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Benchmark BSE index has gained 2.63 per cent so far in August, while the broader NSE index has added 2.6 per cent, having hit record highs 11 times this month. Both indexes are set to post their biggest monthly gain for August since 2014.
The BSE index is set to post its fifth straight monthly gain, in what would be its longest winning streak since May 2017, while the NSE index is on track for its second consecutive monthly gain. NSE Index faces a resistance at 11,765.62 level, the 123.6 per cent Fibonacci projection level of the uptrend from March 23 low to May 15 high. BSE Index faces a resistance at 38,959.26 level.
The rally in NSE index has been a narrow one, driven by five blue-chips which accounted for 97 per cent of its rise to record high. Tata Consultancy Services Ltd has been the top contributor, rising 7.3 per cent in the month as of Thursday.
Oil-to-telecoms giant Reliance Industries Ltd became the first Indian firm to cross Rs 8 lakh crore ($112.74 bln) in market capitalisation last week. Analysts reckon uncertainty heading into next year's general elections will keep the rally in months ahead just as narrowly focused.
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