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    Home / News / Business News / Sensex, Nifty hit record highs amid IT, FMCG stocks surge
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    Sensex, Nifty hit record highs amid IT, FMCG stocks surge
    Indian stock market hits new highs

    Sensex, Nifty hit record highs amid IT, FMCG stocks surge

    By Akash Pandey
    Aug 29, 2024
    04:42 pm

    What's the story

    The benchmark indices Nifty and Sensex have reached new all-time highs today, marking their eleventh consecutive day of gains.

    This surge follows a minor blip in early trade due to weak guidance from US tech giant NVIDIA.

    By closing, the Sensex had risen by 349.05 points or 0.43% to 82,134.61 while the Nifty increased by 99.60 points or 0.40% to reach 25,152.

    Market recovery

    Broader market rebounds after initial dip

    The broader market experienced a turnaround after mid-small cap indexes saw a significant drop as investors cashed in their profits.

    These indexes were trading at 0.5% and 0.8%, respectively.

    Despite this, many market analysts believe that large-caps remain reasonably priced compared to mid-caps, where several stocks are trading at multiples significantly higher than their growth rates.

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    Sector performance

    IT, FMCG, and banking sectors lead market gains

    Out of the 13 sectoral indices, only Nifty FMCG, Nifty IT and Nifty Bank emerged as top gainers with up to 0.8% increase.

    This rise was primarily driven by gains in HCL Tech, TCS, and Tech Mahindra.

    On the other hand, Nifty Metal underperformed due to declines in Hindalco, Tata Steel, JSW Steel, and Vedanta, while Nifty Auto trailed behind led by Maruti Suzuki, M&M, and Tata Motors.

    The Pharma and Healthcare index also experienced a 0.4% dip each.

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    Stock surge

    Bajaj Finance and Finserv shares rise by 3%

    Shares of Bajaj Finance and Finserv rose by 3% amid reports that Bajaj Housing Finance may launch its initial public offering (IPO) as early as the first half of September 2024.

    The company is expected to raise ₹7,000 crore from this issue.

    Additionally, JM Financial's shares surged over 11% on high volumes with around three crore stocks changing hands on BSE and NSE combined against a one-month average trading volume of 69 lakh shares.

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    Index inclusion

    Bharat Electronics and Trent added to Nifty 50 index

    Bharat Electronics and Trent have been included in the benchmark Nifty 50 index, contributing to the positive market sentiment.

    The Index Maintenance Sub-Committee (Equity) of NSE Indices made this decision as part of their semi-annual review of broad market indices.

    Trent, with an average free-float market capitalization of ₹99,364 crore and Bharat Electronics (BEL), with an average free-float market capitalization of ₹89,317 crore, have been added to the Nifty 50 index effective from September 30.

    Done!
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