Sensex Rockets as Blue Chip Stocks Surge; Market Extends Gains, Nifty Approaches 24,200

Sensex Rockets as Blue Chip Stocks Surge; Market Extends Gains, Nifty Approaches 24,200​

Indian benchmark indices closed strong on July 2, extending their gains through broad-based buying activity across multiple sectors. The rally saw the Sensex close at 77,502.12, climbing 579.48 points or 0.75 percent. The Nifty was also robust, finishing at 24,175.70, marking a gain of 169.85 points or 0.71 percent.

Broad-Based Buying Fuels Index Rally​

The market continued its firm start with sustained momentum across the board. Key drivers for this session included strong performances in the IT, auto, and realty sectors. Smallcap indices outperformed significantly, indicating robust underlying sectoral health. The Nifty Midcap 100 advanced 0.5 percent, while the Nifty Smallcap 100 climbed a strong 1.2 percent.

Sectoral Performance and Key Gains​

The Information Technology index surged by nearly 5%, ending a four-day losing streak and leading sector strength. The Auto, Realty, and Consumer Durables sectors also recorded gains of one percent each. However, the rally was uneven, with Capital Goods, Power, Telecom, and PSU Banks showing weakness, all declining between 0.4 and 0.7 percent.

Stocks Hit 52-Week High Mark​

A remarkable sight on the BSE saw around 160 stocks touch their respective 52-week high. This list included major names like Adani Enterprises and Infosys. Other participants hitting record highs were Marico, KIMS, Zydus Wellness, and Aegis Logistics, showcasing widespread enthusiasm in specific segments.

Corporate Highlights and Individual Stock Movers​

Several company-specific news items added spice to the market close. Force Motors shares surged by more than 5 percent after reporting a 23.5 percent year-on-year increase in total sales for June, hitting 3,568 units. Similarly, Dhanlaxmi Bank saw its share price rise over 5 percent on robust business growth reported for the quarter.

Navigating Market Weakness and Currency Slide​

While the indices extended their gains, certain market segments faced pressure. Capital Goods, Power, Telecom, and PSU banks showed marginal declines. In individual stock action, Zee Entertainment fell by 1.2 percent following a board warrant issue of up to ₹ 3143 crore. Max Healthcare, L&T, Nestle, Axis Bank, and Tata Motors Passenger Vehicles were noted as losers for the session.

Currency Action and New Listings Update​

The Indian rupee ended the session slightly weaker against the US dollar. It dropped by 15 paise at 95.39 compared to the previous close of 95.24. In a market debut on July 2, CSM Technologies shares concluded its listing on the market trading flat, ending at ₹107.35 after debuting at the upper band limit of ₹113 per share.