FIRST TRADE: Indices scale fresh peaks; Sensex up over 200 pts, Nifty near 24,400

Stock market today: Domestic equity indices Sensex and Nifty scaled fresh peaks in the morning deals on Thursday (July 4) as softer U.S. data boosted hopes for a rate cut in September. Sensex made a high of 80,331.48 and Nifty at 24,372.15. Last seen, both indices were up 0.27 per cent, BSE Sensex was up 223.16 points at 80,209.96 and Nifty rose 66.35 points at 24,352.85. 

"In the near term, the bullish undercurrent of the market has the potential to outweigh the high valuations. The rally is now being led by the private large cap banking stocks whose valuations are fair even after the recent run-up. The big FII buying of Rs 5,484 crore yesterday is largely due to the massive delivery based buying in banking stocks led by HDFC Bank. This delivery based buying may sustain for a few more days imparting resilience to the market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added market will start responding to the Q1 results which will start flowing in from next week. Financials are set to post good numbers. The credit growth of Bajaj Finance is excellent and this augurs well for the stock.

In the broader market, Nifty Midcap 100 and Smallcap 100 were up over 0.20 per cent. High-beta Nifty Bank was flat with a positive bias at 53,128.35.

BUZZING STOCKS

L&T Finance shares were up over 1 per cent after the company released its Q1 business update. 

Suryoday Small Finance Bank shares were up over 3 per cent after the Q1 business update was announced. 

BHEL shares were up over 1 per cent after BHEL-Coal India formed a joint venture for a gasification project

Cello World shares were up over 3 per cent after QIP started on Wednesday.

GE T&D India shares hit 5 per cent upper circuit after it received two orders worth Rs 809 crore. 

Brigade Enterprises shares were up nearly 3 per cent after the company developed an acre residential project in Bangalore. 

Catch all the updates of the July 4 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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