Indian Stock Market Hits Record Highs: Sensex Tops 80,000, Nifty 50 at 24,309

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Sensex Breaches 80,000 Mark, Nifty 50 Hits Fresh Peak Amid Market Rally

Team FS

03/Jul/2024

Key Points:

Sensex hit an all-time high of 80,074.3 and closed at 79,986.80, up 545 points.

Nifty 50 scaled a fresh peak of 24,309.15 and closed at 24,286.50, up 163 points.

Tata Consumer Products, Adani Ports, and Kotak Mahindra Bank were the top gainers in the Nifty index.

The Indian stock market witnessed a remarkable rally on Wednesday, July 3, with the major benchmarks, Sensex and Nifty 50, hitting their fresh record highs. The Sensex breached the coveted 80,000 mark for the first time ever, reaching an all-time high of 80,074.3 during the session before closing at 79,986.80, up 545 points or 0.69%. Similarly, the Nifty 50 scaled a new peak of 24,309.15 and ended the day at 24,286.50, up 163 points or 0.67%.

The rally was broad-based, with significant gains across midcap and smallcap stocks. The BSE Midcap index closed 0.86% higher at 46,802.84 after hitting a fresh record high of 6863.01. The BSE Smallcap index also saw a substantial gain, closing 0.86% higher at 53,441.93 after reaching a fresh record high of 53490.12.

In the Nifty 50 index, 40 stocks ended in the green, reflecting the overall positive sentiment in the market. Tata Consumer Products emerged as the top gainer, closing 3.55% higher. Adani Ports followed with a 2.39% gain, and Kotak Mahindra Bank increased by 2.23%. On the other hand, shares of TCS, Titan, and Reliance Industries closed as the top losers, down 1.23%, 1.11%, and 0.68%, respectively.

The overall market capitalization of the firms listed on the BSE surged to nearly ₹445.6 lakh crore from ₹442.2 lakh crore in the previous session, making investors richer by over ₹3 lakh crore in a single session. This increase in market cap underscores the robust investor confidence and the strong performance of the stock market.

The robust performance of the Indian stock market can be attributed to a combination of positive global cues, strong corporate earnings, and favorable economic indicators. Investors are optimistic about the continued growth and stability of the Indian economy, which is reflected in the soaring stock prices and record-breaking indices.

Top Gainers and Losers: Among the Nifty 50, Tata Consumer Products led the pack of gainers with a 3.55% rise, followed by Adani Ports and Kotak Mahindra Bank, which gained 2.39% and 2.23%, respectively. On the flip side, TCS was the top loser, dropping 1.23%, while Titan and Reliance Industries declined by 1.11% and 0.68%, respectively.

The broad-based rally was also evident in the midcap and smallcap indices, which hit their fresh highs. The BSE Midcap index closed 0.86% higher at 46,802.84, after hitting its fresh record high of 6863.01. Similarly, the BSE Smallcap index ended the day with a gain of 0.86% at 53,441.93, following a fresh record high of 53490.12.

The substantial increase in market capitalization reflects the positive market sentiment and the growing investor wealth. The total market capitalization of BSE-listed firms rose to nearly ₹445.6 lakh crore from ₹442.2 lakh crore in the previous session, resulting in an increase of over ₹3 lakh crore in a single trading session.

Overall, the Indian stock market's performance on July 3 underscores the strong investor confidence and the positive economic outlook. With major indices hitting fresh record highs and a broad-based rally across various sectors, the market sentiment remains optimistic. Investors will be closely watching the upcoming corporate earnings reports and economic data to gauge the sustainability of this upward momentum.

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Sensex Breaches 80,000 Mark, Nifty 50 Hits Fresh Peak Amid Market Rally

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