FIRST TRADE: Indices scale fresh peaks; Sensex surpasses 79,850, Nifty crosses 24,200 for the first time led by IT and financial stocks

Stock market today: Domestic benchmark indices Sensex, Nifty began Tuesday's (July 2) session by scaling new heights, Sensex surpassed 79,850 and Nifty breached the 24,200 mark for the first time. Last seen, BSE Sensex was up 198.9 points or 0.25 per cent at 79,675.09 and NSE Nifty was up 49.95 points or 0.21 per cent at 24,191.9. 

"An important feature of this bull market which began after the COVID crash of March 2020 (Nifty at 7511) is that it has been devoid of any significant correction. The only above five per cent correction in the Nifty was on June 4,  in response to the election results. But this was followed the very next day by a sharp recovery. This one-way move in the market can be attributed to the successful ‘buy on dips’ strategy being followed by the domestic investors - both institutional and retail," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added there is a sustained flow of money into the market through mutual funds, particularly through SIPs. So long as this market construct holds steady, the market will remain resilient. It is worth repeating that some stocks in the broader market have bubble valuations and, therefore, they are vulnerable to a sharp correction.

In the broader market, Nifty Midcap 100 traded lower and Smallcap 100 traded in the green. High-beta Nifty Bank was down 0.33 per cent at 52,403.85.

BUZZING STOCKS

Patanjali Foods shares were up over 2 per cent after the company to acquire the non-food business of Patanjali Ayurved.  

ONGC and Oil India shares were gained after the government increased the Windfall Gains Tax on crude oil from Rs 3,250 to Rs 6,000 per tonne.

DCX Systems shares were up over 14 per cent after it received an order worth Rs 1,250 crore from L&T.

Carysil shares were up over 3 per cent a day after its QIP opened. 

Godrej Properties shares were up over 1 per cent after the Godrej Woodscapes project launched in Bengaluru.

Conversely, 5paisa and Angel Broking shares traded lower after the news for brokers doing discount broking business, market regulator SEBI asked exchanges to keep the same charge for all clients. 

Catch all the updates of July 2 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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