Record run continues, Sensex ends above 80K, Nifty at 24,302

The Indian share market indices continued it's upward trajectory and posted record highs for a second session in a row on Thursday. During intraday trading, the Sensex reached at a fresh record of 80,392.64 points, gaining up to 400 points. Similarly, the Nifty reached a lifetime high of 24,401 points, with an intraday gain of 100 points. After posting record highs for a second session in a row on Thursday, the headline indices Nifty and Sensex managed to maintain their resilient run during the mid-day and ended the volatile session on a higher note.This was bolstered by significant gains in IT, pharma, and healthcare stocks. At close,the Sensex was up 62.87 points or 0.08 percent at 80,049.67, and the Nifty was up 15.65 points or 0.06 percent at 24,302.15. About 1901 shares advanced, 1550 shares declined, and 62 shares unchanged.
Meanwhile, Asia stocks hit 27- month highs on Thursday as softer U.S. economic data narrowed the expectations for a potential interest rate cut in September,boosting bonds and commodities while dragging on the dollar.HCL Technologies, ICICI Bank, Sun Pharma, Infosys and Tata Motors were the top gainers on the Nifty, while losers included HDFC Bank, Bajaj Finance, Wipro, Tech Mahindra and Adani Enterprises.
On the sectoral front, (IT) Information Technologies and Healthcare indices rose 1 percent each, while Auto and Realty were up 0.5 percent each. However, the Media index shed 0.4 percent.The BSE midcap and smallcap indices rose 0.6 percent each.
Rupee Close:
On 04 July'24, the Indian rupee falls 1 paisa to close at 83.50 against the US dollar on Thursday, resisting pressure from elevated crude oil prices.Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels, and significant foreign fund inflows supported the rupee and restricted the fall. 
FIIs(Foreign Institutional Investors) were the net buyers in the capital market on Wednesday,as they purchased shares worth Rs 5,483.63 crore, according to exchange data.
Trading Guide
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, reportedly stated,in the near-term, the bullish undercurrent of the market has the potential to outweigh the high valuations. The rally is now being led by the private largecap banking stocks whose valuations are fair even after the recent run up. The big FII buying of Rs 5484 crores yesterday is largely due to the massive delivery based buying in banking stocks led by HDFC Bank. This delivery based buying may sustain for a few more days imparting resilience to the market.The FIIs with 3.78 lakh long contracts have taken a ‘u’ turn in their market approach from the big short contracts in early June. Decline in the US 10-year bond yield to 4.35 % and the dollar index declining to 105.29 are positives for fund inflows.
Market experts have recommended buying these five buy-or-sell stocks- Cochin Shipyard, Cholamandalam Investment and Finance, BHEL, REC, and RBL Bank.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)