Winning Bizness Desk
Mumbai. The Indian stock market witnessed a mixed session as the Nifty 50 index achieved a historic 14th consecutive day of gains, while the Sensex, another key market index, experienced a minor setback. On September 3, the Sensex closed 4 points lower at 82,555, ending a 10-day winning streak that had seen the index surge to record highs.
This decline in the Sensex followed an all-time high of 82,725 points, reached on September 2. On that day, despite pulling back slightly, the index still managed to close with a significant gain of 194 points, settling at 82,559. The modest decline on September 3 marked the first dip after a robust period of growth, reflecting some profit-taking by investors. The performance of the Sensex was in contrast to the Nifty 50, which continued its upward trajectory, closing at 25,279 points, albeit with a minimal gain of just 1 point. The Nifty's 14-day streak is unprecedented in the index's history, surpassing previous records set in 2007, when it had 11 consecutive days of gains.
The slight pullback in Sensex comes amid mixed signals from global markets and sector-specific fluctuations. While certain heavyweight stocks like HDFC Bank, ITC, and Reliance Industries offered support, others, including Infosys, ICICI Bank, and Bajaj Finance, exerted downward pressure. In broader market news, Premier Energies Limited made a strong debut with its shares listing at a 120% premium to the issue price. Meanwhile, anticipation is building for the upcoming IPO of Bajaj Housing Finance, which is set to open on September 9. The IPO is expected to raise ₹6,560 crore, with shares priced between ₹66 and ₹70. The Indian stock market continues to showcase resilience, with the Nifty setting new records and the Sensex remaining near its peak levels, reflecting underlying investor confidence despite short-term fluctuations.
IT and Financial Services Struggle
The Information Technology (IT) sector, which includes giants like Infosys and Tata Consultancy Services (TCS), faced some pressure during the session. Concerns over global economic trends, particularly in the U.S. and European markets, where these companies derive a significant portion of their revenue, contributed to this downturn. Both Infosys and TCS saw declines, which pulled the broader indices down. The financial services sector also experienced a mixed performance. While ICICI Bank and Bajaj Finance recorded some losses, other players like HDFC Bank managed to offer some support. ICICI Bank, one of the key components of both Nifty and Sensex, saw its shares dip, adding to the downward pressure on the indices.
Mixed Trends in Consumer Goods and Energy
In the consumer goods sector, market heavyweight ITC performed positively, contributing to the stability of the indices. The company's strong market position in the FMCG sector continues to attract investor interest The energy sector also saw mixed results. Reliance Industries, a major player in the oil and telecommunications sectors, managed to post gains, helping to offset some of the losses in other sectors. Power Grid Corporation and NTPC also provided some support within the energy sector, contributing to the market's overall resilience.
Pharmaceuticals and Industrials Show Strength
The pharmaceutical sector was one of the bright spots in the market. Sun Pharma, a leading pharmaceutical company, saw gains, reflecting investor confidence in the sector's growth potential amid ongoing global health concerns. Industrials also showed strength, with companies like Larsen & Toubro (L&T) performing well. The sector's positive performance is tied to ongoing infrastructure projects and government spending, which have bolstered investor sentiment.
