Bulls break barriers, AGAIN! Sensex teases 80,400 level, Nifty breaches 24,400 for the first time ever

Another day, another record high! Indian benchmark stock indices extended their record-breaking run on Thursday (July 4), with the 30-share BSE Sensex and the broader NSE Nifty 50 beginning the trading day with a record opening.

Sensex opened at 80,321.79, up by 334.99 points from Wednesday’s close. It then climbed to a fresh lifetime high of 80,392.64 points, nearing the 80,400 mark for the first time since its inception in the 1980s.

For its part, Nifty 50 began the day with a gain of 83.45 points at 24,369.95 points. It rallied further to a lifetime high of 24,401.

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The Sensex rose to a record high of 80,331.48 at opening, while the Nifty 50 surged to 24,372.15.

Bull run continues

The Indian stock market rode high on the back of strong global trends. Investor optimism soared after softer US data boosted hopes for a rate cut in September.

The US ISM measure of services activity dropped to its lowest point since mid-2020. Also, the employment data came weaker than expected. The markets will be watching for the June payrolls report which is expected on Friday.

The progress of monsoon in India too has added to confidence of investors.

The upward trend in Dalal Street was powered by the momentum in IT stocks. The Nifty IT stocks were up nearly 1 per cent in early trade.

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At 10:17 am, Sensex was trading 357.66 points or 0.45 per cent higher at 80,344.46, while Nifty 50 was at 24,385.55, up 99.05 points of 0.41 per cent.

“In the near-term, the bullish undercurrent of the market has the potential to outweigh the high valuations,” Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, adding that the rally is now being led by the private largecap banking stocks whose valuations are fair even after the recent run up.

“The big FII buying of Rs 5,484 crores yesterday (on Wednesday, June 3) is largely due to the massive delivery based buying in banking stocks led by HDFC Bank. This delivery based buying may sustain for a few more days imparting resilience to the market. The FIIs with 3.78 lakh long contracts have taken a ‘u’ turn in their market approach from the big short contracts in early June. Decline in the US 10-year bond yield to 4.35 per cent and the dollar index declining to 105.29 are positives for fund inflows,” Vijayakumar said.

“Market will start responding to the Q1 results which will start flowing in from next week. Financials are set to post good numbers. Credit growth of Bajaj Finance is excellent and this augurs well for the stock,” he added.

With inputs from agencies