The Indian stock market reached record highs today (July 3), driven by a surge in HDFC Bank shares. The NSE Nifty 50 rose 0.7% to 24,291.75 points, and the BSE Sensex climbed 0.72% to 80,013.77 points, marking the first time the 30-stock Sensex crossed the 80,000 mark.
HDFC Bank’s 3.5% rise at the open led the gains, spurred by foreign institutional investors’ shareholding dropping below 55%, which increased the likelihood of its weightage rising in Morgan Stanley’s MSCI indexes. This could result in inflows of $3.2 billion to $4 billion over six days, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
All 13 major sectors logged gains, with banks, financials, and private banks rising 1.3%-1.5%.
In the currency market, the rupee depreciated 5 paise to 83.53 against the US dollar, weighed down by a strong dollar and elevated crude oil prices. The rupee opened at 83.51 and traded at 83.53 in early deals.
This significant milestone for the Sensex and the overall positive performance of the market reflect strong investor confidence, particularly in the banking sector, driven by developments at HDFC Bank.
