On Friday, August 9, 2024, the Indian stock market experienced significant bullish activity, with both benchmark indices showing strong gains. The BSE Sensex surged by 789 points, reaching a new high of 79,675, while the Nifty50 climbed 0.98% or 235 points to settle at 24,352 levels.
Market Highlights
Sensex Performance: The Sensex saw a notable rise, driven predominantly by gains in IT stocks. Major IT players such as Tech Mahindra, Infosys, TCS, and HCL Tech each recorded gains of approximately 2%, contributing to the index’s robust performance.
Nifty50 Movement: The Nifty50 index also showed positive momentum, with significant contributions from Eicher Motors, ONGC, Tata Motors, and Tech Mahindra. However, HDFC Life lagged behind, not contributing to the overall positive sentiment.
Broader Markets: The broader market indices performed well, with the MidCap index increasing by 0.89% and the SmallCap index rising by 0.90%. This indicates widespread investor confidence beyond the large-cap stocks.
Sector Performance: All major sector indices were trading in the green. Notable performers included Nifty IT, Nifty Metal, Nifty Auto, and Nifty Oil and Gas, reflecting strength across various sectors.
Systematic Investment Plans (SIPs) Surge
In a notable development, the total value of monthly Systematic Investment Plans (SIPs) in India crossed Rs 23,000 crore for the first time. This milestone underscores a growing trend among investors to consistently invest in mutual funds, signaling strong retail participation in the equity markets.
Conclusion
The Indian stock market’s robust performance on August 9, 2024, reflects strong investor sentiment, particularly in the IT and broader sectors. The rise in SIP contributions further indicates a positive outlook and sustained interest in long-term investments.
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