Market extends gaining streak amid rising hopes of India

The Stock Market on Thursday extended its gaining streak for a second day with Nifty surpassing 25,600 during the session for the first time since June 27. At close, the Sensex was up 862.23 points or 1.04% at 83,467.66, and the Nifty was up 261.75 points or 1.03% at 25,585.30. Further, the BSE midcap index rose 0.3% and smallcap index added 0.4%. Advertisement Among the sectors, barring PSU Bank which ended lower by 0.4%, all other sectoral indices closed in the green. Auto, bank, consumer durable, realty FMCG, oil & gas up 0.5-1.7%. Nifty FMCG index stood out, rallying 2.02%, followed by Nifty Realty and Nifty Private Bank, which gained 1.90% and 1.48%, respectively. Over 160 stocks touched their 52-week high on the BSE. These included Asahi India, Nestle India, Paytm, HDFC AMC, PNB, TVS Motor, Bajaj Finance, SBI, Eternal, Canara Bank, Tata Communications, M&M Financial, Polycab India, L&T Finance, Bank of Maharashtra, among others. Axis Bank shares added over 2% after earnings, HDFC Life shares fell 2%, and Angel One shares gained despite a drop in profit. Nestle India shares advanced 4.52% to a one-year high of Rs 1,276 apiece. Foreign institutional investors (FIIs) bought Indian equities worth Rs 68.64 crore in the cash segment. In the last week, foreign investors invested nearly Rs 3,000 crore in Indian stocks in the cash segment, the first positive figure after several weeks. While DIIs added Rs 4,650 Cr, reflecting robust institutional participation and improved liquidity. In the domestic market, rising hopes of an India-US trade deal remained a key factor behind the gains. The market was expecting Q2 results to be modest, and the numbers so far have been in line, devoid of any negative surprises.