Stock Market Today: What drove the Sensex, Nifty 50 to fresh highs- explained with 5 reasons

Stock Market Today: Indian stock market benchmarks- the Sensex and the Nifty 50 – clocked healthy gains on Wednesday, July 3, hitting their fresh record highs during the session and ending their day at fresh closing peaks.

Sensex breached the coveted 80,000 mark for the first time ever, hitting its all-time high of 80,074.3 during the session. The Nifty 50 also scaled its fresh peak of 24,309.15.

Also Read: Sensex tops 80,000 mark for the first time, Nifty 50 edges toward 24,300

Sensex finally closed 545 points, or 0.69 per cent, higher at 79,986.80, while the Nifty 50 closed 163 points, or 0.67 per cent, higher at 24,286.50.

As many as 40 stocks ended in the green in the Nifty 50 index.

Shares of Tata Consumer Products (up 3.55 per cent), Adani Ports (up 2.39 per cent) and Kotak Mahindra Bank (up 2.23 per cent) closed as the top gainers in the Nifty index.

On the flip side, shares of TCS (down 1.23 per cent), Titan (down 1.11 per cent) and Reliance Industries (down 0.68 per cent) closed as the top losers in the index.

Also Read: Sensex’s rapid rise: From 75,000 to 80,000 in just 58 sessions – a look at its journey so far

The gain was broad-based as the midcap and smallcap indices also hit their fresh highs.

The BSE Midcap index closed 0.86 per cent higher at 46,802.84 after hitting its fresh record high of 6863.01. The BSE Smallcap index closed with a gain of 0.86 per cent at 53,441.93 after hitting a fresh record high of 53490.12.

The overall market capitalisation of the firms listed on the BSE rose to nearly ₹445.6 lakh crore from nearly ₹442.2 lakh crore in the previous session, making investors richer by over ₹3 lakh crore in a single session.

Over 330 stocks, including HDFC Bank, Federal Bank, JSW Steel, HDFC Asset Management Company, ICICI Lombard General Insurance Company, Persistent Systems, and Zomato, hit fresh 52-week highs in intraday trade on the BSE.(More to come)