Stock Market Live: Nifty to gap-up, may eye 24,400; Asian shares trade higher

Stock market Highlights today, Thursday, July 04: The broader markets, however, outperformed the benchmarks with the BSE MidCap and SmallCap indices closing 0.6 per cent higher each

Stock Market LIVE: Benchmarks off record highs; Sensex up 100 pts, Nifty holds 24,300

Closing Bell on Thursday, July 4, 2024: Indian stock markets closed higher on Thursday, amid the weekly F&O expiry, and information technology (IT) stocks held the fort.

The BSE Sensex index closed at 80,050, up 63 points or 0.08 per cent, after it hit a record high of 80,393 in the intraday trade. The NSE Nifty50, on the other hand, nothced a fresh lifetime high of 24,401 before ending at 24,302, up 16 points or 0.06 per cent.

Tata Motors, HCL Tech, ICICI Bank, Sun Pharma, Infosys, TCS, Kotak Bank, M&M, Asian Paints, and Bharti Airtel were the top gainers on the SEnsex, up between 0.3 per cent and 3 per cent.

HDFC Bank, Bajaj Finance, Tech M, Ultratech Cement, L&T, and Titan, on the other hand, closed up to 2.2 per cent lower.

The broader markets, however, outperformed the benchmarks with the BSE MidCap and SmallCap indices closing 0.6 per cent higher each.

Among sectors, the Nifty IT, and Pharma indices added over 1 per cent each, while the Nifty FMCG fell 0.21 per cent.

3:52 PM

Comment :: What is driving stock market sentiment?

The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:48 PM

Comment :: ‘Wait for potential dips to add long positions in Nifty’

The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index.

Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilise dip/consolidation to add quality names.

Views by: Ajit Mishra – SVP, Research, Religare Broking

3:46 PM

Currency check :: Rupee ends 3 paise higher at 83.50/$

3:44 PM

Broader market check :: Mid, SmallCap indices gain 0.6% each

3:43 PM

Sectoral trends :: Pharma, IT hold gains in lacklustre session; Media, FMCG stocks slip

3:41 PM

Sensex Heatmap :: Profit booking in financials weigh on benchmarks

3:40 PM

Closing Bell :: Nifty ends 24,300

3:38 PM

Closing Bell :: Sensex pares gains but holds 80,000

3:27 PM

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3:03 PM

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2:53 PM

Lupin stock rallies 7%, hits multi-year high on healthy earnings outlook

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2:43 PM

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2:30 PM

Bandhan Bank shares gain 2% on strong June quarter business update

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