Bull run: Sensex tops 80,000 intra-day, Nifty at new high

Bull run: Sensex tops 80,000 intra-day, Nifty at new high

The benchmark Sensex topped the 80,000 level for the first time on Thursday mirroring global cues.

The 30-share gauge hit an intraday high of 80,074 before ending at 79,986, up 545 points or 0.69 per cent. Nifty was up 0.67 per cent at 24286, a record. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.7:1.

FPIs went on a shopping spree, buying shares worth ₹5,483 crore, provisional data showed.

“We saw a broad-based rally, boosted by large caps, with financials taking centre stage. On the global front, the US Fed chair’s commentary on inflation cooling down to 2 per cent by the end of CY25 was sentimentally positive,” said Vinod Nair, Head of Research, Geojit Financial Services.

With the drop in Indian banks’ gross non-performing assets to a 12-year low, the sector is anticipated to outperform in the near term, Nair said.

Top gainers

Banks such as HDFC Bank, Kotak Bank and Axis Bank were among the top Nifty gainers, up over 2 per cent each. Adani Ports rose 2.4 per cent. The Nifty Bank, PSU, and Nifty Metal indices were the top sectoral gainers.

“India has strong and sustainable drivers for secular growth, and our view on equities remains constructive. We would advise investors to follow a well-crafted and balanced allocation towards equities and remain committed preferably via SIP,” said Neelesh Surana, Chief Investment Officer, Mirae Asset Investment Managers (India).

Growth in India’s dominant services industry accelerated last month, buoyed by strong demand and a record rise in export orders, according to a business survey that also showed companies were hiring at the fastest in nearly two years.

Services PMI up

HSBC’s India Services Purchasing Managers’ Index, compiled by S&P Global, rose to 60.5 in June from 60.2 in May. A rise in both manufacturing and services pushed up the overall HSBC India Composite PMI to 60.9 last month, matching the flash estimate, from 60.5 in May.

Global equities rose on Wednesday, tracking a record S&P 500 close, on optimism about US interest-rate cuts after Federal Reserve Chair Jerome Powell said inflation is getting back on a downward path and the job market was cooling.

The FOMC minutes might give hints on the start of the rate-cut cycle. The market will also take cues from the upcoming Budget.

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