Market Ends at All-Time Highs: Nifty Approaches 24,150, Sensex Rises 443 Points

On Monday, the stock market reached all-time highs as the Sensex surged 443 points to settle at a record 79,476.19. In a similar vein, the Nifty increased by 131.35 points to close the day at 24,141.95, setting new records for both indices. Tech Mahindra, UltraTech Cement, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, JSW Steel, Infosys, HDFC Bank, Tata Motors, and ICICI Bank were among the major sponsors of this rally. On the other hand, the laggards included NTPC, State Bank of India, Larsen & Toubro, Sun Pharma, IndusInd Bank, and Axis Bank.

Influence of Global Markets

Along with advances in European markets, strong trends in Asian markets, such as Seoul, Tokyo, and Shanghai, contributed to the local market rise. A decline in US PCE inflation added to the optimism, as it suggested that the US Federal Reserve would lower interest rates in September, which would have been especially advantageous for IT equities.

Financial Perspectives

According to Vinod Nair, Head of Research at Geojit Financial Services, the robust performance of IT companies was partly attributed to expectations of a Fed rate decrease sparked by the decline in US PCE inflation.

FIIs Activity and Oil

The benchmark for world oil, Brent crude, increased by 0.51% to USD 85.43 a barrel. According to market statistics, Foreign Institutional Investors (FIIs) offloaded stocks on Friday worth Rs 23.09 crore.

Summary of the Market

The benchmark for the BSE saw a decrease of 210.45 points on Friday, ending at 79,032.73, even though it had reached a record high of 79,671.58 throughout the day. The Nifty, which had reached a fresh all-time high of 24,174 during the session, too declined by 33.90 points to 24,010.60.

Closing Bell: IT, Auto, and FMCG Shine; Sensex Gains 443 Points; Nifty Around 24,150

With the addition of more than 1% to each BSE midcap and smallcap index, the wider indices reached a new all-time high. On July 1, Indian benchmark indices recovered from their previous session’s losses, with Nifty closing above 24,100. The Nifty was up 131.40 points, or 0.55 percent, at 24,142 at the closing, while the Sensex was up 443.46 points, or 0.56 percent, at 79,476.19.

Religare Broking’s SVP of Research, Ajit Mishra, observed that the markets started the week off well, rising by around 0.5 percent and maintaining their current upward trend. The Nifty opened flat, increased gradually, and closed at 24,123.35, almost reaching Friday’s highs. Sector-wise, there was a mixed picture, with real estate and energy declining by roughly half a percent and IT, financials, and metals seeing respectable increases. The small- and mid-cap indices both saw gains of about 1.5%, indicating strong performance for the larger indices.

Buying activity on dips is a persistent indicator of bullish control and is probably going to keep the current tone. More optimism is added by the midcap and smallcap segments’ recent strength. Traders ought to concentrate on picking themes or sectors with cyclical involvement and think about adding positions in down markets or pauses.