Sensex adds 529pts, ends near 66,600; Nifty at 19700; SBI up 3%, HDFC Bk 2%

CLOSING BELL on July 17: The benchmark S&P BSE Sensex notched a new high of 66,656 in the intra-day trade, while the Nifty50 hit a new record high of 19,732

SI Reporter New Delhi

Stock market highlights: Benchmark indices witnessed a steady uptrend on Monday, hitting new all-time highs on the way. The benchmark S&P BSE Sensex notched a new high of 66,656 in the intra-day trade, before settling at 66,590, soaring 529 points or 0.8 per cent.

The Nifty50, too, hit a new record high of 19,732. It, eventually, settled at 19,721, up 157 points or 0.8 per cent.

SBI (up 3 per cent) was the top winner at the bourses, followed by Wipro, Dr.Reddy's Labs, Grasim, HDFC Bank, RIL, IndusInd Bank, Kotak Bank, Adani Enterprises, Tech M, ICICI Bank, Asian Paints, and Maruti Suzuki.

In the broader markets, the BSE MidCap index settled 0.3 per cent up, while the BSE SmallCap index advanced 0.85 per cent. The indices hit new highs of 29,593 and 34,079, respectively.

Among sectors, the Nifty PSU Bank index jumped over 2 per cent, the Nifty Bank index 1.5 per cent, and the Nifty IT index 0.4 per cent.

IPO Update :: Netweb Technologies
The three-day issue of Netweb Tech sailed through and was subscribed 1.65 times till 3:30 PM on day one of the offer. The employee portion was booked 5.6 times, retail portion 2.3 times, NII 2.06 times, and QIB portion 2 per cent. The bidding will close at 5:00 PM.

4:06 PM

COMMENT:: Market rallied on hopes of strong Q1 corporate earnings

"Despite the mixed performance observed in the Asian market due to China's underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result. Nifty50 Q1 consolidated PAT is projected to grow by more than 20% YoY, which can upgrade the full year earnings growth of FY24. Small caps outperformed as comparatively valuations are attractive trading below the long-term average compared to large and mid-caps."

- Vinod Nair, Head of Research at Geojit Financial Services

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