Closing Bell: Sensex gains 545 points, Nifty around 24,300; metal, banks outshine

Indian equity indices ended higher on July 3 with Nifty above 24,250 amid buying across the sectors, barring media. At close, the Sensex was up 545.35 points or 0.69 percent at 79,986.80, and the Nifty was up 162.70 points or 0.67 percent at 24,286.50.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The upside momentum with range bound action continued in the market on Wednesday and the Nifty closed the day with another gain of 162 points. After opening with an upside gap of 168 points, the market moved up further and registered new all-time high at 24307 in the early part of the session. It later shifted into an intraday range movement with positive bias for mid to later part of the session and the opening upside gap remains unfilled.

A small negative candle was formed on the daily chart with gap up opening (body gap, not a western gap) at the new highs with minor lower shadow. Though, this market formation looks like a doji type pattern or a consolidation at new highs, but the underlying trend of the market remains positive. Presently such consolidations or minor dips are eventually resulting in an uptrend continuation pattern.

Having reached near to the overhead resistance of around 24400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further upmove in the near term. A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels.

The bulls have regained control from the bears, pushing the index above 24,300. This shift in sentiment has once again favored long trades in the market. Moving forward, the trend might remain strong in the near term as long as it stays above 24,000. On the higher end, the index might move towards 24,500. However, a fall below 24,000 could lead the index into consolidation.

Indian bourses commenced the session on a strong note at a fresh high of 24,290 but due to lack of follow-through, the Index oscillated in a well-maintained range to end the session at 24,286.50 with gains of 162.65 points. Barring Media, all other sectors ended the day in green with BankNifty being the top performer followed by Metal and PSU Banks. Broader markets outperformed the Frontline Index as Mid and Smallcaps gained by 0.79% & 1.03% respectively. As mentioned yesterday, the Index performed as per our expectations but Dragonfly DOJI candlestick pattern at record levels indicates a minor pause or consolidation. On the lower time-frame i.e. hourly chart, the Index is developing a probable negative divergence in RSI and a sustainable move below 24,200 will drag the Index towards 24,130.

A broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking centre stage. With the drop in Indian banks' GNPAs to a 12-year low, the sector is anticipated to outperform in the near term.

On the global front, the US FED chair's commentary on inflation cooling down to 2% by the end of CY25 was sentimentally positive. FOMC minutes later today might give hints on the start of the rate-cut cycle.

The Bank Nifty index witnessed strong momentum and surpassed the hurdle of 53000 on a closing basis. The index is trading in a strong uptrend with higher high and higher low formations on the daily chart. The immediate support now stands at 52500, and a dip towards this support would be an ideal opportunity to initiate fresh long positions.

Indian rupee ended marginally lower at 83.53 per dollar on Wednesday against Tuesday's close of 83.50.

Indian equity indices ended higher on July 3 with Nifty above 24,250 amid buying across the sectors, barring media.

At close, the Sensex was up 545.35 points or 0.69 percent at 79,986.80, and the Nifty was up 162.70 points or 0.67 percent at 24,286.50. About 2075 shares advanced, 1372 shares declined, and 66 shares unchanged.

Biggest gainers on the Nifty were Tata Consumer Products, Adani Ports, Kotak Mahindra Bank, Axis Bank and HDFC Bank, while losers were TCS, Titan Company, Reliance Industries, Tata Motors and Hindalco Industries.

Among sectors, except media, all other sectoral indices ended in the green with power, capital goods, bank and metal up 1-2 percent.

The BSE midcap and smallcap indices rose nearly 1 percent each.

#1 Target Rs 310 per share
#2 Company’s June disbursements/business assets growth broadly in-line with estimates
#3 For Q1FY25, disbursements of Rs 12,730 crore saw growth of 4.6 percent YoY
#4 Business assets saw a growth of 3.7 percent QoQ in Q1
#5 Collection efficiency of 95 percent in Jun’24 was below 96 percent each in May’24 and Jun’23
#6 For Q1, the collection efficiency stood at 94 percent, stable YoY
#7 As expected, with seasonality Q1, witnessed an increase in GS3 to 3.6 percent from 3.4 percent as of FY24
#8 We bake-in credit cost of nearly 2.4 percent for Q1 and estimate RoA of 1.5 percent
#9 NIMs, are anticipated to moderate from a high base

Markets@3 | Sensex up 450 points, Nifty 24,250

The Sensex was up 452.68 points or 0.57 percent at 79,894.13, and the Nifty was up 133.70 points or 0.55 percent at 24,257.50. About 2068 shares advanced, 1363 shares declined, and 76 shares unchanged.

