Stock market today: Sensex tops 80,000 for the first time; HDFC and Kotak Bank take lead

Both indices, Nifty and Sensex, opened the day in green, with Nifty trading at 24,272.75 points, up by 0.62% and Sensex at 79,946.33 points, up by 0.63% as of 11:08 am. Sensex also touched an intraday high of 80074.3 points during morning trade, a historic first for the index.

As for broad market indices, all of them opened in green, except for India VIX, which was 0.62% down. For sectoral indices, Nifty Bank, financial services, and private banks gathered a healthy lead of 1%, while oil and gas and IT were among the laggards.

HDFC, Axis, ICICI, Kotak Bank, and Britannia were among the early gainers on the market today, while TCS, UltraTech Cement, Tata Motors, Maruti, and Power Grid Corporation lost ground during early morning trade today.

HDFC Bank took the lead and was up by 3.25%, in anticipation of the stock's weightage being increased in the MSCI index, which would mean higher inflows of about $4 billion for passive investors.

Market in Action

As per Mr. Aditya Gaggar, Director of Progressive Shares, "under the leadership of IT counters, Indian bourses settled the monthly expiry day at yet another record level of 24,045. The overall trend of Nifty50 is strong but buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240, while the level of 23,800 will act as strong support".

"The IT sector has convincingly surpassed its previous resistance, which indicates a continuation of the current upmove, and to validate the momentum, some of the components have given a strong breakout. We continue to hold our bullish stance on the agro/specialty chemicals counters. The mid and small caps have been oscillating in a well-maintained range, awaiting a strong breakout," he noted.

As Sameet Chavan, Head Research, Technical, and Derivatives, Angel One said, "After a sustained period of bullish dominance, there is now a more balanced market sentiment, reflecting a potential sense of exhaustion following the recent rally. Technically, the 24,250 zone showed signs of resilience, which could be seen as an intermediate obstacle for the bulls to overcome. On the lower end, the pivotal level of 24,000 still holds significant importance, and a decisive breach could trigger some correction in the near future, with immediate downside support at 23800".

"The overbought conditions and recent hesitation at the elevated zone could be seen as an initial signal for a cooldown. Therefore, it's crucial to implement proper risk management strategies at current levels. Thematic trends continue to exert a strong influence in the current market. Day traders can benefit from identifying and addressing these trends, as they offer ample opportunities for outperformance. Simultaneously, it is essential to keep a watchful eye on global markets, as they are expected to set the initial tone for our domestic market," he noted.

Patanjali Foods Ltd. announced its acquisition of Patanjali Ayurveda's personal care business, Patanjali Ayurved, for Rs 1,100 crore. Per the filing, the board has approved the acquisition of the company's entire non-food business, which includes hair, skin, dental, and home care. The stock was trading at Rs 1,654.25, down by 0.4%.