📷 Image Credits: BusinessLine
On July 3, 2024, the Indian share market experienced record highs led by the surge in HDFC Bank stocks, driving the Nifty 50 up by 0.67% to 24,286.5 points and the Sensex climbing 0.69% to 79,986.8 points, crossing the 80,000 mark for the first time. The market rally was primarily fueled by investor optimism about HDFC Bank’s increased weightage in the MSCI Emerging Markets index, with analysts expecting a rise from 3.8% to 7.8%. This anticipation led to potential inflows of $3.2 billion to $4 billion in the banking and financial sectors.
HDFC Bank’s stock surged by 2.2%, triggering gains across the banking and financial sectors. Additionally, small- and mid-cap indices also saw positive movements, with gains of 1.03% and 0.79%, respectively. Other notable performers included Bharat Heavy Electricals, which rose by 4.76% on securing major contracts. Power financiers REC and Power Finance Corporation also surged by over 4% each. ICICI Lombard gained 2.51% following a brokerage upgrade.
The upbeat sentiment in the market was reflected in the stock movements throughout the day. Notable gainers on the NSE included Tata Consumer Products, Adani Ports, Kotak Mahindra, and Axis Bank, while top losers included TCS, Titan, Reliance Industries, Tata Motors, and Hindalco. Overall, the market saw a positive trend, with investors showing confidence in the performance and potential of key market players amidst global economic shifts and developments.
