Bulls Dominate Dalal Street as Sensex and Nifty Hit Record Highs
The Indian stock market witnessed a significant surge on July 3, with both major benchmarks, the BSE Sensex and Nifty50, reaching new record highs. Let’s break down the day’s performance and what it means for investors.
Market Performance on July 3
Sensex and Nifty Soar
The Sensex rose by 545.35 points, closing at 79,986.80, while the Nifty climbed 162.65 points to end at 24,286.50. Both indices touched their highest levels ever during the day, with the Sensex hitting 80,074.3 and the Nifty reaching 24,309.15.
Nifty Bank Index Hits New High
The Nifty Bank index also achieved a fresh high of 53,256.70, closing 1.77% higher at 53,089.25. This strong performance was a significant contributor to the overall market gains.
Sectoral and Stock Performance
Sectoral Gains
Except for the media sector, all other sectoral indices finished in the green. Key sectors that saw substantial gains included:
- Power
- Capital Goods
- Banking
- Metals
These sectors recorded increases ranging from 1% to 2%.
Top Gainers and Losers
On the Nifty50, the top gainers were:
- Tata Consumer Products
- Adani Ports
- Kotak Mahindra Bank
- Axis Bank
- HDFC Bank
Conversely, the biggest losers were:
- TCS
- Titan Company
- Reliance Industries
- Tata Motors
- Hindalco Industries
Midcap and Smallcap Indices
The BSE midcap and smallcap indices rose nearly 1% each. More than 300 stocks touched their 52-week highs, including notable names like HDFC Bank, JSW Steel, and Dr Reddy’s Laboratories.
Market Outlook for July 4
Aditya Gaggar’s Insight
Aditya Gaggar, Director of Progressive Shares, noted that despite the strong start, the market lacked follow-through momentum and settled within a range. He observed a Dragonfly Doji candlestick pattern, which could indicate a pause or consolidation. Gaggar suggests that a drop below 24,200 might pull the index towards 24,130.
Rupak De’s Analysis
Rupak De, Senior Technical Analyst at LKP Securities, emphasized that the bulls have regained control, pushing the index above 24,300. He expects the trend to remain strong as long as the index stays above 24,000, with potential movement towards 24,500. However, falling below 24,000 could lead to consolidation.
Conclusion
The stock market showed robust performance on July 3, with key indices hitting record highs. Most sectors saw gains, and midcap and smallcap stocks performed well. Looking ahead, market experts predict continued strength but caution about possible consolidation.
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