Historic High Of Sensex on July 3rd: Nifty strikes a record high in early trade and the Sensex touches historic high of 80,000 for the very first time.

­Historic High Of Sensex on July 3rd Morning: Nifty strikes a record high in early trade and the Sensex touches a historic high of 80,000 for the very first time

 News Summary- Short & Hot

• BSE Sensex crosses new historic milestone
• 30-share BSE Sensex increased by 597.77 points to reach a new all-time high of 80,039.22
• The Nifty 50 increased by 168.3 points, reaching a new high of 24,292.15.

Read the analysis in detail, let’s scroll.

With the historic high of Sensex and Nifty on July 3rd, the market boomed. The biggest gainers in the Sensex pack were ICICI Bank, Nestle, Bajaj Finance, HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, and Bharti Airtel. Among the losers, TCS (Tata Consultancy Services), Infosys, Sun Pharma, and Tata Motors were there in the list.

With significant purchasing in bank stocks and solid global market trends, equity benchmark indices got off to a positive start this morning July 3rd 2024 with the historic high of Sensex breaking through the 80,000 barrier for the first time ever and also Nifty achieving a new all-time high.

On Wednesday, the 30-share BSE Sensex increased by 597.77 points to reach a new all-time high of 80,039.22. The Nifty 50 increased by 168.3 points, reaching a new high of 24,292.15.

Among the biggest gainers in the Sensex pack were HDFC Bank, Kotak Mahindra Bank, Bharti Airtel, Bajaj Finance, IndusInd Bank, ICICI Bank, and Nestle. Among the losers, Tata Consultancy Services (TCS), Sun Pharma, Infosys, and Tata Motors were top of the list.
Shanghai quoted lower than Seoul, Tokyo, and Hong Kong, which were all trading in positive territory in the Asian markets.

On July 2 evening, the Sensex and Nifty closed flat.

The BSE benchmark saw a turbulent trade on Tuesday, falling 34.74 points, or 0.04 per cent, to end at 79,441.45. It reached a record high of 79,855.87 throughout the day after rising 379.68 points, or 0.47 per cent, during the day.

To reach 24,123.85, the Nifty dropped 18.10 points, or 0.07%. It reached a lifetime high of 24,236.35 during the day after rising 94.4 points, or 0.39%. Benchmark Brent crude for global oil prices increased by 0.56% to USD 86.72 per barrel. Exchange data indicates that on Tuesday, FII (foreign institutional investors) sold stocks valued at Rs 2,000.12 crores.

Names in the list of biggest laggards in the Sensex pack were Titan, ICICI Bank, State Bank of India, Tata Motors, IndusInd Bank, Bharti Airtel, and Bajaj Finance. The companies with the biggest gains were Tata Steel, Larsen & Toubro, HDFC Bank, Infosys, Tata Consultancy Services, and HCL Technologies.

Expert’s Note

According to Vinod Nair, Head of Research at Geojit Financial Services, “The domestic market paused, reflecting the erratic global trend and the ECB’s reluctance to announce any rate cuts. Market patterns are being impacted by recent increases in US Treasury yields as well as a gradual rise in the price of crude oil.

According to Nair, “Nair states that “Because these could have an effect on the world economy, investors are keeping a close eye on the monsoon’s progress, the forthcoming Union budget, and the US presidential election.”  The BSE benchmark reached an all-time high of 79,476.19 on Monday, higher by 443.46 points, or 0.56 %. The Nifty closed at a new all-time high of 24,141.95, increased by 131.35 points, or 0.55%.

According to Prashanth Tapse, Senior Vice President (Research), Mehta Equities Ltd.”In early trading, the markets reached new highs due to renewed optimism, but they were unable to capitalise on this and fell into the red. Profit-taking in banking, telecom, and auto equities was fueled by weak European indications and a bearish attitude in Dow Futures,