The market has reached another milestone. We believe this is logical as markets are leading indicators of macro stability and future growth. We believe that India has strong and sustainable drivers for secular growth, and thus our view on equities remain constructive.

We would advise investors to follow a well-crafted and balanced allocation towards equities, and remain committed preferably via SIP.

#1 Q1FY25 update shows no sign of growth acceleration; watch out for margin trajectory
#2 Company’s Q1FY25 update highlighted 18.4 percent YoY revenue growth
#3 Revenue per store saw 3 percent five-year CAGR (5.3 percent YoY)
#4 Rev/sqft saw -1.5 percent 5-year CAGR (5 percent YoY assuming average store size of new stores in-line with TTM store size)
#5 Believe revenue/sqft continues to be impacted due to adverse product mix
#6 Believe revenue/sqft continues to be impacted due to new store additions in smaller towns
#7 Store additions during the quarter were 6, 3/10 In Q1FY24/Q1FY23 and 41/40 in FY24/FY23
#8 Remain cautious on company at the current valuation given risks around store additions
#9 Maintain sell rating, implying 56x Mar’26 P/E (Vs current valuation of 78x Mar’26 P/E)

#1 Company’s shareholdings for Jun’24 points that foreign shareholding fell to 54.83 percent from 55.54 percent in Mar’24
#2 Foreign shareholding is now below 55.5 percent that is MSCI’s threshold to raise FIF (foreign inclusion factor) from 50 percent now to 100 percent
#3 Bank may be eligible for jump in index weight at next review in August’24
#4 The move could be positive near-term catalyst in stock
#5 In Medium-term, strong deposit growth & improving NIMs should be key drivers

Indian Rupee depreciated by 0.04% on strength in crude oil prices, which touched a two-week high yesterday. However, a firm tone in domestic markets and favorable macroeconomic data cushioned the downside. India’s composite PMI rose to 60.9 in June vs 60.5 in May while services PMI rose to 60.5 from 60.2 during the same period. Domestic equities touched fresh all-time highs with Sensex hitting the 80,000 mark briefly for the first time. Dollar declined on dovish comments from Fed Chair Jerome Powell.

We expect Rupee to trade with a slight positive bias on softening of the US Dollar and rise in global risk sentiments. Strength in the domestic markets may also support sentiments. However, elevated crude oil price and FII ouflows may cap sharp upside. Traders may take cues from ADP non-farm employment, weekly unemployment claims, ISM services PMI, Challenger job cuts, trade balance and factory orders data from the US. Investors may remain cautious ahead of FOMC meeting minutes tonight. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

The quota for non-institutional investors received 126 per cent subscription, while retail individual investors (RIIs) portion got subscribed 1.9 times.

The Member and Core Settlement Guarantee Fund Committee (MCSGFC) of the MCX has imposed a monetary penalty of Rs 2.59 crore on the company and has also restricted the company from onboarding new clients for 14 days from the date of receipt of this order.

Sun Pharma's Dadra unit was slapped a warning letter from the United States Food and Drug Administration (USFDA) last month. CNBC-TV has now accessed this warning letter, which highlights multiple repeat observations leading to the strict regulatory action.

The warning letter noted repeated violations, including inadequate oversight and control over the manufacturing of drugs. Additionally, findings suggested that the drugmaker does not operate an effective quality system.

The company also failed to clean, maintain, and sanitize equipment at appropriate intervals and investigate unexplained discrepancies in a batch or its components, the warning letter stated.

Mutual fund strategies differ from direct stock investing. You don't typically aim to book profits, halt new investments, or heavily invest in stocks based on market movements. Long-term investors who have well-diversified portfolios and have their long-term monthly investments through SIP should continue to stay invested.

