Share Market Highlights July 3, 2024: HDFC Bank drives Indian market to new heights

Sensex, Nifty updates on July 3, 2024: Indian shares hit record highs on Wednesday, driven by a surge in HDFC Bank stocks as investors anticipated an increased weightage in the MSCI Emerging Markets index. The NSE Nifty 50 rose by 0.67% to 24,286.5 points, while the S&P BSE Sensex climbed 0.69% to 79,986.8 points, crossing the 80,000 mark for the first time. HDFC Bank, which jumped 2.2%, spurred gains in the banking and financial sectors. Analysts expect HDFC Bank’s weightage to increase from 3.8% to 7.8%, potentially attracting $3.2 billion to $4 billion in inflows. Small- and mid-cap indices also saw gains of 1.03% and 0.79%, respectively. Bharat Heavy Electricals rose 4.76% on news of securing major contracts, while power financiers REC and Power Finance Corporation surged over 4% each. ICICI Lombard gained 2.51% following a brokerage upgrade.