12 stocks in the BSE 500 index achieved their all-time highs by 11:30 AM on Friday, August 28, as reported by Mint. Among these record-breakers were Welspun Corp, Piramal Finance, and Divis Laboratories. The broader market showed strong momentum with nearly 150 stocks hitting their 52-week highs during intraday trading on the BSE. Other notable companies reaching record levels included Aether Industries, Ather Energy, Bosch, Craftsman Automation, Laurus Labs, PTC Industries, Sai Life Sciences, Shyam Metalics and Energy, and Solar Industries India.
According to Mint reports, the Indian stock market witnessed mild buying interest in the morning session on Friday, 28 August, after suffering losses for the last two consecutive sessions. The Sensex and Nifty 50 rose up to half a percent during the morning session, with gains being broad-based across market segments. The mid- and small-cap indices on the BSE also rose by up to 0.50% during the session, indicating widespread market participation in the recovery.
As reported by Mint, the Sensex and Nifty traded with modest gains around 11:30 AM ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that while Warsh is unlikely to offer major cues on the September policy meeting, his views on current macroeconomic trends amid stalled US-Iran talks will be in focus. Crude oil prices eased on profit-taking, but remain highly volatile, with Brent crude having again surged above $89 with no signs of diplomatic solution to reopen the Strait of Hormuz.
According to Vijayakumar's analysis reported by Mint, the AI trade continues to boom, driven by strong results and guidance from Nvidia, while bond yields in the U.S. remain firm amid inflation concerns. He believes the index may break out above the current range only if index heavyweights such as HDFC Bank, RIL, L&T, and IT majors participate in the rally. However, for this to happen, the major headwinds of elevated crude prices and high U.S. bond yields need to disappear or at least weaken.
