BENGALURU, Aug 29 (Reuters) – India’s equity benchmarks hit record highs on Thursday, boosted by heavyweight conglomerate Reliance Industries (RELI.NS), opens new tab, which plans to step up the adoption of AI and issue bonus shares.
The NSE Nifty 50 (.NSEI), opens new tab and the S&P BSE Sensex (.BSESN), opens new tab both rose about 0.6% to hit all-time highs, before trimming some gains to settle up 0.4% at record closing levels.
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The Nifty 50 has risen for 11 consecutive sessions, adding about 4% to post its longest winning streak since October 2007.
Indian markets are among the top performers globally this year, helped by hefty domestic inflows amid a robust economic and earnings outlook.
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“The party will continue in Indian markets as long as liquidity continues to be supportive. Investors are resorting to buying every dip, to benefit from the upward momentum,” Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors said.
Reliance Industries (RELI.NS), opens new tab, Nifty 50’s second heaviest stock, rose 1.51% after the company said it will consider a bonus share issue at its board meeting on Sept. 5.
Reliance Chairman Mukesh Ambani said the company will launch a suite of AI tools and platforms and boost its green energy manufacturing ecosystem.
Non-bank lender Bajaj Finance (BJFN.NS), opens new tab and its holding company Bajaj Finserv (BJFS.NS), opens new tab both rose about 2.5% after media reports the mortgage lending arm of Bajaj Finance is likely to list in the first half of September.
