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  5. Markets continue winning streak for 13th consecutive day; SENSEX and NIFTY50 close 0.2% on Monday

Market News

Markets continue winning streak for 13th consecutive day; SENSEX and NIFTY50 close 0.2% on Monday

Upstox
By Upstox News Desk

2 min read | Updated on September 02, 2024, 16:29 IST

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SUMMARY

ITC and Bajaj Finance played a crucial role in helping NIFTY50 extend its record run. India VIX gained 5% to close above the 14-mark. The broader market indices ended in red, which led to a weak market breadth. On the daily chart, the NIFTY50 index formed a bearish reversal pattern, however, confirmation in the subsequent trading session is required to validate this pattern.

Stock list

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Indian equity market continues to shine as NIFTY50 and SENSEX end at record highs, India VIX gained 5%

Indian equity market continues to shine as NIFTY50 and SENSEX end at record highs, India VIX gained 5%

Despite paring some of their early morning gains, both the frontline indices ended the first trading session of September at a record high. The NIFTY50 closed higher for the 13th consecutive session up by 0.17%, while SENSEX extended its rally for the 9th day in a row, ending higher by 0.24%. Bajaj Twins gained over 3% on Monday ahead of the Bajaj Housing IPO. Meanwhile, ITC closed at a fresh record high and emerged as the top contributor in the NIFTY50 index. The volatility index, India VIX surged 5% to end above the level of 14.

The surge in volatility resulted in discomfort among the market participants and this was evident as broader market indices concluded lower. The Nifty Midcap 100 and Smallcap 100, fell by 0.23% and 0.33%, respectively.

Top Gainers & Losers

In the NIFTY50 space, 27 stocks advanced, and 23 stocks declined. Bajaj Finserv (+3.31%), Bajaj Finance (+3.05%), HCL Tech (+2.67%), Hero MotoCorp (+2.19%), and SBI Life (+2.01%) were the top gainers. Laggards included Hindalco Industries (-2.55%), Dr Reddy’s (-2.32%), Tata Motors (-1.65%), NTPC (-1.45%), and ONGC (-1.35%).

Index Movers

Coming to the NIFTY50 index pullers and draggers, ITC (+16.56 pts), Bajaj Finance (+13.81 pts), Infosys (+12.87 pts), Reliance Industries (+11.56 pts) and HCL Tech (+11.16 pts) were the pullers of the day. Draggers included HDFC Bank (-18.51 pts), Tata Motors (-8.68 pts), Bharti Airtel (-7.42 pts), L&T (-7.08 pts), and NTPC (-6.48 pts).

Broader indices

Today, the broader markets ended the day in red. The Nifty Midcap 100 declined by -0.23%, and the Nifty Smallcap 100 index closed down by -0.33%. Market breadth was weak on Monday as the declining stocks outnumbered the advancing stocks.

Sectoral Indices

On Monday, the sectoral indices closed the day on a mixed note. The top three gainers were Nifty FMCG (+0.82%), Nifty PSU Bank (+0.51%), and Nifty IT (+0.44%). The top three losers were Nifty Metal (-1.04%), Nifty Pharma (-0.99%) and Nifty Healthcare (-0.71%).

Asian Markets

On Monday, Asian indices closed in on a mixed note. Japan’s Nikkei 225 ended up by +0.14%, and the Kospi gained by +0.25% while Shanghai slipped -1.10% and the Hang Seng index declined the most, down by -1.65%.

As of 3:39 PM, The Dow Jones futures were trading lower by -48 points at 41,605.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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