SENSEX, NIFTY HITS RECORD HIGH IN EARLY TRADE; BREADTH STRONG

The headline equity benchmarks traded with modest gains in early trade. The Nifty traded above the 24,350 mark. IT, realty and auto shares advanced while media, healthcare and FMCG shares declined. Trading could be volatile due to weekly F&O series expiry today.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 243.94 points or 0.30% to 80,230.74. The Nifty 50 index gained 69.75 points or 0.29% to 24,356.25.

The Sensex and Nifty clocked an all-time high of 80,331.48 and 24,372.15, respectively in early trade. Further, the Nifty Bank also hits record high at 53,357.70 in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.33% and the S&P BSE Small-Cap index rose 0.46%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 47,012.15 and 53,775.17, respectively.

The market breadth was strong. On the BSE, 2,140 shares rose and 943 shares fell. A total of 96 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,483.63 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 924.43 crore in the Indian equity market on 3 July 2024, provisional data showed.

Stocks in Spotlight:

Vedanta rose 1.01% after the company�s aluminum production up 3% year-on-year at 596 kt, while Saleable zinc production up 1% year-on-year at 262 kt, Saleable steel production up 10% year-on-year at 356 kt, YoY, Overall power sales at 4,791 MU, up 13% YoY for the end of Q1 FY25.

Suryoday Small Finance Bank rallied 3.37% after the bank�s gross advances jumped 42% year-on-year at Rs 9,037 crore , deposits up 42% YoY at Rs 8,137 crore, CASA ratio stood at 17.7 in Q1 FY25 as compared with 20.1% in Q4 FY24 while GNPA was at 2.67% in Q1 FY25 as against 2.80% in Q4 FY25.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.17% to 6.989 as compared with previous close 6.990.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5275, compared with its close of 83.4925 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.05% to Rs 72,435.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 105.34.

The United States 10-year bond yield grew 0.53% to 4.367.

In the commodities market, Brent crude for September 2024 settlement lost 46 cents or 0.53% to $ 86.88 a barrel.

Global Markets:

Most Asian stocks traded higher on Thursday as Wall Street indexes, including the S&P 500 and NASDAQ Composite, hit record highs in holiday-shortened trading. Weak labor data, along with purchasing managers index readings, fueled investor bets on a 25 basis point rate cut by the Federal Reserve in September.

Meanwhile, minutes from the Fed meeting revealed concerns about a slowing economy and subsiding inflation, but officials desire additional data to justify rate cuts, leaving investors in wait-and-see mode.

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