Reliance Industries
India’s equity benchmarks reached record highs on Thursday, driven by gains in Reliance Industries, which announced plans to accelerate AI adoption and issue bonus shares.
Both the NSE Nifty 50 and the S&P BSE Sensex climbed approximately 0.6% to achieve all-time highs before slightly trimming gains to close 0.4% higher at record levels.
The Nifty 50 has experienced an 11-day winning streak, its longest since October 2007, gaining around 4% during this period.
India’s markets have been among the top performers globally this year, buoyed by substantial domestic investments, a strong economic outlook, and positive earnings reports.
“The momentum in Indian markets will persist as long as liquidity remains strong. Investors are taking advantage of every dip to capitalize on the upward trend,” said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.
Reliance Industries, the second-largest stock in the Nifty 50, rose by 1.51% after announcing plans to consider a bonus share issue at its board meeting on September 5. Chairman Mukesh Ambani revealed that the company would launch a suite of AI tools and platforms while expanding its green energy manufacturing ecosystem.
Bajaj Finance and its parent company, Bajaj Finserv, both saw gains of around 2.5% following reports that Bajaj Finance’s mortgage lending arm might be listed in early September.
Eight of the 13 major sectors recorded gains, with financial services and IT, the Nifty 50’s largest sectors, rising about 0.25% and 0.5%, respectively.
However, the broader small- and mid-cap segments, which are more focused on the domestic market, fell by about 0.5% each, underperforming the main indexes.
“Investors should be cautious with small- and mid-cap stocks, where valuations do not align with fundamentals,” warned Dasgupta.
