Stock markets' record run continues, Sensex climbs over 300 points, Nifty above 24300
July 04, 2024 11:01 ISTIn the early trade, the 30-share BSE Sensex climbed over 300 points to 80,343. Meanwhile, the Nifty was also up by 97 points to 24,383.
In the early trade, the 30-share BSE Sensex climbed over 300 points to 80,343. Meanwhile, the Nifty was also up by 97 points to 24,383.
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.
The Sensex surged by 443 points, closing at a new all-time high of 79,476.19, while the Nifty climbed 131.35 points to 24,141.95, both reaching fresh lifetime highs on Monday. Key contributors to the rally included Tech Mahindra, UltraTech Cement, Bajaj Finance, and Infosys.
In the early trade, the 30-share BSE Sensex climbed 69.63 points to 79,102.36. Meanwhile, the Nifty was also up by 37.85 points to 24,048.45 points.
The 30-share BSE Sensex climbed 620.73 points or 0.80 per cent to settle at a new closing peak of 78,674.25. Meanwhile, The Nifty went up by 147.50 points or 0.62 per cent to settle at a record closing peak of 23,868.80.
The Indian stock market showed signs of recovery on Tuesday as the Sensex surged by 237.05 points to reach 77,578.13, while the Nifty also rose by 65.8 points, reaching 23,603.65 during early trade.
Analysts expect the market to consolidate at higher levels, with budget-related sectors drawing attention. Global markets showed mixed performance, and oil prices continued to decline.
Market closing update: Rallying for the sixth straight session, the BSE benchmark Sensex climbed 141.34 points or 0.18 per cent to settle at a new closing peak of 77,478.93. The Nifty rose 51 points or 0.22 per cent to settle at its fresh closing high of 23,567.
Japan’s Nikkei declined by 0.70%, Korea’s Kospi gained 0.13%, and Australia’s ASX200 saw a marginal decrease of 0.03%. In Europe, the UK’s FTSE rose by 0.17%, driven by expected inflation figures, while Germany’s DAX fell by 0.35% and the UK’s FTSE increased by 0.60%.
Small- and mid-cap stocks also hit all-time highs, rising 0.5% and 0.35%, respectively. Wall Street's strong performance, with the S&P 500 and Nasdaq Composite closing at record levels, further boosted market sentiment.
Analysts attribute the rally to robust corporate earnings, favourable global market trends, and investor optimism about the domestic economic outlook.
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The Indian stock markets opened at fresh record highs on Thursday following the US Federal Reserve's decision to keep interest rates unchanged. The Fed also indicated only one rate cut by the end of the year despite high inflation.
Indian stock markets opened on a positive note on Wednesday, with the benchmark BSE Sensex and Nifty showing significant gains in early trading.
In early trading on Tuesday, benchmark equity indices saw a decline due to profit-taking after a record-breaking rally. Bluechip stocks such as Reliance Industries and HDFC Bank faced selling pressure.
The Sensex has reached an all-time high just days after experiencing a significant downturn on election counting day on June 4. The surge follows a period of uncertainty and fluctuation, demonstrating the dynamic nature of the stock market in response to political events.
The NSE Nifty index climbed 99.4 points to 22,920.80, continuing its upward trajectory and indicating a robust trading session.
Stock market: Leading companies saw gains, with NTPC, SBI, ONGC, Coal India, and Power Grid among the top performers, while Britannia, Hindustan Unilever, Cipla, Hindalco, and Nestle India experienced losses.
Among Sensex companies, IndusInd Bank jumped over 7 per cent. Tata Steel, Mahindra & Mahindra, Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, HDFC Bank, Axis Bank and JSW Steel also emerged as big gainers.
The stock market witnessed a steep selloff, resulting in a massive loss of approximately Rs 20 lakh crore within the first 20 minutes of trading. By 9:35 am, the market capitalisation of BSE-listed companies had dropped to nearly Rs 406 lakh crore from the previous session's Rs 426 lakh crore.
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