Stock Market Highlights, July 3: Sensex rises 545 pts, ends near 80,000; HDFC, Axis Bank gain 2%

Stock Market Highlights on July 3: In the broader markets, the BSE MidCap and the BSE SmallCap index rose 0.86 per cent each.

11:25 AM

Sensex can hit 87,000 levels by year-end; stick with large-caps: Analysts

Analysts believe there is more room for an upside going ahead, but investors need to be patient as it will not be a runaway rally for the markets from here on. Domestic cues in the form of budget, the new government's 100-day agenda, progress of monsoon, inflation levels, interest rate action of the Reserve Bank of India (RBI) and corporate earnings growth are some of the factors that the markets will keep a tab on. READ MORE

11:11 AM

Stock Alert :: Where is HDFC Bank stock headed?

The stock is poised to hit a new all-time high, steering fresh upside in the counter. The trend is resilient, with price action trading determined to reach uncharted territories, forming “Higher High, Higher Low” formation.

 

Immediate support emerges at 1650, followed by 1600, which are its crucial breakout marks in the recent upward trend. Moreover, the formation of “Golden Cross” has further strengthened the optimistic outlook, with price aiming to hit 2000 mark in the near future.

 

Despite the stock trading in the overbought category of Relative Strength Index (RSI), the price action is displaying robust momentum to scale higher levels.

Views by: StoxBox

10:58 AM

IREDA extends rally on heavy volumes; hits record high, soars 15% in 3 days

Shares of Indian Renewable Energy Development Agency Limited (IREDA) hit a record high of Rs 218.80 per share, soaring 6.5 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes. The stock surpassed its previous high of Rs 215 touched on February 6, 2024. READ MORE

10:48 AM

Quant MF raises wager on HDFC Bank, exposure increases across schemes

In FY24, the bank declined 10 per cent vis-a-vis nearly 29 per cent rise in Nifty50. HDFC Bank is catching up on its underperformance. One of the triggers, according to Nuvama Institutional Equities, is the expectation of an increase in its weight in MSCI Standard Index in the August review. READ MORE

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10:36 AM

ALERT:: HSBC India June services PMI for June at 60.5 versus 60.2 in May

10:33 AM

This smallcap stock has surged 78% in 2 months; zoomed over 360% in 2 years

Shares of D-Link India hit a record high of Rs 556.75, rallying 17 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes on its healthy outlook. READ MORE

10:32 AM

Force Motors shares fall over 2% after June auto sales disappoint

Shares of automobile company Force Motors fell as much as 2.29 per cent to hit an intraday low of Rs 8,975.85 per share. The fall in the share price came on the back of weak June sales numbers. Force Motors’ total sales slipped 2.9 per cent to 2,553 units, as opposed to 2,628 units in the same month last year (June, 2023). READ MORE

10:27 AM

Real estate stocks strategy: Do not cash out fully, say analysts

The recent blip in housing sales on a quarter-on-quarter (QoQ) basis should not worry investors in these stocks, suggest analysts, as the long-term prospects of real estate stocks remain on a strong foundation. READ MORE

10:21 AM

Market Update: Nifty hits fresh record high at 24,307

10:15 AM

Rupee falls 5 paise to 83.53 against US dollar during early trade

The rupee depreciated 5 paise to 83.53 against the US dollar in early trade on Wednesday, weighed down by the strong American currency and elevated crude oil prices. READ MORE

10:00 AM

RVNL emerges as lowest bidder for project of Rs 133 cr; shares up over 2%

Rail Vikas Nigam Limited (RVNL) shares surged as much as 2.40 per cent to hit an intraday high of Rs 421 per share on Wednesday. The uptick in stock price came after RVNL announced that it has emerged as lowest bidder (L-1) for a contract worth Rs 133 crore from Central Railway. READ MORE

9:59 AM

KEC International hits 52-week high on securing large order; details here

KEC International’s shares jumped 7.3 per cent to Rs 968.20 per share on the BSE in Wednesday’s early morning trade. The share price of the company has surged 23.8 per cent in the last one month, while rallying over 60.72 per cent in the last six months. READ MORE

9:57 AM

HDFC Bank rallies 4%, hits record high as foreign holding slips below 55%

Shares of HDFC Bank hit a record high of Rs 1,794, surging 4 per cent on the National Stock Exchange (NSE) in Wednesday's intraday trade, after foreign portfolio investor (FPI) holdings in the private sector lender dropped below 55 per cent at the end of the June 2024 quarter. This drop in foreign ownership has helped the bank meet the criteria for increase in weight in the MSCI index. READ MORE

9:57 AM

Asian stocks rise on expectations of rate cuts, yen stays near 38-year lows

Asian stocks rose on Wednesday as comments from Fed Chair Jerome Powell reinforced expectations that US rate cuts were not far off, while the yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention. READ MORE

9:54 AM

ALERT :: NEW RECORD HIGH FOR SENSEX