![Unbeatable rally! Sensex, Nifty hit fresh lifeime highs powered by banking stocks](https://img.etimg.com/thumb/msid-111475058,width-210,height-158,imgsize-20592,resizemode-75/unbeatable-rally-sensex-nifty-hit-fresh-lifeime-highs-powered-by-banking-stocks.jpg)
The run was driven by ICICI Bank which surged over 100 points on BSE.
From the Sensex pack, ICICI Bank, HCL Tech, and M&M opened up to 1.5% higher while HDFC Bank, HUL and IndusInd Bank opened lower by up to 1.3%.
Nifty IT gained 1% today with Coforge and Persistent Systems posting gains of over 2%.
Meanwhile, Nifty Auto, Metals and Realty gained over 0.5%.
Among individual stocks, Kaya gained 10% after announcing its collaboration with Marico to handle sales and marketing of Kaya’s personal care products.
Shares of ITD Cementation tumbled 6.7% due to a likely promoter stake sale.
Expert Views
"FOMC Minutes reveal members acknowledging that the US economy is cooling and "price pressures are easing. In yesterday's trade, Sensex hit a new all-time high at 80,074.30, Nifty reached 24,307.25, and Bank Nifty climbed to 53,256.70. Nifty Bulls are in control, aiming for 24,500 with aggressive targets of 25,000, as markets bet on a US soft landing. The upcoming Union Budget on 24th July and the US Nonfarm Payrolls report on Friday are key events. Preferred trades include buying Nifty at 24,287 with targets of 24,500-25,500, and Bank Nifty at 53,089 with targets of 53,500-55,500. HDFC AMC, COAL INDIA, and RBL BANK are bullish picks, with HDFC AMC recommended for an interweek strategy at CMP 4,125, targeting 4,187-4,500," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
"After a gap up opening Nifty can find support at 24,250 followed by 24,200 and 24,100. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,550. The charts of Bank Nifty indicate that it may get support at 53,000, followed by 52,800 and 52,700. If the index advances further, 53,500 would be the initial key resistance, followed by 53,700 and 53,800," said Deven Mehata, Research Analyst at Choice Broking.
Global Markets
Asia stocks hit 27-month highs on Thursday as softer U.S. data narrowed the odds on a September rate cut there, boosting bonds and commodities while dragging on the dollar.
Japan's Nikkei rose 0.4% and was within spitting distance of its March peak, while the broader Topix clinched all-time highs.
S&P 500 futures and Nasdaq futures were steady after reaching another record overnight in the wake of soft economic data.
FII/DII Tracker
The Foreign institutional investors (FIIs) bought equities worth Rs 5,483 crore on July 3, while domestic institutional investors sold equities worth Rs 924 crore on the same day.
Crude Oil
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation.
Brent crude futures were down 30 cents, or 0.34%, at $87.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.38%, to $83.56 by 0030 GMT, with activity thinned by the U.S. Fourth of July holiday.
Currency watch
Rupee falls 5 paisa to 83.54 against US dollar in early trade.
The Indian rupee closed marginally weaker on Wednesday as dollar demand from local corporates and state-run banks alongside weakness in Asian currencies offset likely dollar inflows.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price