Sensex opens at 80,322, Nifty at 24,369 as Indian markets hit record highs
Jul 04, 2024
Mumbai (Maharashtra) [India], July 4 : Indian markets hit a new historic high on Thursday, with both major indices achieving record points in the opening session.
The Nifty 50 index opened at an unprecedented 24,369 points, while the BSE Sensex began the session at an all-time high of 80,321.79 points. This bullish trend continues from the June 10 rally, after which the Sensex has surged by more than 3,000 points to date.
"Strong US and Asian market cues are pointing to another day of strong momentum in India. Weak US economic data is raising hopes for a September rate cut by the US Fed. That probability is up to 73 per cent, and US yields fell in tandem with that outlook," said Ajay Bagga, Banking and Market Expert.
In the Nifty 50 index, 34 shares opened in advance, while 14 shares declined. Among the top gainers in the Nifty 50 were Hindalco, ICICI Bank, Tata Motors, HCL Tech, and Mahindra & Mahindra. Conversely, HDFC Bank, Cipla, Dr. Reddy's, Shriram Finance, and Adani Entertainment were the top losers.
The broader market on the National Stock Exchange also showed positive momentum, with all indices, including Nifty Next 50, Nifty 100, and Nifty 200, opening with gains. In terms of sectoral performance, all indices except for the Nifty Healthcare and Nifty Pharma indices opened with gains, underscoring broad-based optimism in the market.
"We believe the uptrend is likely to continue as long as the index is trading above 24,200/79,600, which is the lowest point of the previous day. Above 24,200/79,600, the market may rise to 24,400-24,500/80,200-80,500," said Shrikant Chouhan, Head of Equity Research, Kotak Securities.
The global markets also reflected this positive sentiment. Wall Street closed at record highs, driven by gains in tech stocks. The S&P 500 rose by 0.51 per cent, and the Nasdaq Composite increased by 0.88 per cent.
The bullish trend also mirrored in Asian markets, where Japan's Nikkei 225 climbed by 0.27 per cent, Korea's Kospi gained 0.87 per cent, and the broader Asia Dow rose by 1 per cent. Hong Kong's Hang Seng also advanced, increasing by 0.56 per cent.
In the commodities market, crude oil prices showed slight gains. West Texas Intermediate (WTI) crude was priced at USD 83.56 per barrel, while Brent crude traded at USD 87.03 per barrel. The US Dollar Index (DXY) traded marginally higher at 105.30, reflecting a strengthening dollar.
"Looking ahead, investor focus turns to upcoming Q1 earnings reports and financial results, which are anticipated to influence market direction. Foreign Institutional Investors (FIIs) have reversed their market stance, increasing long positions significantly," said Varun Aggarwal, MD, Profit Idea.
