Nifty continues record run, scales 24,650 mark; Sensex rises 100 points

The Nifty 50 has hit record-high levels in eight of the 12 sessions so far in July.

Among stocks, , , , , M&M, and HUL opened 0.5-1.5% higher, while , L&T, , , and opened with losses.

On the sectoral front, Nifty Bank, Auto, FMCG, Media, Metal, Realty, and Consumer Durables opened with gains, while Nifty IT, Pharma, and Healthcare opened with cuts.

Among individual stocks, Century Textiles & Industries rose 8% after the company's arm, Birla Estates, bought a 5-acre land parcel in Gurugram, with an estimated revenue potential of Rs 1,400 crore.

shares surged 7% after the budget carrier reported a consolidated net profit of Rs 127 crore in the fourth quarter ended March 2024 as against a loss a year ago.

Meanwhile, comments from Federal Reserve Chair Jerome Powell on Monday that recent U.S. data added to confidence on progress in taming inflation, boosted hopes that the U.S. interest rate cut may not be far off.

Traders have now completely ruled out a rate pause in September, with odds of a 25 basis point cut at about 90%, according to CME FedWatch.

Experts View
"In the next few days in the run up to the Budget, the market is likely to anticipate the Budget proposals and respond. Even though Budget anticipations are speculative, this Budget will be growth oriented and at the same time fiscally prudent," said V K Vijayakumar, Chief Investment Strategist, .

"Tax buoyancy and the RBI dividend bonanza give the finance minister ample room for fiscal consolidation. Therefore, the market will be optimistic on this ground," Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 24,500 followed by 24,450 and 24,400. On the higher side, 24,650 can be an immediate resistance, followed by 24,700 and 24,800."

Global Markets
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%, having eased 0.3% on Monday. Japan returned from a public holiday, with the Nikkei index up 0.4%.

Overnight, Wall Street closed higher, with the Dow Jones notching an all-time closing high thanks to energy and banking shares.

FII/DII Tracker
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2,684 crore, while domestic institutional investors extended their selling as they sold equities worth Rs 331 crore, on July 15.

Crude Oil
Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.

Brent futures fell 21 cents, or 0.25%, to $84.64 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 25 cents, or 0.31%, to $81.66.

Currency Watch
The Indian rupee rose 2 paise to 83.59 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.14% to 104.33 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)