Weekly Wrap: SENSEX Hits 80K Milestone as Indices Climb for 5th Straight Week

SENSEX reached 80,000 for the first time, closing 1.21% higher, while NIFTY gained 1.3%. ONGC, Coal India, Tata Consumer Products, and Wipro led gains.
Weekly Wrap: SENSEX Hits 80K Milestone as Indices Climb for 5th Straight Week

SENSEX reached the 80,000 mark for the first time on July 3, amid premium valuation concerns that could lead to market consolidation. However, Foreign Institutional Investor (FII) buying in the cash market is expected to support the market soon, providing some stability.

On a weekly basis, SENSEX closed 1.21% higher while NIFTY advanced 1.3%. Top gainers this week included ONGC, Coal India, Tata Consumer Products, and Wipro, highlighting a robust performance among these stocks amidst the overall market rally.

Indian benchmark indices marked their fifth straight weekly gains, driven by easing inflation worries and hopes for rate cuts. This positive sentiment boosted rate-sensitive stocks, contributing to the historic performance of both SENSEX and NIFTY.

SENSEX breaching the 80,000 mark and NIFTY reaching 24,400 were bolstered by easing inflation and softening bond yields in the US. US Fed Chairman Powell’s disinflation comments further spurred global equity markets, enhancing investor confidence in Indian equities.

A potential Federal rate cut could prompt the Reserve Bank of India to reduce domestic rates. Investors remain optimistic about the quarterly earnings outlook of Indian corporates, supporting premium valuations and fostering a bullish market sentiment.

The week started strong with NIFTY setting a record at 24,141 on Monday. Despite some profit-taking in banking, telecom, and auto shares, SENSEX and NIFTY resumed their upward trajectory midweek, driven by positive global equities and gains in FMCG and banking shares.

SENSEX closed at 79,996.60, slightly down by 53 points, while NIFTY ended at 24,323.85, rebounding from the day’s low. Overall, SENSEX gained 1.21% and NIFTY 1.3% for the week, with strong performances from ONGC, Coal India, Tata Consumer Products, and Wipro contributing to the gains.

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