Market at New All-Time High, RIL Bonus News Fuels Rally

Mumbai: Market benchmarks Sensex and Nifty-50 closed at new all-time high on last hour's rally in frontline stocks after Reliance Industries announced 1:1 bonus share issuance during the AGM held on Thursday.

The Sensex closed at 82,134 gaining 349.05 points or 0.43 per cent after touching 82,285.83. The Nifty-50 also closed at a new high of 25,151.95 up 99.60 points or 0.4 per cent after touching 23,192.90, a new all-time high.

It was an action packed day in the market with a large stake sales in Interglobe Aviation owner of Indigo Airline by one of the promoters Rakesh Gangwal and in PB Fintech, owner of Policybazaar, future and options expiry and AGM by two index heavy weights RIL and ICICI Bank.

The foreign portfolio investors were net buyers of equities worth Rs 3,259.56 crore while domestic institutions were net buyers too by Rs 2,690.85 crore.

"Indian equities witnessed a stereotypical expiry in Thursday's trade. During the day, Index was swinging on either side and finally ended the session higher. FMCG and Energy were the day's top performers while Metal corrected the most. After a stellar rally, the Pharma segment witnessed a minor pause in the form of profit booking. Broader markets underperformed the frontline index as Mid and Small Caps corrected over 0.40 per cent each," said Aditya Gaggar, director, of Progressive Shares.

"The action-packed August series ended with robust gains of over 3%, supported by eleven consecutive sessions of daily advances. With Thursday's strong close, prices have now surpassed the previous swing high. Therefore, the next sessions will be vital for determining the market's direction," said Rajesh Bhosale, Equity Technical Analyst, Angel One.