Sensex and Nifty:
The Sensex index hit an all-time high of 80,000 levels on July 3, while the Nifty 50 index also crossed the 24,300 level.
Today’s gains were mainly led by banking and financial stocks, with HDFC Bank in particular rising on hopes that its weighting in MSCI will be increased in the August review.
The Sensex hit an all-time high of 80,074.3 and closed at 79,986.80, up 0.69 percent. The Nifty hit 24,309.15 and closed at 24,286.50, up 0.67 percent. The Nifty Bank also hit an all-time high of 53,256.70 and closed at 53,089.2, up 1.77 percent.
Top vote-getters and losers
Around 40 stocks closed higher on the Nifty index. Top gainers were Tata Consumer Products, Adani Ports and Special Economic Zone, Kotak Mahindra Bank, HDFC Bank and Axis Bank, while top losers were Tata Consultancy Services (TCS), Titan, Reliance Industries (RIL), Tata Motors and Hindalco Industries.
Performance by sector:
Nifty Media was the only one to end lower among the 16 sectoral indices. It ended with a decline of 0.4 per cent. Among the gainers, Nifty Bank and Nifty Private Bank topped the charts with gains of around 2 per cent each. Nifty FMCG, Nifty Metal and Nifty Pharma ended with gains of up to 2 per cent.
Technical aspects
Vinod Nair, head of research at Geojit Financial Services, said Indian markets saw broad-based gains, driven by large caps, particularly financials.
He said Indian banks’ GPNA is at a 12-year low and the sector is likely to outperform globally in the near term.US Fed Chairman’s comments on inflation coming down to 2% by calendar 2025 were also positive. FOMC minutes may provide further clarity on US interest rate cuts soon.
Global Market
Most major Asian markets closed in the positive. Japan’s Nikkei Stock Average was the day’s best performer, rising 1.26%. Hong Kong’s Hang Seng Index rose 1.18% and Singapore’s FTSE Straits Times Index rose 1.44%. China’s Shanghai Composite Index was the only decliner, down 0.49%.
