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Stock market today: Nifty 50 logs longest win streak in four months on India-US trade talk hopes
The Nifty 50 has risen 1.7% in seven sessions driven by multiple factors, including GST reforms, expectations of a US Fed rate cut and improving India-US ties.
India's equity benchmarks rose for a seventh straight trading session, their longest winning streak in more than four months, as optimism over India-US trade talks negated fear of an outsourcing tax on the world's back office.
On Thursday, the Nifty 50 rose 0.13% to 25,005.5 points, and the BSE Sensex added 0.15% to 81,548.73. Thirteen of the 16 major sectors logged gains. The broader small-caps and mid-caps traded flat.
The Nifty 50 and Sensex have risen 1.7% each in seven trading sessions driven by multiple factors, including GST reforms, expectations of a US Fed rate cut and improving sentiment around the trade negotiations.
While equities extended gains, the rupee hit a record low as 50% US tariffs on Indian goods, which kicked in last month, intensified foreign outflows and left it among Asia's most vulnerable currencies.
“Domestic risks remain limited, while steady domestic institutional and mutual fund inflows and expectations of progress in US-India trade ties are giving markets a strong push,” said Viraj Gandhi, chief executive officer at Samco Mutual Fund, told Reuters. “After a year-long pause, stronger earnings and a consumption revival in the second half of FY26, aided by tax breaks, could spark the next leg of the rally.”
The Nifty 50 and Sensex, which touched record highs in September 2024, are still down about 5% from those peaks despite the current rebound.
Stocks In Focus
Oil and gas and energy stocks rose 1.1% and 0.9%, respectively, led by GAIL India Ltd. and oil marketing companies such as Bharat Petroleum Corp. Ltd., Hindustan Petroleum Corp. Ltd. and Indian Oil Corp. Ltd. on positive brokerage commentaries.
The IT index fell 0.5%, snapping a two-day rally in which it gained 5.5%. Index heavyweight Infosys dropped 1.5% ahead of its board meeting to consider a share buyback.
Among individual stocks, BSE Ltd. and Angel One Ltd. dropped 4.6% and 5.2% following reports that the Indian market regulator may soon propose ending weekly derivatives contracts.
