Stock Market Today: Selling on the rise and buying on the dip has been a strategy that has dominated Indian stock markets in recent times. On Tuesday, July 2, this pattern continued with benchmarks Nifty 50 and Sensex hitting fresh all-time highs in intraday trade but failing to sustain the gains and ending with marginal losses on weakness in the global economy.
The Nifty 50 hit an all-time high of 24,236.35 during trading hours before closing down 18 points or 0.07 percent at 24,123.85.
The 30-stock Sensex index also hit a record high of 79,855.87 but fell 35 points or 0.04 percent to close at 79,441.45.
Profit booking by some of the big names like ICICI Bank, Bharti Airtel, Kotak Mahindra Bank and SBI dragged the index down, while shares of HDFC Bank, Larsen & Toubro, Infosys and TCS provided the main index with the most support, limiting losses.
Lack of fresh domestic triggers and weak global economic data meant investors’ risk appetite remained low.By the time the Sensex closed, major European markets including the UK’s FTSE, France’s CAC40 and Germany’s DAX were down.
“The market hit fresh highs early in the trade on renewed optimism but failed to capitalise and subsequently reversed course and languished in negative territory. Weak European and Asian data coupled with negative sentiment in Dow futures led to profit booking in banking, telecom and auto stocks,” said Prashant Tapus, senior vice president, research at Mehta Equities.
The BSE Midcap index fell 0.57 per cent while the Smallcap index ended with a nominal gain of 0.07 per cent.
Over 350 stocks, including Tech Mahindra, Ambuja Cement, Grasim Industries, ICICI Lombard General Insurance Company, JSW Steel, Info Edge, Persistent Systems, Torrent, UltraTech Cement and Zomato, hit their fresh 52-week highs in intraday trade on the BSE.
(To be continued)
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