Sensex, Nifty close at new all-time highs led by gains in ICICI Bank, Infosys

Sensex, Nifty close at new all-time highs led by gains in ICICI Bank, Infosys

The Sensex crossed the historic 80,000 points mark for the first time and the Nifty touched a new record peak of 24,292.15 points on 3 July 2024.

Sensex crossed the historic 80,000 mark for the first time and Nifty hit a new record peak of 24,292.15 on July 3, 2024. | Photo credit: PTI

Equity benchmark indices Sensex and Nifty closed at fresh all-time highs on July 4 following buying in market heavyweights ICICI Bank, Infosys and TCS amid a broadly positive trend in global equities.

The 30-share BSE Sensex hit a record high of 80,392.64 in early trade. The index later lost most of the gains due to volatility and profit-booking by investors at record levels. The Sensex closed 62.87 points, or 0.08%, higher at 80,049.67, its highest level ever.

Nifty also touched a record high of 24,401 in early trade, but closed almost flat. The 50-share index rose 15.65 points or 0.06% to close at a record high of 24,302.15, with 23 stocks closing with gains and 27 stocks closing with losses.

“Easing inflation pressures in the US, improving quarter-on-quarter earnings outlook and the consequent sharp fall in the yield on 10-year bonds in the US supported defensive bets on large companies such as IT and pharma.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Premium valuations are being supported by pick-up in government spending and improving corporate earnings. The return of FIIs to the domestic market and expectations of interest rate cuts in September are supporting market sentiment.”

Sensex stocks included HCL Technologies, ICICI Bank, Tata Motors, Sun Pharmaceuticals, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and Mahindra & Mahindra.

In contrast, HDFC Bank, Bajaj Finance, Larsen & Toubro, Tech Mahindra, UltraTech Cement and IndusInd Bank lagged behind.

Analysts said stock markets traded in a narrow range and closed almost unchanged.

“Nifty has reached close to its immediate target of 24,500 and appears to be slightly overbought. It would be prudent to take some profits and wait for a possible dip before considering a fresh long position in the index,” said Ajit Mishra, Senior Vice President (Research), Religare Broking Ltd.

In the broader market, the BSE smallcap index rose 0.62% and the midcap index gained 0.60%.

Among the indices, healthcare gained 1.17%, IT 1.12%, technology 0.98%, auto 0.88% and telecom 0.73%.

However, consumer durables declined by 0.22%, FMCG (0.15%), financial services (0.13%), and oil & gas (0.02%).

A total of 2,185 stocks rose, 1,742 declined and 94 stocks remained unchanged on the BSE.

23 Nifty stocks rose, while 27 fell.

In Asian markets, Tokyo, Hong Kong and Seoul closed in the positive zone, while Shanghai closed in the red.

European markets were trading in the green zone in mid-session deals.

US markets closed with gains during a brief trading session on Wednesday. Stock exchanges will remain closed on Thursday on account of Independence Day.

Brent crude, the global oil benchmark, fell 0.52% to $86.89 per barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 5,483.63 crore on Wednesday, according to exchange data HG MR.

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