Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices hit new lifetime highs in trade on Friday led by IT stocks. While BSE Sensex hit an all-time high of 80,893.51, Nifty50 too touched 24,592.20. BSE Sensex closed the day at 80,519.34, up 622 points or 0.78%. Nifty50 ended the day at 24,502.15, up 186 points or 0.77%.
The top BSE Sensex gainers were TCS, Infosys, HCLTech, Tech Mahindra, Axis Bank, JSW Steel, Reliance and Bajaj Finance. The top losers were Nestle India, Tata Steel, Sun Pharmaceutical, Tata Motors, Bharti Airtel and ICICI Bank.
The stock market rally was primarily driven by the strong performance of IT stocks, following the announcement of better-than-expected quarterly revenue by Tata Consultancy Services, a major player in the sector.
In the currency market, the Indian rupee exhibited a modest appreciation of 0.03% against the U.S. dollar, with a quoted exchange rate of 83.53 per dollar. This strengthening of the rupee was supported by a general weakening of the U.S. dollar, which occurred in response to the latest U.S. inflation data. The data raised expectations that the Federal Reserve might consider easing its monetary policy stance in the near future.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, is of the view, “Overall strength is seen in the market as every dip is being bought, supported by strong domestic flows aided by FIIs buying in the last few days.”
Nagaraj Shetti of HDFC Securities believes that the underlying trend of Nifty remains choppy with a positive bias, and a sustainable move above 24,500 levels could open up the next upside targets of 24,900 levels in the near term. The immediate support for Nifty is at 24,150.
Foreign portfolio investors turned net sellers, offloading shares worth Rs 1,137 crore, while domestic institutional investors bought shares worth Rs 1,676 crore.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-july-12-2024-dalal-street-indian-equities-global-markets/articleshow/111675265.cms