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  1. NIFTY50 extends its winning streak for the tenth consecutive session, hits new all-time high

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NIFTY50 extends its winning streak for the tenth consecutive session, hits new all-time high

Upstox

3 min read | Updated on August 28, 2024, 16:50 IST

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SUMMARY

The NIFTY50 index shed about 78 points from its all-time high of 25,129.60 to end the day with marginal gains but above the 25,050 mark. Nifty IT and Pharma saved the day for investors, while banking stocks weighed on the index. The broader markets underperformed the frontline indices to end in red.

NIFTY50 extends its winning streak for the tenth consecutive session, hits new all-time high

NIFTY50 extends its winning streak for the tenth consecutive session, hits new all-time high

On Wednesday, NIFTY50 surpassed its prior all-time high of 25,078.30, which was hit earlier this month. The NIFTY50 crossed the level of 25,100 for the first time. However, as seen in the last trading session, profit booking emerged at higher levels, giving up its gains to end the day marginally higher by 0.14% at the 25,052.35 level. The NIFTY50 continued its winning streak for the tenth consecutive session, marking its best winning streak in nearly four years. The SENSEX, on an intraday basis, reclaimed its important psychological mark of 82,000. However, by the end of the day, it settled below the 81,800-mark with gains of 0.09%.

On the daily chart, the NIFTY50 index has formed a high-wave-like candle with a probable bearish divergence in RSI, which indicates waning momentum.

IT and Pharmaceutical stocks played a crucial role in helping the NIFTY50 index to close at a record high and extend its winning streak. Both Nifty IT (+1.64%) and Nifty Pharma (+1.14%) hit a fresh all-time high in today’s trade. Nifty Pharma logged its best single-day performance since August 7. On the other hand, Nifty Bank underperformed, ending the day down by 0.26%. A similar trend was observed in the broader markets, with both the Nifty Midcap 100 and Smallcap 100 indices ending in red.

Top Gainers & Losers

In the NIFTY50 space, 21 stocks advanced, and 29 stocks declined. LTI Mindtree (+6.31%), Wipro (+3.71%), Divi’s Lab (+2.71%), Bharti Airtel (+2.05%), and Infosys (+1.99%) were the top gainers. Laggards included Maruti Suzuki (-1.34%), Asian Paints (-1.33%), Adani Enterprise (-1.27%), Shriram Finance (-1.17%), and Britannia (-1.13%).

Index Movers

Coming to the NIFTY50 index pullers and draggers, Infosys (+30.97 pts), Bharti Airtel (+18.91 pts), LTI Mindtree (+7.54 pts), Sun Pharma (+6.69 pts) and Wipro (+6.13 pts) were the pullers of the day. Draggers included ICICI Bank (-8.52 pts), Axis Bank (-7.3 pts), SBI (-6.9 pts), Kotak Bank (-5.44 pts), and Maruti (-4.99 pts).

Broader indices

Today, the broader market ended the day in the red. The Nifty Midcap 100 marginally declined by -0.12%, and the Nifty Smallcap 100 index closed marginally down by -0.07%. Market breadth was weak on Wednesday as the declining stocks outnumbered the advancing stocks.

Sectoral Indices

Most of the sectoral indices closed in the red today. The top three gainers were Nifty IT (+1.64%), Nifty Healthcare (+1.20%), and Nifty Pharma (+1.14%). The top losers were Nifty Media (-1.41%), Nifty PSU Bank (-0.45%) and Nifty FMCG (-0.42%).

Asian Markets

On Wednesday, the Asian indices ended on a mixed note. Japan’s Nikkei 225 gained by +0.22%, and the Kospi ended marginally up by +0.02%. On the flipside, the Hang Seng index closed down by -1.03%, and Shanghai finished lower by -0.40%.

As of 3:42 PM, The Dow Jones futures were trading flat +3 points at 41,359.

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