Nifty gains for 8th straight day; longest streak since November 2020

The benchmark Nifty eked out a 12-point gain on Thursday even as most global markets flattered. This was the 8th straight day of advance for the 50-share index—its longest winning streak since November 2020. In fact, in the last 15 trading sessions beginning July 27, the Nifty has closed in the red only on one occasion—that too just 6 points, or 0.04 per cent on August 4. The index has added 9 per cent during this period. Meanwhile, from this year’s low on June 17, the index is now up 17.4 per cent. The relentless rally is underpinned by falling crude oil prices, revival in foreign investor flows and improving economic outlook.

"Nifty on August 18 extended its winning streak for the eighth day, the longest in 20 months. Nifty opened lower and swung between gains and losses for the bulk of the session before closing near day's high," said Deepak Jasani, Head of Retail Research, HDFC Securities.Kotak Mahindra Bank was the biggest gainer in the Sensex pack, rising 3.45 per cent, followed by Larsen & Toubro, Bharti Airtel, UltraTech Cement, Power Grid, IndusInd Bank, State Bank of India and ITC.