India's SENSEX stock index rose to its highest level in 4 months.

The BSE Sensex rose to 82,004, up 219 (0.3%) in early Thursday trading, marking an 8-session winning streak. Additionally, the Nifty50 hit a 4-month high, with strong gains in the high-tech, financial services, and banking sectors, surpassing 25,100.

The market has maintained an upward trend for 10 consecutive sessions, consolidating while hitting new highs, recording a record high on August 28th with the closing value of Nifty50. The main factor is the positive bias in the momentum indicators. Amid a solid performance, the index is rising slowly, with immediate support at 24,950 and important support at 24,800, aiming for 25,200-25,300 in the future.

The weekly candlestick chart for Nifty50 has formed a bullish pattern over the past 4 weeks, showing a consistent pattern of highs and lows. The daily chart shows 10 consecutive sessions of bullish closes, indicating strong short-term market optimism. The momentum indicator of the Relative Strength Index (RSI) is currently above 65, further strengthening this positive momentum.

Ahead of the release of US economic indicators such as Q2 GDP, PCE prices, and jobless claims, expectations for the start of Fed rate cuts continue to buoy sentiment.

Wall Street on Wednesday saw a reduction in gains due to Nvidia's earnings report failing to improve market sentiment.

Early risers included Bajaj Finserv (2.5%), Bajaj Finance (2.4%), HCL Tech (1.5%), Shriram Finance (1.4%).

Traders are expecting the release of India's Q2 GDP on Friday.