The stock market today saw a strong start as benchmark indices, Nifty and Sensex, reached new highs for the fifth consecutive session on September 2. This positive momentum was driven by favorable cues from the US and Asian markets, which also closed higher.
By 9:20 am, the Sensex rose by 224.82 points (0.27%) to 82,590.59, while the Nifty climbed by 76.40 points (0.30%) to 25,312.30. The market breadth was positive with 1,932 shares advancing, 1,082 declining, and 141 remaining unchanged.
Public sector units (PSUs) like Railtel, SJVN, NHPC, and SEC were in focus after the Ministry of Finance upgraded them to ‘Navratna’ status on August 30. This status is awarded to government-owned companies with strong financial and market performance. Previously, these companies were classified under the ‘Miniratna’ category
The broader market, including midcap and smallcap stocks, showed strength as both indices gained 0.2%. Despite concerns over high valuations, these stocks have remained resilient and have outperformed the Nifty’s year-to-date gains.
Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 5,316 crore on August 30, while domestic institutional investors sold equities worth Rs 3,198 crore.
Sector-wise, Nifty IT extended its gains for the fifth session, with major contributions from Infosys, TCS, and HCL Tech. Nifty Energy was the top sectoral gainer, up by 0.5%. However, metal stocks fell as Adani Enterprises, JSW Steel, and Jindal Steel faced losses.