“These investors understand markets tend to move upwards over the long term despite the short-term fluctuations. Frequent rebalancing just looking at the index can bring in more anxiety and may reduce the compounding impact in the long term," said Ravi Kumar T V, Founder of Gaining Ground Investment Services.

"Finally, how you as an investor react to all-time highs in equity markets should align with individual financial goals, risk tolerance and their time investment time horizon. Investors should understand the potential of equities in the long term and should consult their distributors or advisors to know the current situation before acting on their portfolios,” said Kumar. (Read more)

The HDFC Bank stock's prolonged underperformance may soon end as its weightage in the benchmark MSCI index is set to rise following the drop in FII ownership. This could attract inflows of $3-5 billion from passively managed funds that are benchmarked to the MSCI index. READ MORE

Stock Market LIVE Updates | HDFC Bank, ICICI Bank among most active stocks at this hour

Sensex Today | Nifty PSU Bank index up 1.3%; Bank of Baroda, SBI, Union Bank of India

RVNL has emerged as the lowest bidder for a contract worth Rs 132.6 crore from Central Railway. The contract involves OHE modification work for the up-gradation of the existing 1 x 25 kV electric traction system to a 2 x 25 kV AT feeding system in the Wardha-Ballarshah Section in Nagpur division of Central Railway to meet the 3000 MT loading target.

The global technology company launched its global delivery center in Patna. The center will focus on the delivery of IT and engineering services for Hi-Tech and semiconductor companies.

#1 Company has approved the proposal to acquire Patanjali Ayurved’s HPC business for Rs 1,100 crore
#2 Believe the acquisition is a positive move and should add to company’s growth levers
#3 The acquisition is expected to improve the profitability of overall business
#4 The acquisition is at a very attractive valuation of 0.4x FY24 sales/ 2.2x FY24 EBITDA
#5 In our view, HPC business profitability is stable & sustainable compared to the oil & food business
#6 Post the acquisition, FMCG revenue contribution would increase to 36 percent from 30 percent
#7 Post the acquisition, profitability contribution will rise to more than 94 percent, based on FY24 financials
#8 Incorporate the HPC acquisition and increase our EPS by 4 percent/ 17 percent/ 24 percent for FY25/FY26/FY27

The global infrastructure EPC major has secured new orders worth Rs 1,017 crore in T&D and renewables businesses. The transmission and distribution business has secured orders for an EPC project and the supply of towers in the Middle East.

Shares of ICICI Lombard surged 2 percent to hit an all-time high of Rs 1,860 on July 3 after global brokerage firm CLSA upgraded it to 'outperform' from 'hold' and raised target price to Rs 2,000 per share, indicating an upside of 7 percent from current levels. Read More

Emcure Pharmaceuticals public issue witnessed a lukewarm start on the first day of bidding on July 3, led by non-institutional and retail investors. The company's Rs 1,952.03-crore public offer was subscribed 0.67 times so far, receiving bids for 91.88 lakh shares as against 73.07 crore shares on offer, the subscription data on the exchanges showed.

Non-institutional investors were the frontrunners, bidding 1.10 times the allotted quota, while retail investors, picked up 0.84 times the reserved portion. Employees of the drugmaker showed maximum interest to the issue, putting bids that were 1.55 times their allotted quota.

The portion set aside for Qualified Institutional Buyers (QIBs) did not receive any bids as yet.

Motilal Oswal Financial Services has received administrative warning on July 02, 2024 issued by SEBI vide its letter dated June 28, 2024 and advised to be careful in future for minor operational related matters.

Wockhardt shares have been on a skyward journey, surging close to 40 percent in five consecutive sessions and hitting a 52-week high of Rs 943 on July 3. Bullishness over the company stems from two of its promising antibiotics, which are heading closer to a probable launch in India. Read More

The private sector lender recorded 14.8% on-year growth in loans and advances at Rs 2.29 lakh crore for Q1FY25. Deposits grew by 20.8% YoY to Rs 2.64 lakh crore during the quarter, as per provisional data.

The board of directors of Britannia Industries at their meeting held on July 2, 2024, approved the appointment of Dr. Urjit Patel and Mr. Sunil Siddharth Lalbhai as additional non-executive independent directors of the company for a term of 5 consecutive years with effect from 2nd July, 2024 upto 1 st July, 2029 (both days inclusive), subject to the approval of the members at the ensuing Annual General Meeting of the company scheduled to be held on Monday, 12th August, 2024.

