Sensex, Nifty at record high; auto, FMCG, pharma rally

Wednesday 10th July 2024 07:07 EDT

Indian benchmark indices ended at record high on Tuesday led by buying across the sectors. The Sensex was up 391.26 points or 0.49 per cent at 80,351.64, and the Nifty was up 112.70 points or 0.46 per cent at 24,433.20.

Both domestic and global factors continue to drive the market momentum. Currently, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Investors are eagerly awaiting the first-quarter earnings results, which will guide market direction. The IT sector, with optimistic revenue growth expectations, is expected to positively kickstart the season. Additionally, continuous positive FII inflow contributes to the prevailing positive sentiment.

Nifty opened on a positive note and continued to inch higher throughout the day to close with gains of 97 points. On the daily charts we can observe that the Nifty closed above 24,400 suggesting that there is likely to be more upside over the next few trading sessions.

Divergence was seen in Tuesday's trade where Mid and Smallcaps remained rangebound throughout the day and major buying traction was seen in the Index stocks, particularly in the Auto counters which helped Nifty50 to settle the trade at yet another record level of 24,433.20 with gains of 112.65 points. Apart from Auto, Pharma and PSU Banking sectors outperformed while IT was the major laggard.

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