Nifty, Sensex reach record highs on strong IT & FMCG rally

The domestic share market indices surged to fresh record highs on Thursday, driven by gains in major stocks such as Reliance Industries, which revealed plans to discuss a potential bonus share issue on September 5.At close, the Sensex was up 349.05 points or 0.43 percent at 82,134.61, and the Nifty was up 99.60 points or 0.40 percent at 25,151.95.
Following a subdued opening due to cautious guidance from US tech giant Nvidia, the Nifty and Sensex rebounded, reaching new all-time highs as IT and Bank stocks surged, marking the eleventh consecutive day of gains.
Bajaj Finserv, Bajaj Finance, Tata Motors, Britannia Industries and BPCL were the top gainers on the Nifty, while losers included Grasim Industries, M&M, JSW Steel, Kotak Mahindra Bank, and Dr Reddy's Laboratories.
On the sectoral front, auto, oil & gas, telecom, IT and FMCG rose 0.5-1 percent, while capital goods, pharma media, metal, power were down 0.3-0.7 percent. BSE Midcap index shed 0.3 percent and Smallcap index was down 0.7 percent.
Rupee Close:
On 29th Aug'24,the The rupee appreciated 10 paise to close at 83.87 against the American currency on Thursday,supported by easing crude oil prices and a firm trend in domestic equities.Forex traders reportedly stated the market is awaiting cues from the U.S. GDP and the U.S. Personal Consumption Expenditure (PCE) inflation data, as this data point is crucial since it could sway the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting.
Trading Guide:
Market experts have recommended three stocks to buy today, Engineers India, IndusInd Bank, and Wipro.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)