Sensex Today | BSE Power index up 0.5%; NHPC, BHEL, Suzlon Energy among major gainers

The total sales of commercial and utility vehicles for June 2024 fell by 2.85% YoY to 2,553 units against 2,628 units sold in June 2023.

Domestic sales during June 2024 grew by 12.66% to 2,465 units, but exports dropped 80% to 88 units compared to the same month last year.

The Sensex hit the 80,000 mark on July 3, achieving a new record high. This latest 10,000-point increase took just 138 trading sessions, the fastest ever. The Sensex had previously crossed 70,000 on December 11, 2023.

Reaching from 10,000 to 40,000 took 19 years, but the journey from 40,000 to 80,000 took just over five years. Read More

The comapny has a cumulative total of 206 ANDA approvals (179 final approvals and 27 tentative
approvals) from USFDA.

European stocks rose, tracking a record S&P 500 close, on optimism about US interest-rate cuts after Federal Reserve Chair Jerome Powell said inflation is getting back on a downward path.

Anurag Bedi has resigned as Chief Business Officer of Zee Music, effective July 2. Umesh Bansal, who is currently spearheading the movies business, will take on the additional responsibility of the music business.

#1 Company’s shareholdings for Jun’24 points that foreign shareholding fell to 54.83 percent from 55.54 percent in Mar’24
#2 Foreign shareholding is now below 55.5 percent that is MSCI’s threshold to raise FIF (foreign inclusion factor) from 50 percent now to 100 percent
#3 Bank may be eligible for jump in index weight at next review in August’24
#4 The move could be positive near-term catalyst in stock
#5 In Medium-term, strong deposit growth & improving NIMs should be key drivers

Subsidiary Zomato Financial Services has decided to voluntarily withdraw the application submitted to the Reserve Bank of India for getting a certificate of registration for undertaking the business of a non-banking financial company (Type II NBFC-ND), as it does not wish to pursue the lending business anymore.

Sensex Today | BSE Telecom index gains nearly 1%; GTL Infra, Vodafone Idea, HFCL among major gainers

#1 REC target Rs 653 per share
#2 PFC target Rs 620 per share
#3 They are one of our most preferred plays in power cycle
#4 Investors are under-estimating the duration and intensity of this power cycle
#5 NPA risk for both is much lower this cycle
#6 Both have better ROEs (>20 percent) & growth (15 percent) than power peers
#7 They are trading cheaper than all of them, despite the rally

ABB’s innovative PixelPaint technology has been selected by Mahindra & Mahindra Ltd (M&M) for its new electric vehicle paint facility.

Sensex Today | BSE Bank index up nearly 2%; Federal Bank, HDFC Bank, Axis Bank among major gainers

The manganese ore mining company has recorded sales growth of 14.5% YoY for the June FY25 quarter. This performance was backed by record quarterly production of 4.70 lakh tonnes in Q1FY25, a 7.8% YoY growth.

Sensex Today | Nifty Private Bank index up nearly 2%; Federal Bank, RBL Bank, HDFC Bank up 3% each

Sensex Today | BSE FMCG index rises 0.5%; GM Breweries, Zydus Wellness, Som Distilleries among major gainers

Sensex crossing the 80000 mark is a big achievement for the Indian stock market. 16 years ago it was at 8800 on the day when Lehman, the leading bank in the US markets, crashed. Nine times returns in 16 years.

However, four years ago during the time of Covid it was at 26000, which seems unrealistic but it is true. It gives confidence that equity markets did perform well in the long run, we need patience and confidence while investing and even after it.

Based on the current domestic macros, our advice is to continue investing systematically in equities with a long-term perspective.

Subsidiary Piramal Capital & Housing Finance has received a “no comments letter” from the India International Exchange (IFSC) Limited (India INX) for the establishment of a Euro Medium Term Note Programme.

