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  5. NIFTY & SENSEX open at record highs; ONGC, Coal India and Wipro top gainers

Market News

NIFTY & SENSEX open at record highs; ONGC, Coal India and Wipro top gainers

Upstox
By Upstox News Desk

3 min read | Updated on July 02, 2024, 09:57 IST

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SUMMARY

Benchmark equity indices opened in the green, with SENSEX trading above the 79,500 mark, while NIFTY soared over the 24,200 mark. Meanwhile, Nifty IT was the top gainer, and Nifty Auto was the biggest loser.

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On Tuesday, Indian equity benchmark indices began the trading day on a positive note. The NIFTY50 index made a fresh all-time high of 24,235.46. Similarly, the broader markets, the Nifty Midcap 100 and Smallcap 100 index, opened higher and made fresh all-time highs. Additionally, Nifty IT emerged as the top gainer, while Nifty Auto was the top loser in the early trading session.

The Indian equity benchmark indices opened on a buoyant note, driven by two key factors. The IMD Chief announced that India could experience above-normal rainfall in July, boosting market sentiments. Additionally, India's gross GST collection jumped 7.7% to Rs 1.74 trillion in June, reflecting the country's robust economic growth and high tax compliance. However, profit booking emerged at higher levels.

At 9:25 AM: The SENSEX was trading higher by 0.18% above the 79,500 mark, while the NIFTY50 was slightly up by 0.17% trading above the 24,100 level. Furthermore, Bank Nifty declined by 0.17% and was trading below the 52,500 level. India VIX has slightly gained by 0.14% and is trading close to 14-mark, indicating a marginal increase in market volatility.
Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading higher by 0.04% making a new all-time high at 56,504.50 level, while the Nifty Smallcap 100 gained by 0.3% and also made a record high at 18,679.95 level.
Sectoral Performance - Within the sectoral landscape, Nifty Oil & gas (+0.8%), Nifty Media (+0.7%) and Nifty IT (+0.6%) are among the top gainers, while Nifty Financial Services (-0.8%), Nifty Bank (-0.7%) and Nifty Auto (-0.5%) were the major sectors that were trading negatively.
Top Gainers and Losers - In the NIFTY50 space, ONGC (+1.7%), Eicher Motors (+1.13%), and HCL Technologies (+1.05%) are among the top gainers. On the other hand, Bajaj Auto (-0.76%), Sun Pharma (-0.57%) and Bajaj Finance (-0.41%) were the major losers.
U.S. Markets - U.S. mega cap growth stocks, led by Apple and Tesla, drove the tech-heavy Nasdaq to a higher close on Monday, while the Dow and the S&P 500 also posted modest gains in light pre-holiday trading.

The US 10-year yield fell by 22 basis points to 4.44%, and the 2-year Treasury yield decreased by 9 basis points to 4.75% in early Tuesday trading.

Commodities - Oil prices stabilized in early Asian trade on Tuesday, maintaining gains from recent sessions as traders anticipated increased demand during the Independence Day holiday and potential supply risks.

Brent futures for September rose 0.2% to $86.78 a barrel, while WTI crude climbed 0.2% to $82.48 a barrel.

Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on July 02, 2024, are India Cements and Indus Towers.
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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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