FIRST TRADE: Indices hit new records; Sensex tops 65,000 for 1st time; Nifty above 19,250

Stock market today: Extending their record run, the benchmark indices opened at fresh record highs on July 3, 2023. The S&P BSE Sensex surpassed the 65,000 level while the NSE's Nifty breached the 19,250 level. At the time of writing this news, the S&P BSE Sensex traded 285 points, or 0.44 per cent higher at 65,003.20 levels while the NSE's Nifty was ruling at 19,271.95, up 83 points, or 0.43 per cent.

“Markets are likely to extend gains in early trades Monday on the back of continued optimism in key global equities. After key benchmark indices scaled fresh peaks last week, investors are hoping that FIIs would continue to increase exposure to Indian markets, given the strong growth trajectory. India's record GST collections for the month of June further signify the improving economic growth momentum. The street will react to June auto sales numbers, although weak exports remain a concern for most automakers. Investors will also be eyeing the FOMC Minutes from Fed’s June policy meeting slated to be released on Wednesday, and the US non-farm payrolls data for June to trickle in on Friday," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

BROADER MARKET INDICES

The second-rung stocks, too, participated in the rally. The S&P BSE MidCap index was trading 0.41 per cent higher at 28,895.15 levels while the S&P BSE SmallCap index was trading at 32,857.60, up 0.78 per cent.

BUZZING STOCKS

HDFC duo was the top gainer on the benchmark indices. The merger between housing finance major HDFC and HDFC Bank has been completed. Following the reverse merger, the 44-year-old institution HDFC Ltd would cease to exist from July 1 onwards. HDFC Ltd, the country's first home finance company, will lose its identity on Saturday.

"Saturday, July 1, 2023, to be the 'Effective Date' of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing.

Besides, UltraTech Cement was also trading with over 1.6 per cent gains to Rs 8,426.10 on the BSE after the Q1 business update. On the other hand, Power Grid, Maruti, and Tech Mahindra were the top losers on the Sensex.

SECTOR WATCH

Barring the S&P BSE FMCG index, all sectoral indices were trading in the green. Metals and Financials were the top gainers on the BSE.