Unstoppable bulls! HDFC Bank drives Sensex past 80,000 for the first time, Nifty hits lifetime high
index heavyweight HDFC Bank following a likely increase in its MSCI weightage.
Sensex jumped over 570 points to cross the 80,000 level for the first time ever. The 50-componenet Nifty was on the verge of breaking above the 24,300 mark.
From the Sensex pack, HDFC Bank, Kotak Mahindra and JSW Steel opened higher while Sun Pharma, TCS and Ultratech Cement opened in red.
On the sectoral front, Nifty Financial Services showed highest gains of 1.15%, led by PFC, REC and HDFC Bank.
Meanwhile, Nifty Bank, Auto, FMCG, Metals and private banks gained over 0.5%.
Expert Views
«The charts of Bank Nifty indicate that it may get support at 52,100, followed by 52,000 and 51,800. If the index advances further, 52,500 would be the initial key resistance, followed by 52,700 and 52,800.
The foreign institutional investors (FIIs) extended their selling for the second day, selling equities worth Rs 2,000 crore on July 2, while domestic institutional investors continued bought equities worth Rs 648 crore,» said Deven Mehata, Research Analyst at Choice Broking.
«Yesterday, Nifty dropped sharply after hitting an all-time high of 24,236.35 due to profit booking. FIIs were net sellers by ₹2000 crores, while DIIs bought ₹648 crores. Nifty is likely to trade between 23,500-24,500, with 24,500 as a major resistance level. Federal Reserve Chairman Powell's remarks on inflation suggest a cautious market outlook. Key events include FOMC meeting minutes on Wednesday and the Nonfarm Payrolls report on Friday. We recommend buying Nifty at
