The Sensex peaked at 80,392.64 during the session, up from its opening at 80,321.79, but settled at 80,049.67, a modest 0.08% increase from the previous close. Similarly, the Nifty 50 hit a high of 24,401 before closing at 24,302.15, marking a 0.06% gain.
Despite starting strong with positive global cues, the indices retreated from their highs, reflecting cautious profit-taking amid concerns over high market valuations.
Impact on the stock market
Bank Nifty closed nearly unchanged, edging up by 0.03%, with the Private Bank and PSU Bank indexes rising marginally by 0.07% and 0.16%, respectively.
Leading the gainers were Nifty Pharma (up 1.39%), Healthcare (up 1.28%), IT (up 1.10%), and Auto (up 0.73%).
| Sector/Index | Performance |
| Information Technology | +1.10% |
| Healthcare | +1.28% |
| Oil & Gas | +0.07% |
| Realty | +0.51% |
| PSU Banks | +0.16% |
Top gainers today
| Company | Price | Change (%) |
| HCL Tech share price | 1,522.35 | +2.79% |
| ICICI Bank share price | 1,233.00 | +2.61% |
| Tata Motors share price | 998.20 | +2.31% |
| Sun Pharma share price | 1,557.90 | +1.56% |
| Infosys share price | 1,650.65 | +1.43% |
Top losers today
| Company | Price | Change (%) |
| HDFC Bank share price | 1,727.15 | -2.35% |
| Bajaj Finance share price | 7,107.05 | -2.09% |
| Wipro share price | 530.70 | -1.54% |
| Adani Enterprises share price | 3,144.25 | -1.46% |
| Tech Mahindra share price | 1,459.15 | -1.40% |
Market aftermath: Impact on stocks
Lupin shares surge 8%
Lupin shares surged 8.18% to ₹ 1,764.05 on July 4 after Kotak Institutional Equities upgraded the stock to ‘add’ from ‘sell’. Kotak cited Lupin’s strong US portfolio and expects US sales to grow 12% to $914 million in FY25 and 11% to $1,013 million in FY26.
The brokerage raised its price target by 30% to ₹ 1,805, an 11% potential upside. Key contributors include Spiriva, Albuterol, Myrbetriq, and Tolvaptan, with Tolvaptan projected to significantly exceed market expectations.
Bandhan Bank shares rise 2%
Bandhan Bank shares rose 2% to ₹ 214 on July 4, following a Q1FY25 business update showing strong growth in loans and deposits. Total deposits increased by 22.8% YoY to ₹ 1.33 lakh crore, and advances jumped 21.8% YoY to ₹ 1.25 lakh crore.
The stock surged over 18% in the past month, outperforming the Nifty 50’s 11% rise. However, deposits fell 1.5% sequentially, and the CASA ratio dipped to 33.4% from 36% YoY.
Mazagon Dock stock soars 20%
Mazagon Dock Shipbuilders‘ market cap surpassed ₹1 lakh crore on July 4, with shares soaring 20% to ₹4,990. The surge follows the company’s ‘Navratna’ designation, allowing greater investment and expansion opportunities.
The stock has more than doubled in 2024, up 115%, and surged over 280% in the past year. Since its October 2020 IPO at ₹145 per share, it has skyrocketed over 3,300%. The government holds an 84.8% stake, valued at over ₹85,000 crore.
Crude oil futures fall
Crude oil futures fell Thursday morning amid slowing US economic growth. At 9:55 am, September Brent oil futures were at $86.86, down 0.55%, and August WTI futures were at $83.33, down 0.66%.
On the Multi Commodity Exchange (MCX), July crude oil prices traded at ₹6960, up 0.13% from ₹6951, and August futures were at ₹6912, up 0.14% from ₹6902.
Conclusion
In summary, July 4 saw the Indian stock market setting new records, with the Sensex and Nifty 50 reaching fresh highs, albeit with a slight retreat from peak levels amidst profit-taking.
Stocks like Lupin and Mazagon Dock soared on positive developments, while Bandhan Bank showed robust deposit growth despite sequential declines. Crude oil futures declined on concerns over US economic slowdown.
Stay tuned with StockGro for more insights into market movements and trends.
