All 13 major sectors logged gains as the Indian stock market hit record highs at the open on July 3, driven by a surge in HDFC Bank amid hopes of an increase in its weightage in a key global index. The NSE Nifty 50 rose by 0.7% to 24,291.75 points, while the BSE Sensex climbed 0.72% to 80,013.77 points, marking the first time the 30-stock Sensex has crossed the 80,000 mark.
HDFC Bank soared 3.5% at the open, leading the Nifty 50 gains. This surge followed data showing that foreign institutional investors’ shareholding in HDFC Bank dropped below 55% in the June quarter, raising the possibility of an increased weightage in Morgan Stanley’s MSCI indexes. “After the solid bull run in markets, HDFC Bank is set to give another boost,” said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research, as per Reuters.
In the stock market, all 13 major sectors logged gains. The rise in HDFC Bank boosted banks, financials, and private banks by 1.3%-1.5%.
Currency Watch:
The rupee depreciated by 5 paise to 83.53 against the US dollar in early trade, weighed down by the strong American currency and elevated crude oil prices. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground, trading at 83.53 against the greenback in initial deals, marking a fall of 5 paise from its previous closing level.
