The Indian stock market experienced a momentous day as benchmark indices soared to unprecedented heights. The Sensex crossed the 80,000 mark for the first time, reaching 80,039, while the Nifty 50 climbed to a fresh all-time high of 24,292, inching towards the 24,300 level. This rally was driven by heavyweight companies, with HDFC Bank leading the charge.
On a lighter note, Indian cricket captain Rohit Sharma extended a warm invitation to fans for a victory parade in Mumbai. The parade is scheduled for July 4 at Marine Drive and the Wankhede Stadium, starting at 5:00 pm. Rohit expressed his desire to celebrate the recent T20 World Cup win with the enthusiastic Indian supporters.
In the business world, the Emcure Pharmaceuticals IPO, which opened for subscription on Wednesday, witnessed a strong response, becoming fully subscribed within the first day of bidding. This overwhelming demand was particularly evident from non-institutional investors, with the issue receiving 1.22 times subscription in the retail category and 1.92 times in the NII portion.
The political scene in Jharkhand continues to be dynamic. Champai Soren is expected to resign as Chief Minister to pave the way for Hemant Soren’s return. Hemant Soren had earlier resigned after facing arrest by the Enforcement Directorate in a money laundering case linked to an alleged land scam. He was subsequently elected as the legislature party leader on Wednesday, paving the way for his potential return to power.
Across the Atlantic, speculation surrounding the 2024 US Presidential Election is intensifying. Vice President Kamala Harris is reportedly seen as the top alternative to replace President Joe Biden if he decides not to seek re-election. This sentiment is shared by several senior sources within the Biden campaign, the White House, and the Democratic National Committee.
Moving to the UK, the upcoming general election on Thursday is expected to bring the most diverse Parliament in the country’s history. Notably, the number of parliamentarians of Indian heritage is expected to increase significantly, especially if the Labour Party wins a majority. This trend reflects the growing diversity of British society.
