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These stocks are helping Sensex stay above 80,000-mark: Do you own any?
Sensex has surged 10,000 points in less than seven months after it touched the 70,000-mark on December 11.
The BSE Sensex hit a new peak of 80,375 today (July 4) after testing the 80,000 level in the previous session on July 3. The 30-stock index extended its rally for the second straight session amid strong global market sentiments on the US Fed rate cut. Sensex has surged 10,000 points in less than seven months after it touched the 70,000-mark on December 11.
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Several Sensex stocks that were big gainers today included: ICICI Bank, Infosys, Tata Consultancy Services (TCS), HCL Technologies, Tata Motors, NTPC. These stocks surged over one per cent in the morning session today.
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Why is Sensex soaring?
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "Markets continued their ongoing streak of making new highs supported by firm global trends. The Indian stock market cheers the dovish commentary from US Fed Chair Powell. This, along with healthy domestic macros and hope of a growth-focused budget, led to a positive up-move in the Indian stock market today."
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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The big FII buying of ₹5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market. The FIIs with 3.78 lakh long contracts have taken a 'U' turn in their market approach from the big short contracts in early June. A decline in the US 10-year bond yield to 4.35 per cent and the dollar index declining to 105.29 are positives for fund inflows.”
