Stock markets' record run continues, Sensex climbs over 300 points, Nifty above 24300

Jul 06, 2024

Stock markets: Equity benchmark indices continued their record run as they opened higher in early trade on Thursday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed over 300 points to 80,343. Meanwhile, the Nifty was also up by 97 points to 24,383. This bullish trend continues from the June 10 rally, after which the Sensex has surged by more than 3,000 points to date.

In the Nifty 50 index, 34 shares opened in advance, while 14 shares declined. Among the top gainers in the Nifty 50 were Hindalco, ICICI Bank, Tata Motors, HCL Tech, and Mahindra & Mahindra. Conversely, HDFC Bank, Cipla, Dr Reddy's, Shriram Finance, and Adani Entertainment were the top losers.

The broader market on the National Stock Exchange also showed positive momentum, with all indices, including Nifty Next 50, Nifty 100, and Nifty 200, opening with gains. In terms of sectoral performance, all indices except for the Nifty Healthcare and Nifty Pharma indices opened with gains, underscoring broad-based optimism in the market.

How did global markets fare? 

The global markets also reflected this positive sentiment. Wall Street closed at record highs, driven by gains in tech stocks. The S&P 500 rose by 0.51 per cent, and the Nasdaq Composite increased by 0.88 per cent. The bullish trend also mirrored in Asian markets, where Japan's Nikkei 225 climbed by 0.27 per cent, Korea's Kospi gained 0.87 per cent, and the broader Asia Dow rose by 1 per cent. Hong Kong's Hang Seng also advanced, increasing by 0.56 per cent. 

Rupee against dollar 

The rupee depreciated 5 paise to 83.54 against the US dollar in early trade on Thursday, weighed down by elevated crude oil prices. Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.52 and lost further ground to trade at 83.54 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Wednesday, the rupee settled 1 paisa lower at 83.49 against the US dollar.

(With inputs from agencies)