Share Market Highlights August 29, 2024: RIL to consider 1:1 bonus issue as markets hit new highs; Nifty rises for 11th day

Sensex, Nifty updates on 29 August 2024: On Thursday, India’s equity benchmarks surged to record highs, driven by the influential conglomerate Reliance Industries’ announcements of increased AI adoption and bonus share issuance. The NSE Nifty 50 and S&P BSE Sensex peaked at approximately 0.6%, settling up 0.4% at all-time highs. The Nifty 50 demonstrated an 11-session winning streak, delivering about a 4% increase and marking its lengthiest rally since October 2007. Indian markets have excelled globally, benefiting from substantial domestic inflows, resilient economic prospects, and promising earnings outlooks. Reliance Industries, Nifty 50’s second most significant stock, climbed 1.51% following the company’s intent to consider a bonus share issuance on September 5. Chairman Mukesh Ambani outlined plans for launching an array of AI tools and platforms and enhancing the company’s green energy manufacturing ecosystem. Additionally, non-bank lender Bajaj Finance and its holding company Bajaj Finserv surged approximately 2.5% on reports of the likelihood of Bajaj Finance’s mortgage lending arm listing in the first half of September. While eight of the 13 major sectors experienced gains, financial services and IT sectors particularly flourished, advancing by about 0.25% and 0.5%, respectively. Conversely, small- and mid-cap sectors, which have a more domestic focus, each declined by about 0.5%, demonstrating an underperformance relative to the benchmarks.