Nifty clocks longest winning streak of 2024, gains for eighth straight session

Closing Bell: The National Stock Exchange benchmark Nifty 50 index clocked its longest winning streak of the year after it rose for an eighth straight session on Monday, data from the National Stock Exchange showed. 

The Nifty 50 index surged above its crucial psychological level of 25,000 on the back of strong global cues after the Federal Reserve chair hinted at the possibility of an interest rate cut starting in September triggering much-awaited bullish sentiment for risk assets like equities globally.

The Bombay Stock Exchange’s 30-share Sensitive Index (Sensex) gained 611.90 points or 0.75 per cent to end at 81,698.11. Whereas Nifty gained 187.45 points or 0.76 per cent to settle at the mark of 25,010.60. 

On the first trading session of the week, strong buying was witnessed across sectors with Metal, IT, Consumer durables, and Real Estate leading the charge. Nifty’s Metal index surged as much as 2.18 per cent whereas the IT index gained 1.38 per cent on Monday. 

NSE’s all sectoral indices except PSU Bank, ended on a positive note while all the broader market indices except Nifty Microcap 250 gained on Monday. 

HCL Tech which surged 4.14 per cent ended as the top gainer on NSE followed by Hindalco which gained nearly 4 per cent and NTPC which inched up 3.15 per cent up. ONGC, Bajaj Finserve, Tech Mahindra, and JSW Steel were among the other key gainers on NSE. 

Out of Nifty’s 50 companies, 18 also ended in red led by Apollo Hospital which fell over 1.1 per cent. Hero Motocorp, Grasim, HDFC Life, and Eicher Motors were other top laggards in today’s trading session.