NIFTY50 and SENSEX open near record high levels ; HCL Tech top gainer post Q1 results

Today, Indian equity benchmark indices began the first trading session of the week on a positive note, with the NIFTY50 making a fresh all-time high and SENSEX trading in green—similarly, the Nifty Midcap 100 and Smallcap 100 index traded positively in the broader markets. Additionally, Nifty Auto emerged as the top gainer, while Nifty Realty was the top loser in the early trading session. The India VIX surged by 3.73%, trading above the 14-mark.

On Monday, the gains were led by IT stocks, particularly by HCL Tech, which surged nearly 4% on the back of better-than-expected quarterly results. This propelled the shares of HCL Tech to a new four-month high. Market participants will keep an eye on India’s Wholesale Price Index (WPI) Inflation data, set to be released on Monday, as it could impact market sentiments.

On Friday, July 12, 2024, foreign institutional investors (FII) bought shares worth ₹4,021.60 crore, while domestic institutional investors (DII) offloaded shares worth ₹1,651.45 crore.

At 09:25 am, the SENSEX was trading slightly higher, 0.18% above the 80,600 level, while the NIFTY50 was also up by 0.19%, making a new record high at 24,598 level. Furthermore, Nifty Bank gained by 0.07%, trading above 52,300.

Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading higher by 0.07% above the 57,200 level, while the Nifty Smallcap 100 gained by 0.2% and is trading above the 19,900 mark.

Sectoral Performance- Within the sectoral landscape, Nifty Auto (+0.74%), Nifty PSU Bank (+0.48%), and Nifty Pharma (+0.47%) are among the top gainers, while Nifty Realty (-0.86%), Nifty Metal (-0.44%), and Nifty FMCG (-0.03%) are the sectors trading negatively. The Nifty Realty index has made a fresh one-month low, and it is down about 7% from its high in June.

U.S. Markets- Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs. This was driven by expectations that the U.S. Federal Reserve would cut interest rates in September. However, big banks fell after reporting mixed results.