closing bell: Sensex surpasses 65,000, Nifty reaches another record high

The BSE Sensex crossed the 65,000 mark for the first time ever on July 3, as Indian equities benchmarks continued their upward trend, supported by developments in the world markets and foreign capital inflows.

The 30-share index increased for the fourth day in a row, rising 486.49 points or 0.75 percent to close at its all-time high of 65,205.05. The NSE Nifty 50 increased by 133.50 points or 0.70 percent to close at 19,322.5, surpassing the previous close of 19,189, for the first time ever.

Reliance Industries, Bajaj Finance, ITC, State Bank of India, Ultratech Cement, HDFC, HDFC Bank, and NTPC were a few of the top gainers from the Sensex pack.

The Nifty SmallCap 100 increased 1.23 percent, and the Nifty Midcap 100 increased 0.25 percent, as the broader markets followed the benchmarks’ upward trend.

The Nifty benchmark index was able to open on Monday with a positive trend because to the GIFT Nifty’s good first session performance. The general market mood remained upbeat, and trading largely took place inside a predetermined range.

The Asian markets had a boost on Monday as a result of softening inflation statistics, fueling expectations that central banks may be reaching the end of their policy of raising interest rates. Nikkie 225 in Japan increased 1.70 percent to reach its best level in 33 years.

“Market momentum has helped the Sensex rise by 65,000 points. The momentum is being aided by persistent FPI flows, a favourable global economic environment, and strengthening macroeconomic conditions in India. According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in HDFC Twins and Reliance has helped the Sensex.

Vijayakumar advises investors to hold onto their investments but to avoid getting carried away by the rally and chasing momentum. Investors are encouraged to exercise caution despite the current premium valuations.

The market’s record-breaking momentum continued, according to Srikant Chouhan, Head of Research (Retail), Kotak Securities, as investors rejoiced over the robust June GST collections and the recent monsoon that covered the majority of the nation.

According to analysts, large breakthroughs on high timeframe charts suggest that the upward trend will probably continue in the near future.

“Indicators are entering an overbought zone as a result of the recent sessions’ quick advance, and prices are deviating greatly from the 5EMA on the daily chart, raising the risk of sporadic drops or sideways consolidation. It is advised for traders in such a situation to take some profits and consider every downturn as a buying opportunity. According to Rajesh Bhosale, Technical Analyst at Angel One Ltd., the immediate support level has moved up towards 19,000, and the immediate reciprocal retracement targets are located between 19,440 and 19,500 levels.

To avoid complacency, Bhosale advised choosing stocks carefully.