July 1st 2024.
The stock market in Mumbai saw a significant rise today as the Sensex benchmark reached a new record high of 79,476.19, closing with a gain of 443 points. This surge was primarily driven by strong buying in banking and IT shares, following the positive trend in Asian and European markets.
The 30-share BSE Sensex had a remarkable day, soaring 528.27 points or 0.66 per cent to reach a peak of 79,561. The broader Nifty also had a good run, rising by 131.35 points or 0.55 per cent, closing at an all-time high of 24,141.95. It came very close to breaking its previous record of 24,174, reaching a high of 24,164.
Tech Mahindra, UltraTech Cement, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, JSW Steel, Infosys, HDFC Bank, Tata Motors, and ICICI Bank were among the top gainers in the Sensex. However, NTPC, State Bank of India, Larsen & Toubro, Sun Pharma, IndusInd Bank, and Axis Bank were among the laggards.
The positive trend was also visible in other markets, with Seoul, Tokyo, and Shanghai settling higher in the Asian markets. European markets were also trading with gains. The US markets, however, ended lower on Friday.
According to Vinod Nair, Head of Research at Geojit Financial Services, the domestic market's positive momentum can be attributed to the decrease in US PCE inflation, which has raised expectations for a rate cut by the US Fed in September. This optimism also had a significant impact on the strong performance of IT stocks.
The global oil benchmark, Brent crude, also saw a slight increase of 0.51 per cent, reaching $85.43 a barrel. On Friday, Foreign Institutional Investors sold equities worth Rs 23.09 crore, according to exchange data.
The previous day, the BSE benchmark had a minor decline of 210.45 points or 0.27 per cent, settling at 79,032.73. However, during the day, it had a remarkable surge, jumping 428.4 points or 0.54 per cent, reaching a new record trading peak of 79,671.58. The Nifty also had a similar pattern, going down by 33.90 points or 0.14 per cent to 24,010.60, but reaching a new lifetime high of 24,174 during the day.
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