Stock Market Opens At Record High: Sensex Rises 300 Points, Nifty Tops 24,300

The S&P BSE 30 share index had a strong opening at around 80,300 today (July 4). The Sensex had briefly surpassed this mark in the previous session on July 3. This marks the shortest span of about 138 sessions for the Sensex to cross this milestone, driven by supportive global data and the progress of the monsoon in the country.

Stock Performance Today

Within the Sensex, ICICI Bank, HCL Tech, and M&M opened up to 1.5% higher, while HDFC Bank, HUL, and IndusInd Bank saw declines of up to 1.3%. The Nifty IT index gained 1%, with Coforge and Persistent Systems both posting gains exceeding 2%. Nifty Auto, Metals, and Realty indices each gained over 0.5%. Kaya’s shares surged 10% following its announcement of a collaboration with Marico for handling sales and marketing of Kaya’s personal care products. Conversely, shares of ITD Cementation dropped 6.7% due to a potential promoter stake sale.

Global Markets

Asian stocks reached 27-month highs as softer US data reduced the likelihood of a rate cut in September. Japan’s Nikkei rose 0.4% and neared its March peak, while the broader Topix reached all-time highs. S&P 500 futures and Nasdaq futures remained steady after hitting record levels overnight.

Oil prices declined in early trading following weaker-than-expected US employment and business activity data. Brent crude futures fell by 30 cents, or 0.34%, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38%, to $83.56 by 0030 GMT.

Rupee Performance Today

The rupee fell by 5 paisa to 83.54 against the US dollar in early trade. In the previous session, the Indian rupee had closed marginally weaker due to dollar demand from local corporates and state-run banks, influenced by the weakness in Asian currencies.