Sensex soars 274 pts, Nifty near 19,400 as Bajaj Fin leaps 7%, Hero Moto 5%

Closing Bell on July 4, 2023: The rally was led by Bajaj Finance, Bajaj Finserv, Hero Moto, Tech M, TCS, Wipro, Sun Pharma, Kotak Bank, Infosys, Cipla, HCL Tech, SBI, HDFC twins, and ICICI Bank

Stock market highlights: Equity markets were volatile, but settled at record closing highs yet again on Tuesday, as banking and IT stocks lifted the market mood.

The S&P BSE Sensex swung in a range of 502 points, hitting an all-time high of 65,673 in the intra-day trade. It, eventually, settled 274 points, or 0.42 per cent, higher at 65,479. The broader Nifty50, too, closed 66 points, or 0.34 per cent, higher at 19,389. It hit a lifetime high of 19,434 during the day.

The benchmarks were supported by a steep rally in Bajaj Finance (up 7 per cent), Bajaj Finserv, Hero Moto, Tech M, TCS, Wipro, Sun Pharma, Kotak Bank, Infosys, Cipla, HCL Tech, SBI, HDFC twins, and ICICI Bank.

In the broader market, the Nifty MidCap 100 and SmallCap 100 ended the day on a mixed note with the former slipping 0.23 per cent.

IPO Update

Senco Gold: The issue was subscribed 48 per cent till 3:30 PM on the first day of the offer. Retail portion was subscribed 81 per cent, and NII 33 per cent.

PKH Ventures: The issue had not sailed through till 3:30 PM, with bids received for 63 per cent of the offer. Retail portion was subscribed 94 per cent, while NII and QIB portions were subscribed 1.6 times and 11 per cent, respectively.

4:05 PM

COMMENT:: Markets taking a breather ahead of Q1 results

"The market is maintaining its optimism; however, a profit-booking tendency is visible at the upper band as the recent rally has raised the market to the historic new high range. The momentum of the market has shifted from the frontlines of this year to the laggards like IT, commodities, and PSUBs. The market is taking a breather ahead of the upcoming Q1 results. Pharma and banking displayed a positive trend, while the auto sector faced selling pressure following a mixed set of sales data for the month of June."

- Vinod Nair, Head of Research at Geojit Financial Services

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