Sensex and Nifty:
Sensex touched a lifetime high of 80,000 levels on July 3 while the Nifty 50 also went above the 24,300 level.
The rally today was mainly because of banks and financial stocks – especially HDFC bank which rose on hopes that the stock would see an increase in MSCI weight in the August review
Sensex touched a lifetime high of 80,074.3 and closed at 79,986.80 – up 0.69%. Nifty touched 24,309.15 and closed at 24,286.50 -0.67% higher. Nifty Bank also hit its fresh lifetime high of 53,256.70, before closing at 53,089.2 – up 1.77%.
Top Gainers and losers
About 40 stocks closed in the green on Nifty. Top gainers were Tata Consumer Products, Adani Ports and Special Economic Zone, Kotak Mahindra Bank, HDFC Bank and Axis Bank while the top losers were Tata Consultancy Services (TCS), Titan, Reliance Industries (RIL), Tata Motors and Hindalco Industries.
Sector-wise performance:
Nifty Media was the only outlier to end in the red out of the 16 sectoral indices. It ended with a decline of 0.4%. In the gainers’ pack Nifty Bank and Nifty Private Bank topped the chart with a nearly 2% uptick, each. Nifty FMCG, Nifty Metal, and Nifty Pharma closed with gains of up to 2%.
Technical view
Vinod Nair, Head of Research, at Geojit Financial Services said that a broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking center stage.
He said that the GPNAs of Indian banks are at a 12-year low – the sector could outperform in the near term. Globally. The US FED chair’s commentary on inflation cooling down to 2% by CY25 also proved to be positive… FOMC minutes could give more clarity on the US rate cuts soon.
Global markets
Most major Asian markets closed positive. Japan’s Nikkei 225 was the top performer on the day ending with 1.26% uptick. Hong Kong’s Hang Seng index gained 1.18% while Singapore’s FTSE Straits Times Index jumped by up to 1.44%. China’s Shanghai Composite was the lone loser declining 0.49%.
