Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals a positive start; Asian shares trade higher

03 Jul 2024 | 10:50:25 AM IST

Sensex Today | Stock Market LIVE Updates: Indian stocks surged to all-time highs on Wednesday, driven by HDFC Bank, the country’s leading private lender, which soared to a record level amid expectations of a potential increase in its weightage within a significant global index.

Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

The focus of market activity today will be HDFC Bank which will continue its upward move factoring in the news of potentially increasing the weightage of the stock in the MSCI Index. The delivery based buying in the stock witnessed in the last many days has the potential to continue for a few more days pushing the stock further up and imparting resilience to it.

As the weightage of HDFC Bank in Nifty increases there will be more delivery based buying by ETFs and also active funds. There can be a marginal negative impact on other high weightage stocks in the Nifty like RIL, TCS, Infosys and ICICI Bank.

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Total deposits reached Rs 2,66,082 crore, with a growth of 20% over Rs 2,22,496 crore as of June 30, 2023.
The Bank’s Customer deposits (Total deposits excl Interbank deposits and certificates of deposit) aggregated to Rs 2,51,991 crore, a growth of 20% over Rs 2,10,422 crore as of June 30, 2023.
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Stock Market LIVE Updates | HDFC Bank powers Sensex to record high

Indian stocks surged to all-time highs at the opening bell on Wednesday, driven by HDFC Bank, the country’s leading private lender, which soared to a record level amid expectations of a potential increase in its weightage within a significant global index.

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Sensex Today | Stock Market LIVE Updates | Indian shares set to open higher; HDFC Bank in focus

Indian shares are likely to open higher on Wednesday, tracking Asian peers, while top private lender HDFC Bank will be in focus on hopes of a likely increase in its weightage in a key global index.

The GIFT Nifty was trading at 24,326 as of 8:22 a.m. IST, indicating the Nifty 50 will open above Tuesday’s close of 24,123.85.

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The euro was little changed at $1.0751
The Japanese yen was little changed at 161.51 per dollar
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Hang Seng futures rose 0.5%
Japan’s Topix rose 0.2%
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Euro Stoxx 50 futures rose 0.3%
Nasdaq 100 futures were little changed

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