FIRST TRADE: Indices scale new heights; Sensex crosses 80,000 and Nifty breaches 24,250 for the first time; HDFC Bank up over 2%

Stock market today: Domestic equity indices Sensex and Nifty on Wednesday (July 3) scaled fresh peaks tracking Asian peers. Sensex crossed 80,000 and Nifty breached 24,250 for the first time. Last seen, Sensex was up 371 points or 0.46 per cent at 79,805.15 and the 50-scrip barometer rose 105.35 points or 0.42 per cent at 24,224. 

"The focus of market activity today will be HDFC Bank which will continue its upward move factoring in the news of potentially increasing the weightage of the stock in the MSCI Index. The delivery-based buying in the stock witnessed in the last many days has the potential to continue for a few more days pushing the stock further up and imparting resilience to it. As the weightage of HDFC Bank in Nifty increases there will be more delivery-based buying by ETFs and also active funds. There can be a marginally negative impact on other high weightage stocks in the Nifty like RIL, TCS, Infosys, and ICICI Bank," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the latest Fedspeak on US inflation is also positive news for equity markets globally. Responding to the inflation print of 2.6 per cent with zero month-on-month increase Fed chief Powell yesterday made a dovish remark that the US is on a disinflationary path. The Fed’s next rate action is likely to be a rate cut. RBI also is likely to follow suit with a rate cut in the next policy meeting.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in the green. High-beta Nifty Bank was up 1.37 per cent at 52,880.25.

BUZZING STOCKS

HDFC Bank shares were up over 2 per cent after FIIs' share decreased from 47.83 per cent to 47.17 per cent.

Indian Energy Exchange shares were up over 1 per cent after the company released the June update.

MOIL shares were up over 7 per cent after the June update.

PFC and shares were up over 4 per cent after Bernstein initiated coverage.

KEC international shares were up over 5 per cent after orders worth Rs 1017 crore were received in T&D, renewable business.

Catch all the updates of the July 3 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

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