Sensex Jumps 443 Points, IT Stocks Lead Rally

by Hemanta Pande

NEWS HIGHLIGHTS

Tech Mahindra, Wipro, UltraTech Cement, Bajaj Finance, TCS, Infosys, JSW Steel, and HDFC Bank were the top gainers. NTPC, SBI, L&T, IndusInd Bank, Axis Bank, and Bajaj Finserv were the top losers.

Mumbai, July 1: Indian stock indices closed in green on Monday following the rally in IT shares. At closing, Sensex was at 79,476, up 443 points or 0.56 per cent and Nifty was up 131 points or 0.55 per cent, at 24,141.

During the day, midcap and smallcap stocks outperform compared to largecaps. The Nifty midcap 100 index was up 555 points or one per cent, at 56,292 and the Nifty smallcap was up 275 points or 1.51 per cent, at 18,593.

Among the sectoral indices, Auto, IT, fin service, media and bank were major gainers. Realty and energy index were major laggards.

Tech Mahindra, Wipro, UltraTech Cement, Bajaj Finance, TCS, Infosys, JSW Steel, and HDFC Bank were the top gainers. NTPC, SBI, L&T, IndusInd Bank, Axis Bank, and Bajaj Finserv were the top losers.

As per the market experts, "The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the FED in September. This optimism contributed to the strong performance of IT stocks. We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending."

"Investors are now focusing on upcoming US job data and the Fed Chair's speech for further indication on interest rates," they added.

The market had started flat on Monday. The Sensex was trading above 79,000 with marginal gains and Nifty was around 24,000.(IANS)

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Close Shave For Passengers Even As Bus Catches Fire In Cuttack

by Pabitra Mohan Senapaty

Cuttack, July 3: Passengers had a miraculous escape today even as a bus in which they were travelling caught fire while running at Khannagar in Cuttack city this afternoon.

The luggage career on the backside of the bus caught fire, the reason of which is yet to be known.

According to the information, the driver was informed about the smoke emanating from the backside by some passengers sitting in the back seats. As soon as the driver stopped the bus, passengers got down one after another.

The bus staff with the help of the locals doused the fire.

The bus had just departed Netaji Bus Terminal towards Pallahada in Angul district.

Team India 'Coming Home'; Set To Meet PM In Delhi, To Have An Open-Top Bus Parade In Mumbai

by Shambhu Datta Mishra

New Delhi, July 3: The ICC Men's T20 World Cup-winning Indian team led by Rohit Sharma are set to arrive home as the players finally left for Delhi after being stranded in Barbados for three days due to Hurricane Beryl.

The T20 World Cup-winning squad, accompanied by its support staff, several BCCI officials, the players' families, and 22 Indian journalists left Barbados around 6 am Wednesday (IST).

Rohit Sharma, Shivam Dube, and Mohammad Siraj gave an update on 'Instagram' of their departure with a picture of them holding the T20 World Cup trophy with the caption, "Coming home."

Upon their arrival in New Delhi, the Indian team will be meeting Prime Minister Narendra Modi around 11 am. Soon after the meeting with the Prime Minister, the team will depart for Mumbai.

A source has confirmed to IANS that in Mumbai, the "BCCI has arranged an open-top bus ride followed by a function at the Wankhede Stadium." The bus ride is expected to be around Marine Drive and is likely to start around 4 pm.

The World Cup winning team was originally scheduled to depart from Barbados at 11 am local time (8:30 PM IST) Monday but the departure was delayed due to Hurricane Beryl, which intensified from category 3 to 5.

(IANS)

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Indian Markets Close At Historic High, Sensex Breaches 80,000

by Shambhu Datta Mishra

Mumbai, July 3: The Indian markets gained to a historic high Wednesday with Sensex breaching the 80,000 mark for the first time.

By the close of the trading session, both the indices achieved new 52-week highs. The Sensex closed at an all-time high of 79,986.80 points, very near to the 80,000 milestone.

Meanwhile, the Nifty 50 index also sustained its upward momentum, finishing at 24,286.50 points, marking its highest closing level to date.

"Sensex crossing the 80000 mark is a big achievement for the Indian stock market. 16 years ago it was at 8800 on the day when Lehman, the leading bank in the US markets, crashed. Nine times returns in 16 years. However, four years ago during the time of Covid, it was at 26000, which seems unrealistic but it is true," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

The broader market on the National Stock Exchange mirrored this bullish trend, with all indices closing with gains Wednesday.

Among the sectoral indices, Nifty Media was the only exception, as all other sectors supported the rally and ended the day in positive territory.

Leading the gains on the Sensex were the shares of HDFC Bank, which hit a new high of Rs 1,794. This was followed by impressive performances from Kotak Bank, Bajaj Finance, Bajaj Finserv, and M&M.

However, not all stocks rode the wave of optimism; Tech Mahindra, TCS, Sun Pharma, Infosys, and Bharti Airtel were among the top losers.

On the NSE, Britannia, ICICI Bank, and Axis Bank emerged as the top performers, contributing significantly to the day's gains. In contrast, Tata Motors and Ultratech Cement faced losses, making them the laggards on a day otherwise dominated by positive sentiment.

"The Indian Rupee may face challenges due to rising crude oil prices. Being one of the world's largest oil importers, India could see a deterioration in its Current Account Deficit (CAD) after experiencing a surplus for the first time in one and a half years. The increase in oil prices also threatens the headline inflation target, potentially prompting the Reserve Bank of India (RBI) to maintain a prolonged hawkish stance," said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global.

(ANI)

Sensex Jumps 443 Points, IT Stocks Lead Rally

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