FIRST TRADE: Sensex, Nifty hit record highs; Titan Co scales 52-week high

Stock market today: After opening in negative territory, the benchmark indices recovered and swung to the positive zone on July 7, Friday. At the time of writing this report, the S&P BSE Sensex traded 97 points or 0.15 per cent, and the NSE's Nifty was trading at 19,520.35, up 23 points. Among buzzing stocks, Titan Company stole the show as the scrip hit a 52-week high level of Rs 3,211.10 on the BSE after the Titan Group company reported a strong business update for its June quarter.

"Weak global cues are likely to dampen investors' sentiments in early Friday trades amid rate hike fears in the US after the strong ADP jobs data. Higher Treasury yields weighed on the tech sector, with Nasdaq receiving a fresh drubbing. Also, escalating US-China tensions and rising recession fears as Chinese data shows industrial activity weakened in June could dent market sentiment. Technically, Nifty may face a hurdle at the 19577 mark, while any further escalation could push the index towards the 19900–20000 zone," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

BROADER MARKET INDICES

The S&P BSE MidCap index traded 0.03 per cent higher at 29,230.57 levels while the S&P BSE SmallCap index traded 0.27 per cent higher at 33,312.61 points.