 "Bulls do it again! Sensex tops 80K mark, Nifty flirts with 24,300 level")
Bulls took over Dalal Street once more on Wednesday (July 3). The 30-share BSE Sensex index opened above the psychologically important 80,000-mark at 80,013.77. It cruised higher still in the next couple of minutes, touching a lifetime high of 80,039.22 points.
The broader Nifty 50 index, too, soared to a fresh record high at 24,292.15.
Banking and financial sector stocks led the rally in the Sensex pack. The top gainers were HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance.
HDFC Bank rose 3.5 per cent at the open, leading Nifty 50 gains.
A data showed that foreign institutional investors’ shareholding in HDFC Bank in the June quarter dropped below 55 per cent.
At 9:43 am, BSE Sensex was trading at 79,911.61, up 470.16 points or 0.59 per cent, while Nifty 50 was trading 138 points or 0.57 per cent higher at 24,261.85.
In the stock market, all 13 major sectors logged gains. The rise in HDFC Bank powered banks, financials and private banks 1.3-1.5 per cent higher.
Upward trend to continue today
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “The focus of market activity today will be HDFC Bank which will continue its upward move factoring in the news of potentially increasing the weightage of the stock in the MSCI Index.”
Impact Shorts
More Shorts“The delivery based buying in the stock witnessed in the last many days has the potential to continue for a few more days pushing the stock further up and imparting resilience to it,” Vijayakumar further said.
A report by Moneycontrol quoted Aishvarya Dadheech, founder and CIO of Fident Asset Management, as saying that irrespective of blips, the market sentiment remains largely intact as large caps are showing strength because of support from foreign institutional investors (FIIs) and some support from valuations and that’s what the market is detecting.
“The two indices are acting very weird as their performance has been erratic and that’s likely to continue as there’s some nervousness regarding budget expectations, " Dadheech further said.
As per Deven Mehata of Choice Broking, “Nifty can find support at 24,100 followed by 24,000 and 23,950. On the higher side, 24,250 can be an immediate resistance, followed by 24,300 and 24,400.”
With inputs from agencies
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