Bulls drive Sensex to record streak
MUMBAI : The BSE Sensex is poised to log its longest winning streak as retail investors continue to plough money into the markets. The 30-share index has now risen for 11 days in a row this month, matching the longest winning streak since 7 October 2007 when it rose for an identical number of days. Such long winning streaks have happened only four times: June 1983, October 2003, October 2007 and September this year.
Between 31 August and 15 September, the Sensex rose 4.6% or 3007 points from 64,831.41 to 67,838.63, to hit a record closing high. Stocks that have been the biggest contributors to this rally include Nestle India Ltd (622.35), Maruti Suzuki India Ltd (521), UltraTech Cement Ltd (412.6), Bajaj Finance Ltd (328) and Tata Consultancy Services Ltd (242.8). Unlike the Sensex, the Nifty corrected for a day on 12 September, falling a mere 3 points.
It also made a fresh closing high of 20,192.35 on Friday. The previous occasion when the Sensex gained for 11 straight sessions was between 17 September and 3 October 2007, when it rose from 15,504 to 17,847. While foreign and domestic institutional investors have pumped in ₹1.54 trillion and ₹1.57 trillion each into the markets so far in FY24, they have booked profits this month.
Foreign portfolio investors have net sold shares worth ₹4,768 crore so far this month, according to National Securities Depository Ltd, while domestic institutional investors (DIIs) have net sold ₹6,027 crore this month, Capitaline data shows. DIIs include insurance companies, pension funds, banks, domestic financial institutions and mutual funds. Since both DIIs and FPIs have net sold this month, market veterans said direct retail investors and those participating through mutual funds are
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