India's Nifty 50 logs longest-ever rally, hits record high
Updates to close
By Bharath Rajeswaran
BENGALURU, Aug 30 (Reuters) -India's Nifty 50 rose for the twelfth consecutive session on Friday, its longest-ever rally, and pushed the market to a fresh peak on hopes of an imminent U.S. interest rate cut.
The benchmark NSE Nifty 50 .NSEI, launched in April 1996, rose 0.33% to 25,235.9, while the S&P BSE Sensex .BSESN added 0.28% to 82,365.77. Both hit all-time highs.
They added 1.6% this week and about 1% over August, notching their third straight weekly and monthly gain.
Robust U.S. economic data through the month and dovish commentary from Federal Reserve officials, including Chair Jerome Powell, eased growth concerns and heightened hopes of a rate cut in September.
That is, per analysts, expected to boost foreign investments into emerging markets such as Indian equities. Foreign investors turned net buyers in the second half of the month, while domestic investors were buyers throughout.
"Liquidity is coming in left, right and centre, while the near-certainty that the U.S. rate cut will start from September is boosting buying interest and consequently the momentum in markets further," said Avinash Gorakshakar, head of research of Profitmart Securities.
"However, the benchmarks may not gallop from here given the high valuations but certainly, the sentiment in Indian markets is as bullish as ever."
The biggest effect of an imminent U.S. rate cut was on IT .NIFTYIT and pharma .NIPHARM companies, which gained 4.74% and 6.61%, respectively, in August. Both sectors rely on the U.S. for a significant share of revenue.
The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.9% and 0.5%, respectively, for the month.
Key U.S. inflation data, later in the day, will help gauge the likelihood of a September rate cut. On the domestic front, data, also due after the bell, is expected to show India's economic growth slowed in the April-June quarter.
But, analysts said this was priced in since the period included the national elections.
Monthly performance of India's Nifty 50 stocks https://reut.rs/3Z63wOK
Monthly performance of India's key stock indexes https://reut.rs/4e3WbDy
India's Nifty 50 posts longest daily winning streak since its launch in 1996 https://reut.rs/3XpxjAG
India's Nifty logs third straight monthly gains in August https://reut.rs/3TaouIj
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K, Savio D'Souza and Sonia Cheema
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