Posted on July 3, 2024

At around 9:22 am, the Sensex was up 498.51 points at 79,939.96 and the Nifty gained 134.80 points to trade at 24,258.65.

 

Most benchmark stock market indices began Wednesday’s trading session on a fresh high supported by improvement in the performances of blue-chip stocks including HDFC Bank.

S&P BSE Sensex touched the level of 80 000 for the first time and NSE Nifty50 index reached the level of 24 292. 15. At around 9:22 am, the Sensex was up 498 The heightened volatility could be attributed to end-user organisations’ increasing demand for computer software, enabling the software industry to guide share market trends. 51 points at 79,939. Nettley 87 and the Nifty advanced 134. The main indicator for trading increased by 80 points and reached 24,258. 65.

Every one of the 13 key industrial categories exhibited an increase. HA blacks HDFC Bank (up 2. 3%) uplift the group banks financials and private banks 1. 3%-1. 5% higher.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said in his new research view, “The market battle line today will be drawn around HDFC Bank which will sustain its upmove on account of the boost on account of its possibility of figuring in MSCI Index with a higher weightage.”

He further explained ‘’HDFC Bank will experience more fund flow from ETF side and there will be also flow from active fund side As the weightage of HDFC Bank increases there will be more delivery based buying by ETFs and also active funds’’ he noted He further added that there can be a marginal negative impact on other high weightage stocks in the Nifty like RIL TCS Infosys and ICICI Bank.

Another piece of good news for equity markets worldwide is the latest Fedspeak on US inflation Inflation in the US registered 2. 6% with no month on month increase and responding to this the Fed chief Powell made a dovish statement today stating that the US is on a disinflationary path Furthermore, the next rate action is likely to be a rate cut RBI also is likely to follow suit with a rate cut in the next policy

Categories: Business and Economy

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