Stock Market Today Live, Aug 3: Sensex up 600 pts, Nifty holds 24,500; IndiGo leads gainers - BusinessLine
Indian stock markets opened strongly on August 3, with the Sensex gaining over 600 points and the Nifty holding above the 24,500 mark. The rally was broad-based, with IT, banking, and auto stocks leading the charge. IndiGo emerged as the top gainer among Nifty constituents, reflecting strong investor sentiment in the aviation sector. Market analysts attribute the upswing to positive global cues and sustained foreign institutional investor inflows.
The Sensex surged to an intraday high of 81,200, while the Nifty touched 24,650 before settling around 24,550. The market breadth was positive, with approximately 1,800 stocks advancing against 1,200 declining on the BSE. Sectoral indices on the NSE showed green across the board, with the Nifty IT index gaining 1.5% and the Nifty Bank index up 1.2%. The midcap and smallcap indices outperformed, rising 1.8% and 2.1% respectively.
IndiGo's shares jumped 4.5% to ₹4,320, making it the top performer on the Nifty. The airline's strong quarterly results and optimistic outlook for the travel season have boosted investor confidence. Other notable gainers included Tata Motors, which rose 3.2%, and HDFC Bank, which added 2.8%. On the other hand, defensive stocks like ITC and Hindustan Unilever saw modest gains of 0.5% and 0.3% respectively.
Market experts suggest that the current rally is driven by expectations of a rate cut by the Reserve Bank of India in its upcoming policy meeting. However, they caution that volatility may increase ahead of the US Federal Reserve's decision later this month. The rupee remained stable at 83.50 against the US dollar, supported by foreign inflows.
"The market is in a sweet spot, with strong fundamentals and supportive global liquidity. However, investors should remain cautious and focus on quality stocks," said a senior analyst at a leading brokerage.
| Index | Current Value | Change (pts) | Change (%) |
|---|---|---|---|
| Sensex | 81,200 | +600 | +0.74% |
| Nifty | 24,550 | +180 | +0.74% |
| Nifty Bank | 52,300 | +620 | +1.20% |
| Nifty IT | 38,450 | +570 | +1.50% |
As the trading day progresses, analysts are watching key resistance levels. The Nifty faces resistance at 24,700, while support is seen at 24,300. The broader market trend remains positive, but profit-booking at higher levels could cap gains. Investors are advised to track global market movements and corporate earnings for further direction.
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