Indian stock markets experienced a notable rally on Monday, September 2, 2024, with the benchmark Nifty 50 continuing its impressive performance for the 13th consecutive session. The index achieved a fresh record high, closing at 25,278.70, up by 43 points or 0.17%. This upward trend was primarily driven by significant gains in shares of major companies such as ITC, Bajaj Finance, Infosys, Reliance, and HCL Tech.

Market Performance and Key Indices:

Nifty 50 and Sensex both reached new record highs during the session. The Nifty 50 hit a peak of 25,333.65, while the Sensex reached 82,725.28. By the end of the trading session, the Sensex closed at 82,559.84, marking an increase of 194 points or 0.24%.

Despite these gains, the overall market sentiment was somewhat restrained due to weak global cues. European markets, including the UK's FTSE, France's CAC, and Germany's DAX, were trading in the red at the close of the Nifty 50 session. Asian indices also showed mixed results, with the Hang Seng and Shanghai Composite Index falling up to 2%, while the Kospi and Nikkei experienced mild gains.

Sectoral Highlights:

Top Performers: Shares of Bajaj Finserv, Bajaj Finance, and HCL Tech emerged as the top gainers, contributing significantly to the Nifty 50’s record-setting performance.

Sector Performance: The rally was led by heavyweights in the market, although gains were capped by the broader global economic concerns.

Market Outlook:

The focus now shifts to US macro data, particularly the upcoming US jobs report, which is expected to influence market expectations regarding a potential rate cut by the US Federal Reserve. At present, the market is anticipating a 25 basis points rate cut.

Broader Market Trends:

Midcap and Smallcap Indices: Gains in the broader market were not as robust. The BSE Midcap index fell slightly by 0.03%, and the Smallcap index recorded a loss of 0.47%.

52-Week Highs: More than 330 stocks hit their fresh 52-week highs during intraday trade on the BSE. Notable mentions include TCS, Infosys, ITC, HCL Tech, Persistent Systems, Bharti Airtel, Bajaj Finserv, Bajaj Auto, Sun Pharma, Lupin, Cipla, and Divi's Labs.

Overall, the Indian stock market’s resilience in the face of global uncertainties underscores its robust domestic performance, driven by key sectoral leaders and ongoing investor optimism.

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