RIL boosts shares to record, Nifty logs longest gaining streak in 17 yrs

The NSE Nifty 50 and the S&P BSE Sensex both rose about 0.6% to hit all-time highs, before trimming some gains to settle up 0.4% at record closing levels

India's equity benchmarks hit record highs on Thursday, boosted by heavyweight conglomerate Reliance Industries, which plans to step up the adoption of AI and issue bonus shares.

The NSE Nifty 50 and the S&P BSE Sensex both rose about 0.6 per cent to hit all-time highs, before trimming some gains to settle up 0.4 per cent at record closing levels.

The Nifty 50 has risen for 11 consecutive sessions, adding about 4 per cent to post its longest winning streak since October 2007.

Indian markets are among the top performers globally this year, helped by hefty domestic inflows amid a robust economic and earnings outlook.

"The party will continue in Indian markets as long as liquidity continues to be supportive. Investors are resorting to buying every dip, to benefit from the upward momentum," Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors said.

Reliance Industries, Nifty 50's second heaviest stock, rose 1.51 per cent after the company said it will consider a bonus share issue at its board meeting on Sept. 5.

Reliance Chairman Mukesh Ambani said the company will launch a suite of AI tools and platforms and boost its green energy manufacturing ecosystem.

Non-bank lender Bajaj Finance and its holding company Bajaj Finserv both rose about 2.5 per cent after media reports the mortgage lending arm of Bajaj Finance is likely to list in the first half of September.

Eight of the 13 major sectors logged gains. Financial services and IT, the heaviest sectors in the Nifty 50, rose about 0.25 per cent and 0.5 per cent, respectively.

The broader, more domestically focussed small- and mid-caps fell about 0.5 per cent each, underperforming the benchmarks.

"Investors should exercise caution in small- and mid-caps, where valuations are out-of-sync with fundamentals," Esquire Capital's Dasgupta said.
 

Market regulator Sebi okays IIHL’s acquisition of Invesco’s PMS business
 

Sebi has approved the acquisition of Invesco AMC’s portfolio management services (PMS) business by IndusInd International Holdings Limited (IIHL), according to people in the know. 

The 60 per cent acquisition of the overall AMC now awaits the regulator’s go-ahead for grant of sponsor approval to IIHL. The transaction has already received approval from the Competition Commission of India. Last week, the Reserve Bank of India had given its go-ahead to IndusInd Bank to set up a mutual fund asset management business.  

-BS Reporter