Nifty ends higher for fifth consecutive session supported by Reliance Industries

The Nifty closed mostly higher on Thursday, extending gains for the sixth consecutive session, as Reliance Industries provided key support for benchmarks, though broader markets saw selective selling.

The Sensex rose 143 points, or 0.17%, to 82,001, while the Nifty gained 33 points, or 0.13%, to 25,084. The Nifty Bank index was largely flat, edging up 57 points to 55,755, as financial stocks underperformed.

“Indian equities ended mixed, as investors turned to profit booking after a recent rally and concerns over the premium valuation due to the subdued end of Q1 earnings. India’s record-high composite PMI in August, reflecting strong expansion in both manufacturing and services, particularly in business activity, may provide stability in the near term. Investors remain cautious ahead of the upcoming Jackson Hole symposium on Friday, and rising domestic bond yields due to fiscal concerns surrounding GST rationalisation,” Vinod Nair, Head of Research, Geojit Investments, said. 

Midcap and smallcap segments saw some pressure, with the BSE Midcap index slipping 222 points to 57,709. Market breadth turned neutral, with advancing and declining stocks roughly in a 1:1 ratio.

Reliance Industries continued to provide support, rising 1% and helping anchor Nifty gains. Pharmaceutical stocks saw buying interest, with Cipla and Dr Reddy’s among the top Nifty gainers. PG Electroplast jumped over 4% after the stock was included in the futures and options (F&O) ban list.

Other gainers included AB Capital and L&T Finance, up 2–3%, while BSE and Angel Broking fell 7% each after SEBI Chairman comments highlighted the need to increase derivative tenures. Ola Electric slipped 8% following profit-booking after gains over the previous two sessions.

IDBI Bank advanced 8% on news that its divestment is progressing, according to Department of Investment and Public Asset Management Secretary. Nava saw heavy volumes, closing 13% higher. Quick-service restaurant stocks continued to attract buying, with Swiggy and Jubilant Foodworks up around 3% each.

The session highlighted a mixed trend, with strong support from large-cap oil and pharma names counterbalanced by pressure in midcaps and financials, leaving the broader market range-bound despite benchmark gains.