Nifty Hits 13-Day Winning Streak, Mid and Smallcap Indices Underperform

On September 2, the Indian stock market continued its record-breaking streak, with the Nifty closing higher for the 13th consecutive session. The BSE Sensex rose by 194.07 points, or 0.24%, to close at 82,559.84, while the Nifty gained 42.80 points, or 0.17%, to end at 25,278.70. Both indices also touched fresh all-time highs during the day, with the Sensex reaching 82,725.28 and the Nifty hitting 25,333.65.

Top Gainers and Losers of the Day

Among the Nifty’s top gainers were Bajaj Finserv, Bajaj Finance, HCL Technologies, Bajaj Auto, and Hero MotoCorp. On the flip side, Grasim Industries, Kotak Mahindra Bank, Adani Enterprises, Coal India, and Nestle India emerged as the top losers.

Sectoral Performance: Banks, FMCG, and IT Lead

Sectoral indices saw mixed performance, with banking, FMCG, and IT sectors leading the gains. Other sectors, including capital goods, metal, healthcare, telecom, and media, ended in the red, losing 0.4-1.6%.

Mid and Smallcap Indices: Mixed Performance

The BSE midcap index reached a fresh record high but ended the session flat, while the smallcap index fell by 0.5%. Despite the mixed performance, over 300 stocks hit their 52-week highs, including Bajaj Finserv, HCL Technologies, Infosys, and Sun Pharma.

Technical Analysis: Nifty’s Path Forward

Despite the bullish sentiment, the Nifty failed to surpass its opening high after a positive start. Heavy call writing at the 25,300 strike suggests that this level may act as a hurdle in the short term. The index must close above 25,300 to continue its upward momentum toward the 25,500 mark, with strong support at 25,000.

Bank Nifty: A Consolidative Session

The Bank Nifty gained 89 points to close at 51,440, showing a consolidative trend. The index formed a bearish candlestick on the daily charts but remained supported above the 51,250 level. A breakout above this zone could lead to further gains towards 52,000.

Investor Activity: FIIs and DIIs Net Buyers

Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were net buyers in the market. FIIs bought shares worth ₹1,735 crore, while DIIs net purchased shares worth ₹356 crore. Despite global concerns, domestic institutions continue to support the market.

Global Market Impact on Indian Indices

Global market trends, particularly the contraction in Chinese factory activity and mixed Asian shares, influenced the cautious sentiment on Dalal Street. European stocks also retreated from record highs due to disappointing regional data and renewed political uncertainty in Germany.