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As the buying momentum was led by heavyweight bluechips, small and midcap indices fell around 1% each. The combined market capitalization of all listed stocks on BSE, consequently, fell around Rs 80,000 crore to Rs 454.43 lakh crore.
Most of the gains in headline indices were led by giants TCS, Infosys, RIL, and ICICI Bank.
Here are 5 factors that pushed Sensex, and Nifty higher today:
1) Buying in the old-favourite IT
In recent days, Dalal Street has been renewing its vows for old-favourite software stocks. The Nifty IT index jumped over 2%, with LTIMindtree, TCS, Wipro, Infosys, Coforge, and HCL Tech rallying between 2-4% each.
The results of Infosys today will give greater clarity to the movement in IT stocks.
2) FII buying
After being net buyers to the tune of Rs 26,565 crore in June, FIIs have invested more than Rs 24,000 crore so far in the month.
A survey of Asian fund managers by brokerage BofA shows that the triad of Japan, India, and Taiwan continue to be at the top of investor mindshare, while China and Thailand lag at the bottom from an allocation perspective.
3) Value buying
Amid worries related to valuations in the bull market, which is showing no signs of peaking out, seasoned investors have been cherry-picking stocks that are relatively cheaper and with healthy earnings growth outlooks. On top of this list is mostly bluechips, many of which have been underperforming.
4) Rate cut hopes
Dovish comments from Fed chief Jerome Powell on the inflation trajectory ahead of US retail sales data increased the likelihood of a rate cut in September. Moody’s Ratings expects the world's most powerful central bank to begin policy easing with a 25 basis points (bp) cut as early as in the upcoming 30-31 July meeting.
It expects the Fed funds rate to be reduced by a cumulative 50-75 bps in 2024 and another 100-125 bps through 2025.
More to come...
(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
(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