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The domestic equity benchmarks ended a volatile session with significant gains on Thursday, gaining for fourth day in a row. The Nifty ended above the 24,000 level after hitting day’s low of 23,805.40 in early trade. Trading was volatile due to monthly F&O series expiry today.
The barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50.
The Sensex and Nifty clocked an all-time high of 79,396.03 and 24,087.45 respectively in late trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index declined 0.57%.The market breadth was weak.
Among the sectoral indices, the Nifty IT index (up 2.03%), the Nifty Oil & Gas index (up 0.86%) and the Nifty Auto index (up 0.69%) outperformed the Nifty 50 index.
Meanwhile, the Nifty Media index (down 1.35%), the Nifty PSU Bank index (down 0.92%) and the Nifty Pharma index (up 0.16%) underperformed the Nifty 50 index.
Numbers to Track:
The yield on India's 10-year benchmark federal rose 0.04% to 7.000 as compared with previous close 6.997.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.5750 during the previous trading session.
MCX Gold futures for 5 August 2024 settlement gained 0.23% to Rs 71,249.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 105.92.
The United States 10-year bond yield rose 0.37% to 4.331.
In the commodities market, Brent crude for August 2024 settlement added 27 cents or 0.32% to $84.74 a barrel.
Global Markets:
European and Asian stocks traded lower on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.
Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China's industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.
US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.
Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company's revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.
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