#1 Raise target to Rs 2,000 per share
#2 Company’s motor insurance premiums registered 31 percent YoY growth in 2MFY25
#3 Company’s motor insurance premiums far ahead of industry’s 15 percent
#4 Worsening of peers’ motor third party loss ratio leading them to curtail growth
#5 Premiumisation of cars & benefits from motor vehicle act could also be aiding motor book
#6 Have raised our overall premium growth estimate by only 2 percent in FY25
#7 Believe momentum in motor book could persist
#8 We lift our target price as we raise our Gordon-based target PE multiple to 30x
#9 See 11 percent potential upside from here

In June 2024, the company estimated the overall disbursement at approximately Rs 4,370 crore, delivering a 3% YoY growth. Q1FY25 disbursement at about Rs 12,730 crore grew by 5% YoY. The collection efficiency was at 95% for June 2024, against 96% for June 2023.

Markets@12 | Sensex, Nifty trade higher

The Sensex was up 426.98 points or 0.54 percent at 79,868.43, and the Nifty was up 137.60 points or 0.57 percent at 24,261.40. About 2193 shares advanced, 1163 shares declined, and 77 shares unchanged.

The board of directors of Sundaram-Clayton approved to take consent of shareholders for the appointment of Mr P Kaniappan as a Non-Executive Independent Director of the company for a term of five consecutive years effective 3rd July, 2024.

And, approval for raising of funds in one or more tranches through issuance of equity shares and/or other securities to eligible investors (Special Resolution).

BSE Sensex today touched the 80,000 mark for the first time, setting a new all-time high. This milestone comes after the index added the last 10,000 points in under seven months, having first hit 70,000 on December 11, 2023.

India’s GDP growth, credit expansion, and policy continuity have instilled confidence among investors. In addition to this positive cues from global markets have helped the Sensex to reach these levels.

While the long-term outlook remains positive, it is prudent to be cautious at current levels.

The company achieved an electricity volume of 10,185 MU in June 2024, marking a 24.7% YoY increase.

Green market volume stood at 744 MU for June 2024, growing 173.4% over 272 MU in June 2023.

The Day-Ahead Market (DAM) volume increased by 18.2% YoY to 4,849 MU and the Real-Time Electricity Market (RTM) volume rose by 20.1% YoY to 3,213 MU in June 2024.

The mined metal production in Q1FY25 at 2.63 lakh tonnes grew by 2% YoY with improved mined metal grades.

Saleable metal production at 2.62 lakh tonnes increased by 1% YoY.

Refined zinc production grew by 1% YoY to 2.11 lakh tonnes and refined lead production increased by 2% to 51,000 tonnes during the June FY25 quarter.

Emcure Pharmaceuticals has a strong focus on the women’s healthcare market and is a market leader in the gynecology therapeutic area in the Indian Pharmaceutical Market (IPM), holding a 13.53% market share in terms of domestic sales for the MAT FY24.

Given its strong R&D expertise in differentiated products, established domestic and international presence, strong focus on the women’s healthcare market, improved profitability post IPO, and diversified product portfolio, we assign a “Subscribe” rating on a medium to long term basis.

Vraj Iron & Steel has debuted at Rs 241, i.e., +16% above its issue price, and received a good listing. A manufacturer of Spong Iron, M.S. Billets, and TMT bars. The company's financial performance paints a positive picture.

Vraj Iron & Steel has a proven track record of consistent profitability over the past three years, demonstrating its ability to generate healthy returns. However, investors should acknowledge certain risks, such as the concentration of manufacturing facilities in a single region and the lack of long-term customer contracts.

The steel industry's inherent competitiveness is another factor to consider. Despite these considerations, the IPO's P/E valuation of 9.48x appears reasonable. Considering these factors and the current market sentiment, we maintain a buying rating of Stoploss 240 for the target of 300+.

Indian stock market surged to an all-time high on July 3 with Sensex crossing the 80,000 market for the first time ever. The gains were primarily driven by index heavyweight HDFC Bank. The private lender's stock rallied around 3 percent to hit a fresh 52-week high, with investors factoring in the news of potentially increasing the weightage of the Nifty stock in the MSCI EM index. READ MORE

Stock Market LIVE Updates | HDFC Bank, Dr Reddy's hit fresh 52-week highs

Stock Market LIVE Updates | Nifty Pharma, Media indices top sectoral gainers at this hour

Stock Market LIVE Updates | Broader indices Nifty Midcap 100, Smallcap 100 rise up to 0.6%

Markets@@11 | Nifty above 24,250, Sensex gains 530 pts

The Sensex was up 534.16 points or 0.67 percent at 79,975.61, and the Nifty was up 156.00 points or 0.65 percent at 24,279.80.

