Equity benchmark indices started the trade on an optimistic note today (July 3) morning, with the Sensex breaching the historic 80,000-mark for the first time ever and the Nifty hitting its fresh lifetime high, amid heavy buying in bank stocks and firm global market trends.
The 30-share BSE Sensex jumped 597.77 points to hit a new lifetime high of 80,039.22 on Wednesday. The Nifty climbed 168.3 points to hit a fresh record peak of 24,292.15.
Among the Sensex pack, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, Bharti Airtel and Nestle were the biggest gainers. Tata Consultancy Services, Sun Pharma, Infosys and Tata Motors were among the laggards.
In Asian markets, Seoul, Tokyo and Hong Kong were trading in the positive territory while Shanghai quoted lower. US markets ended higher on Tuesday (July 2).
Sensex, Nifty close flat on July 2 evening
The BSE benchmark declined 34.74 points or 0.04 per cent to settle at 79,441.45 in a volatile trade on Tuesday. During the day, it jumped 379.68 points or 0.47 per cent to hit a record peak of 79,855.87.
The Nifty declined by 18.10 points or 0.07 per cent to 24,123.85. Intra-day, it climbed 94.4 points or 0.39 per cent to hit a lifetime high of 24,236.35. Global oil benchmark Brent crude climbed 0.56 per cent to USD 86.72 a barrel. According to exchange data, foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,000.12 crore on Tuesday.
Among the Sensex pack, Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India and Titan were the biggest laggards. Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies and Tata Steel were the biggest gainers.
"The domestic market took a breather, resonating with the mixed global trend, with the ECB showing caution regarding further rate cuts. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends," said Vinod Nair, Head of Research, Geojit Financial Services.
Investors are closely monitoring the progress of monsoon, the forthcoming Union budget, alongside the US election, which can have potential global economic implications, Nair added. On Monday, the BSE benchmark settled higher by 443.46 points or 0.56 per cent at an all-time peak of 79,476.19. The Nifty climbed 131.35 points or 0.55 per cent to settle at a fresh lifetime high of 24,141.95.
"Markets had touched fresh highs in early trade on fresh optimism but failed to capitalise on it and slipped into the red. Weak European cues coupled with a negative sentiment in Dow Futures fuelled profit-taking in banking, telecom and auto shares," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
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