News Brief

Indian Stock Markets Soar To Record Highs: BSE Sensex Touches 80,000 Mark For First Time, Nifty Hits Fresh Lifetime High

Kuldeep Negi

Jul 03, 2024, 09:51 AM | Updated 09:51 AM IST

BSE Building in Mumbai. (Wikimedia Commons)
BSE Building in Mumbai. (Wikimedia Commons)

The Indian share market opened to record highs on Wednesday (3 July), driven by a significant surge in HDFC Bank, the nation's leading private lender.

This rise was fuelled by expectations of an increased weightage of the private lender in a crucial global index.

As of 9.15 am, the NSE Nifty 50 climbed 0.7 per cent to 24,291.75 points, while the S&P BSE Sensex advanced 0.72 per cent to reach 80,013.77 points, NDTV reported.

This marks the first occasion that the 30-stock Sensex has breached the 80,000 threshold.

HDFC Bank led the gains, opening 3.5 per cent higher and significantly contributing to the Nifty 50's performance.

Data released post-market hours on Tuesday indicated that foreign institutional investors' shareholding in HDFC Bank fell below 55 per cent in the June quarter.

This drop heightens the possibility of an increased weightage in Morgan Stanley's MSCI indexes.

Analysts suggest that inflows into HDFC Bank could further uplift the benchmarks, as it remains the heaviest weighted stock in both the Nifty and Sensex.

All 13 major sectors recorded gains, with the rise in HDFC Bank propelling banks, financials, and private banks to increase by 1.3 per cent-1.5 per cent.

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Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.

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