Sensex Today Hits Record High, Crosses 80,000 Mark | Nifty Above 24,200 | KEC International Jumps 6%

Wed, 3 Jul 10:30 am

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Stocks in Asia rose as traders weighed prospects for Federal Reserve interest-rate cuts after Jerome Powell cited signals that the US is back on a disinflationary path.Equity benchmarks climbed in Japan, Australia and South Korea, while futures for Hong Kong stocks pointed to a positive start.

US stocks rallied on Tuesday as investors digested fresh commentary from Federal Reserve chair Jerome Powell, who cheered the disinflationary path of recent economic data.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	186.61	2.12	1.15%	186.95	183.06	187.5	115.83
Apple	220.27	3.52	1.62%	220.38	215.1	220.38	164.08
Meta	509.5	4.82	0.96%	510.5	499.45	531.49	274.38
Tesla	231.26	21.4	10.20%	231.3	218.06	299.29	138.8
Netflix	679.58	5.97	0.89%	681.74	670.07	689.88	344.73
Amazon	200	2.8	1.42%	200.43	195.93	200.43	118.35
Microsoft	459.28	2.55	0.56%	459.59	453.11	459.59	309.45
Dow Jones	39331.85	162.33	0.41%	39340.49	39085.69	40077.4	32327.2
Nasdaq	20011.89	199.67	1.01%	20014.92	19741.81	20017.72	14058.33

Data Source: Equitymaster

At present, the BSE Sensex is trading 492 points higher and NSE Nifty is trading 133 points higher.

HDFC Bank, ICICI Bank and Britannia Industries among the top gainers today.

TCS, Infosys and HCL Tech the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading mixed. The BSE Midcap index is trading and the BSE Smallcap index is trading 0.6% higher.

Sectoral indices are trading mixed note today, with socks in banking sector and finance sector witnessing most buying. Meanwhile, stocks in media sector and IT sector witnessing selling pressure.

The rupee is trading at Rs 83.52 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 71,766 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, two experienced fund managers, James Chanos (US) and Sankaran Naren (India), are concerned about high speculation and low margins of safety in their respective stock markets. This means there's a greater risk of losses if the market crashes.

The advice? Invest cautiously. Consider "stock market insurance".

Rahul Shah, Co-head of research at Equitymaster, talks about what exactly is this insurance and how does it work?

Tune into below video for more details.

RVNL's New Order Win

Rail Vikas Nigam Ltd (RVNL) on Tuesday, 2 July, announced bagging another order from the Central Railways.

In an exchange filing, the state-owned rail infrastructure major said it has been declared the lowest bidder for overhead equipment (OHE) modification work for upgrading the existing 1 x 25-kilovolt electric traction system to a 2 x 25-kilovolt AT feeding system in the Wardha-Ballarshah section of the Nagpur division of Central Railway to meet a loading target of 3,000 MT.

The total cost of the order is Rs 1.3 bn and is expected to be finished in two years.

Tuesday's order comes a day after the RVNL updated that it will complete the construction work of two piers near the Metropolitan crossing on the EM Bypass of Kolkata Metro's New Garia-Airport route by August this year.

RVNL has received permission from Kolkata Traffic Police for the construction of the two piers near Metropolitan and a traffic block has been in place for 90 days from 13 June to ensure work goes unhindered and traffic flows seamlessly alongside.

The New Garia-Beleghata stretch of Kolkata Metro's New Garia-Airport route which is around 10 km is likely to be commissioned in the current fiscal.

Zomato Withdraws NBFC Applications

Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future.

The application for NBFC licence was submitted on 29 April 2022.

It comes at a time when the company was reportedly in talks with multiple NBFCs to offer working capital loans to its partner restaurants. Zomato incorporated Zomato Financial Services in February 2022.

The disclosure comes as a separate subsidiary of the company, Zomato Payment Private Limited (ZPPL), voluntarily surrendered the certificate of authorisation it obtained from the Reserve Bank of India (RBI) to operate as an online payment aggregator in May this year.

Zomato announced the incorporation of ZPPL in 2021 as its wholly-owned subsidiary to carry out the business as a payment aggregator and an issuer of prepaid payment instruments.

Last month, the company along with fintech major Paytm confirmed that they were in talks for a potential acquisition of fintech's movie and event ticketing business.

Although neither Zomato nor Paytm disclosed the valuation of the transaction, the potential deal is estimated to be in the range of ~16 bn to ~20 bn.

Britannia's Top Level Management Change

Britannia Industries has appointed former RBI governor Urjit Patel as one of the additional Non-Executive Independent Directors on the board of the company for five years.

The appointment is subject to board approval at the upcoming Annual General Meeting on 12 August 2024.

Urjit Patel had served as the 24th Governor of the Reserve Bank of India (RBI) between 2016-18. During his tenure, he was also a member of the Bank for International Settlements and served on the Advisory Board of the Financial Stability Institute.

Urjit Patel has also been a Deputy Governor at the RBI since January 2013. Between 2013-2018, he was a Deputy in the G-20, BRICS Finance Ministers and Central Bank Governors groups.

During 2022-24, he served as a Vice President (Investment Operations Region 1) at the Asian Infrastructure Investment Bank.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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