📷 Image Credits: BusinessLine
Today, on July 5, 2024, the Indian stock market saw some interesting movements. India’s Nifty 50 achieved another record closing high, marking its longest weekly rising streak this year. This was fueled by gains in energy stocks that offset a decline in top private lender HDFC Bank. The NSE Nifty 50 rose 0.09% to 24,323.85 points. On the other hand, the S&P BSE Sensex fell 0.07% to 79,996.6 points.
Throughout the week, the Nifty 50 reached record highs in four out of five sessions, with the Sensex doing so three times. Both indexes added 1.2% in total for the week. While the IT index saw early slips on Friday, it managed to achieve a 4.3% weekly gain, driven by soft U.S. economic data that boosted rate cut expectations.
Key players like Infosys, Wipro, HCLTech, and Tata Consultancy Services were the top gainers on the Nifty 50. However, HDFC Bank faced a decline of 4.6% after reporting a decrease in gross advances and flat deposits. On the other hand, Reliance Industries hit a record high with a 2% gain. Furthermore, small-caps and mid-caps also saw a rise of about 0.8% each on Friday.
In terms of market activity, stocks advanced on BSE at 3 pm on July 5, 2024, with 2,069 stocks advancing against 1,816 declining stocks. Noteworthy was the fact that 103 stocks remained unchanged. A total of 3,988 stocks were traded, with 366 stocks hitting a 52-week high and 15 hitting a 52-week low. Additionally, 349 stocks traded in upper circuit, while 186 hit the lower circuit.
Shripal Shah, MD & CEO of Kotak Securities commented on the latest SEBI circular to Market Infrastructure Institutions (MIIs) on slab-based charges and its impact on investors and traders. The move aims to promote transparency in the broking industry and ensure fairer fee structures for investors. This adjustment is expected to lower overall costs for clients, although it may reduce brokers’ income. It is also aimed at providing equal and fair access to all market participants.