The manganese ore mining company has recorded sales growth of 14.5% YoY for the June FY25 quarter. This performance was backed by record quarterly production of 4.70 lakh tonnes in Q1FY25, a 7.8% YoY growth.

The standalone revenue from operations for the quarter ended June FY25 stood at Rs 13,711.87 crore, growing 18.4% over revenue of Rs 11,584.44 crore in Q1FY24. The total number of stores as of June 2024 stood at 371.

JSW Tuticorin Multipurpose Terminal,a subsidiary of JSW Infra, has entered into a concession agreement on July 02, 2024 with V.O. Chidambaranar Port Authority, Tamil Nadu, for development Mechanization of North Cargo Berth-III (NCB-III) for Handling Dry Bulk cargo at V.O. Chidambaranar Port on Design, Build, Finance, Operate and Transfer (DBFOT) Basis.

The company will develop and Mechanize a new 7 MPTA Cargo Berth III at the V.O. Chidambaranar Port.

The company will leverage its operational capabilities of handling bulk products and increase its cargo share on the East Coast.

Motilal Oswal Financial Services has received administrative warning on July 02, 2024 issued by SEBI vide its letter dated June 28, 2024 and advised to be careful in future for minor operational related matters.

Sensex Today | All Nifty main indices trade in the green

Shares of Diensten Tech made a bumper start to its stock market debut after listing at Rs 240, a massive premium of 140 percent over the issue price of Rs 100 on July 03 on the NSE SME platform.

The Rs 22.08-crore public offer, a fresh issuance of shares, saw active investor interest over three days as it was subscribed 54 times. High net-worth individuals or NIIs led from the front, buying 155 times the portion reserved for them. Retail investors bought 35.87 times their allowed quota while qualified institutional buyers (QIBs) purchased almost 10 times.

#1 Total advances up 20.0 percent, YoY & up 5.4 percent, QoQ at Rs 2.24 lakh crore
#2 Total deposits up 19.6 percent, YoY & up 5.4 percent, QoQ at Rs 2.66 lakh crore
#3 CASA up 9.9 percent, YoY & up 5 percent, QoQ at Rs 77,901 crore
#4 CASA ratio at 29.28 percent vs 31.85 percent, YoY & Vs 29.38 percent, QoQ

The private sector lender recorded 14.8% on-year growth in loans and advances at Rs 2.29 lakh crore for Q1FY25. Deposits grew by 20.8% YoY to Rs 2.64 lakh crore during the quarter, as per provisional data.

Sensex Today | BSE Midcap index rises 0.5%; Castrol, Power Finance, IREDA among major gainers

Shares of a Vraj Iron and Steel made a bright start to its stock exchange debut after listing at Rs 240, a premium of 16 percent over the issue price of Rs 207 on July 03.

The Rs 171-crore initial public offering (IPO) saw remarkable investor interest over three days, being subscribed 119.04 times. Leading the charge were non-institutional investors, who purchased 208.81 times their allotted quota. Qualified institutional buyers (QIBs) followed, subscribing to 163.9 times the reserved portion. Retail investors also showed significant interest, bidding 54.93 times their allotted portion.

The board of directors of Britannia Industries at their meeting held on July 2, 2024, approved the appointment of Dr. Urjit Patel and Mr. Sunil Siddharth Lalbhai as additional non-executive independent directors of the company for a term of 5 consecutive years with effect from 2nd July, 2024 upto 1 st July, 2029 (both days inclusive), subject to the approval of the members at the ensuing Annual General Meeting of the company scheduled to be held on Monday, 12th August, 2024.

Markets@10 | Sensex up 500 pts, Nifty above 24,250

The Sensex was up 507.23 points or 0.64 percent at 79,948.68, and the Nifty was up 151.00 points or 0.63 percent at 24,274.80. About 2044 shares advanced, 1085 shares declined, and 95 shares unchanged.

Sensex Today | Nifty Bank index hits fresh record high 53,195.15