The Sensex closed above the 80,000 mark for the first time on July 4, marking a historic milestone, while the Nifty 50 also ended the day above 24,300 points. Despite opening higher, both indices retraced most of their gains during the session, finishing slightly up.
The Sensex concluded the day at a record high of 80,049.67 points, reflecting a modest increase of 0.08 percent. Simultaneously, the Nifty closed at 24,302 points, up 0.06 percent. In intraday trading, the Sensex reached a peak of 80,392.64 points, with gains extending up to 400 points. Similarly, the Nifty hit a lifetime high of 24,401 points, registering an intraday increase of 100 points.
Nifty Pharma led the gainers with a rise of 1.4 percent, followed by Nifty IT and Nifty Auto, each advancing by 0.9 percent. Conversely, Nifty Media saw a decline of 0.5 percent, while both Nifty Financial Services and Nifty FMCG dropped by 0.2 percent each.
The day’s trading saw the markets maintain a narrow range, closing nearly unchanged after Wednesday’s gains. The Nifty fluctuated throughout the day and settled near its low at 24,306.55. Across sectors, pharmaceuticals, IT, and automotive sectors showed moderate gains, while FMCG and metals were subdued.
Broader indices outperformed the benchmarks, each gaining around half a percent. The Nifty approached its immediate target of 24,500 and seems slightly overextended. Taking profits and awaiting a potential dip before considering new long positions in the index would be prudent. Nonetheless, the broader market strength and specific sectoral opportunities suggest focusing on selective stock choices and utilizing dips for strategic additions.