The benchmark BSE Sensex surged for the 10th consecutive day on Monday, reaching a new all-time high of 82,559.84 points, driven by foreign fund inflows and a rally in US markets.
The Sensex rose by 194.07 points, or 0.24 percent, and peaked at 82,725.28 points during the trading day, marking its longest winning streak since September 2023.
The NSE Nifty also extended its winning run to 13 days, its longest streak in decades, climbing 42.80 points, or 0.17 percent, to close at a record high of 25,278.70 points.
It reached an intra-day peak of 25,333.65 points, with a 13-day rally amounting to 4.72 percent, or nearly 1,140 points. The Sensex has gained 2.65 percent, or 2,135.16 points, over its 10-day streak.
Traders attributed the gains to expectations of a potential interest rate cut by the US Federal Reserve and renewed foreign fund inflows. The rally was supported by strong performances in the FMCG, IT, and financial sectors, while metal and pharma stocks lagged.
Among Sensex constituents, Bajaj Finserv, Bajaj Finance, HCL Tech, IndusInd Bank, ITC, UltraTech Cement, Axis Bank, and Infosys were notable gainers. Conversely, Tata Motors, NTPC, Mahindra & Mahindra, Bharti Airtel, Larsen & Toubro, and Power Grid saw declines.
The Nifty's extended gains mark its longest winning run in decades, according to Deepak Jasani, Head of Retail Research at HDFC Securities. In contrast, the BSE smallcap index fell by 0.47 percent, and the midcap index declined by 0.03 percent.
Sector-wise, FMCG stocks jumped by 0.75 percent, financial services by 0.55 percent, IT by 0.37 percent, and bankex by 0.32 percent. However, commodities, consumer discretionary, telecommunication, metal, and services sectors faced declines.
A total of 332 stocks hit their 52-week highs, while 34 firms reached their 52-week lows on the BSE. Asian markets were mixed, with Seoul and Tokyo ending higher, while Shanghai and Hong Kong closed lower.
European markets were trading negatively, and US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) purchased equities worth Rs 5,318.14 crore on Friday. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the market's steady rise was driven by the accumulation of quality large-cap stocks and increased FIIs activity.
Global oil benchmark Brent crude edged up by 0.14 percent to USD 77.04 a barrel. Additionally, gross GST collections for August grew by 10 percent to approximately Rs 1.75 lakh crore, reflecting higher domestic consumption.
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