG and Energy sectors outperformed, while Metals and Pharma faced corrections. He anticipates the Nifty to move towards 25,370, with downside support at 25,000.