August 1, 2024
New Delhi, India
Key Highlights:
1. Record Highs: Indian shares continued their upward momentum on Thursday, with the Nifty index surpassing the 25,000-point threshold for the first time. The Sensex also hit a record high of 82,000 during intraday trading, closing 126 points higher, marking its fourth consecutive day of gains. This surge was driven by a global rally following U.S. Federal Reserve Chair Jerome Powell’s suggestion of a potential interest rate cut in September.
2. Market Performance: The Sensex closed at 81,867.55, up 126.20 points or 0.15%, while the Nifty ended at 25,000, marking significant milestones for both indices.
3. Top Gainers:
- HDFC Bank: Shares of HDFC Bank gained 2%, contributing to the market’s upward trajectory.
- Power Grid, Coal India, NTPC, ONGC, and Dr. Reddy’s Laboratories were among the top gainers in the Nifty 50 pack.
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4. Top Losers:
- Tata Motors: Shares of Tata Motors shed 1%, making it one of the notable losers of the day.
- The BSE midcap and smallcap indices both shed nearly 1% each, indicating some weakness in smaller stocks.
5. Sector Highlights:
- Oil & Gas: The oil and gas sector saw significant gains, contributing to the market’s positive performance.
6. Corporate Results:
- Maruti Suzuki: Shares of Maruti Suzuki rose 3% following its stellar June quarter results.
- Adani Ports: Adani Ports reported a 47% year-on-year increase in consolidated profit after tax (PAT) to Rs 3,113 crore in Q1, boosting investor sentiment.
7. Bond Market: India’s 10-year bond yield hit a 28-month low, reflecting positive market sentiment and expectations of favorable monetary policy.
8. Market Opening: Benchmark indices Sensex and Nifty opened on a firm note on Thursday. The Nifty shot above the 25,000 level in opening trade, while the Sensex was at 82,119.60, up 378.26 points or 0.46% higher.
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