Sensex Crosses 80,000 For First Time, Pvt Banks Lead Gains: What Should Investors Do?

The Indian Stock market benchmark indices soared to historic new highs early on July 3, 2024, led by gains in banking, consumer durables and pharma stocks. Sensex breached the 80,000 barrier for the first time at market opening touching 80,039 points. However, it could not sustain this level and settled at 79,879 points as of 11.30 am today. This month, the Sensex has gained an impressive 4.42 per cent. Nifty also rose 0.7 points touching its lifetime high of 24,292 points. On June 27, 2024, Sensex went past the 79,000 mark and it remains to be seen if the 79,000 mark will act as the new support level.

On hopes of MSCI Index inclusion bringing more inflows into HDFC bank, its share was among the top gainers today surging 2.84 per cent

Also Read: Common Mistakes To Avoid In Stock Market Investing

Sectoral Performance & Top Gainers

The top gainers among the Nifty 100 include Power Finance Corp (4 per cent surge), HDFC Bank, RECL, Tata Consumer, ICICI Bank, Kotak Mahindra Bank, and Dr Reddy's Labs.

The biggest losers include Tata Consultancy Services, Reliance Industries, Hindalco, Cipla, Trent and Tata Motors.

All broad market indices are in green, with top midcap companies showing a collective surge of 0.50 per cent on the NSE. Except, for IT, Oil and Gas all other sectors made gains today. Nifty Bank and Nifty Financial Services were the indices that made the most gains. Consumer durables and pharma stocks also surged 0.48 per cent and 0.65 per cent respectively on the NSE.

What Should You Do?

Nilesh Shah, CEO, Kotak Mutual Fund said, "Sensex milestones are a journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq went so backwards that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have a long-term horizon, significantly moderate your return expectations and follow the dharma of asset allocation."

Retail investors who have a short-term investment horizon should stay away from sectoral bets. While investing in stocks, review the fundamentals of the company and see if the future growth has already been priced in by the market.