Mid-day market trade: Sensex, Nifty trade firm after logging fresh highs; TCPL top Nifty gainer
Indian equities led by stellar gains in the heavyweight stock HDFC Bank scaled new heights in Wednesdays session.
After scaling past the historic 80,000 level on the Sensex in early trade today (July 3), Indian equities are holding on to their morning gains amid broad-based buying in the afternoon trade. . The bluechip Nifty index traded higher by 0.65 per cent or 157.4 points at 24,281.25, while the BSE Sensex held below the crucial 80,000 levels at 79,953.89, up 0.65 per cent or 512.44 points.
The broader markets- the Nifty Smallcap 100 index traded with gains of around 0.8 per cent near its all-time high level, while Nifty Midcap 100 traded with gains of 0.5 per cent. Nifty Bank, the gauge of the banking sector’s performance, lent support and was up sharply by 1.8 per cent after hitting fresh all-time high of 53,256.7, taking year-to-date gains to 10 per cent.
Within the Nifty 50 pack,Tata Consumer Products, HDFC Bank, Axis Bank, Dr. Reddy’s Laboratories and Shriram Finance emerged as top gainers, while laggards from the basket included stocks like TCS, Reliance Industries, Hindalco, Tata Motors and L&T.
Of the 13 major sectoral indices, only Oil & Gas and media traded in the red, while all others saw significant buying action, with private banks and financial services indices leading the gains.
Primarily today’s all-time high on the indices is driven by sharp gains of over 3 per cent in index heavyweight HDFC Bank. The stock marked an-all time high in today’s trade amid a likely weightage increase of the stock in the MSCI Emerging Market index. The stock emerged as the top contributor to the Sensex surge today, contributing 228.44 points.
PFC, RFC shares also rose up to 6 per cent during the session as Bernstein initiated an ‘outperform’ call on both the companies giving the rationale that investors are underestimating the duration as well as intensity of the current power cycle.
Meanwhile, European markets traded firm with French CAC index gaining up to 0.85 per cent at the last count as investors awaited the release of Fed’s latest meeting minutes and fresh labour market data.
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