MARKET HITS NEW LIFE HIGH; IT SHARES IN DEMAND

The key domestic indices traded with substantial gains in the mid-morning trade. The Nifty scaled above the 24,450 mark. IT shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 531.09 points or 0.66% to 80,428.43. The Nifty 50 index added 178.40 points or 0.26% to 24,494.75.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index gained 0.28%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was positive. On the BSE, 1,963 shares rose and 1,738 shares fell. A total of 160 shares were unchanged.

Buzzing Index:

The Nifty IT index rallied 3.63% to 38,687.40. The index added 3.77% in two trading sessions.

Mphasis (up 5.21%), Coforge (up 4.77%), Tata Consultancy Services (up 4.31%), LTIMindtree (up 3.94%) Wipro (up 3.66%), Persistent Systems (up 3.2%), Infosys (up 3.17%), L&T Technology Services (up 3.07%), HCL Technologies (up 2.98%) and Tech Mahindra (up 2.94%) advanced.

Stocks in Spotlight:

Jio Financial Services (JFSL) rose 1.19% after the company received an approval from Reserve Bank of India to convert into core investment company (CIC) from non-banking financial company (NBFC).

LT Foods advanced 3.74% after the company announced that its step-down subsidiary LT Foods UK has commenced operations of its new facility in the United Kingdom (U.K.).

Aditya Birla Fashion and Retail (ABFRL) shed 0.12%. The company announced that it has raised its stake in Goodview Fashion (GFPL) to 51% from 33.5% for a cash consideration of Rs 127.42 crore.

Global Markets:

Asian stocks traded lower on Friday, with technology-heavy indexes plunging as investors cashed in on recent gains.

Regional markets largely mirrored the previous day`s sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.

The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.

While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.

US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month`s 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.

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