NIFTY HITS NEW LIFE HIGH; SENSEX ADDS 96 PTS; BREADTH STRONG

The benchmark indices traded with minor gains in early trade. The Nifty traded above the 23,600 level. IT, healthcare and media shares advanced while realty, private bank and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 96.03 points or 0.13% to 77,574.96. The Nifty 50 index added 43.50 points or 0.18% to 23,610.50. The Nifty clocked an all-time high of 23,667.10 in early trade.

The broader market outperformed the headline indices, the S&P BSE Mid-Cap index added 0.44% and the S&P BSE Small-Cap index rose 0.63%.

The S&P BSE Small-Cap index hit an all-time high at 52,272.55.

The market breadth was strong. On the BSE, 2,010 shares rose and 781 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 415.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 325.81 crore in the Indian equity market on 20 June 2024, provisional data showed.

Stocks in Spotlight:

Nestle India shed 0.39%. The compnay said that its board will meet on July 8 to declare an interim dividend for FY 2024-2025. The record date for the same is fixed as July 16.

Oil and Natural Gas Corporation shed 0.46%. The company appointed Devendra Kumar as chief financial officer and key managerial personnel of the company with immediate effect.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.03% to 6.978 as compared with previous close 6.976.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.5825, compared with its close of 83.6125 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.15% to Rs 72,698.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 105.57.

The United States 10-year bond yield grew 0.26% to 4.263.

In the commodities market, Brent crude for August 2024 settlement lost 15 cents or 0.18% to $ 85.56 a barrel.

Global Markets:

Asian stocks traded mixed on Friday, mirroring a decline in US shares overnight.

In Japan, core inflation, which excludes volatile fresh food prices, rose for the first time in three months in May. The increase was driven by higher prices for nonperishable goods and came in at 2.5% year-over-year, exceeding the central bank`s 2% target.

Across the Pacific, the US stock market experienced some volatility Thursday. The S&P 500 briefly surpassed the 5,500 mark before retreating. The technology sector faced pressure, leading the Nasdaq 100 lower after a week-long winning streak. Declines in Nvidia Corp. and Apple Inc. were key contributors to the tech sector`s weakness. However, the Dow Jones Industrial Average bucked the trend and gained around 300 points.

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