In a promising start to the fiscal year 2025, India’s benchmark indices, the S&P BSE Sensex and NSE Nifty50, reached unprecedented highs during the first trading session. The Sensex surged by 470.45 points, reaching 74,122.82, while the its rose by 166.40 points, touching 22,493.30.
The upward momentum was predominantly driven by a robust performance in metal and realty stocks. Early trade witnessed the Sensex hitting a peak of 74,254.62, and the Nifty50 climbing to 22,529.95, marking historic highs for both indices.
Market sentiment remained bullish, with broader indices also reflecting significant gains and a notable decrease in volatility. All its sectoiral indices showcased positive trends, particularly in banking, financial, and IT sectors. Notable increases were observed in Nifty Realty by nearly 4%, while Media and Metal rose over 2.5%.
Nifty marking record high
Among the top gainers on the Nifty50 were JSW Steel, Tata Steel, Apollo Hospitals, Adani Ports, and L&T. Conversely, Titan, Bajaj Auto, Hero MotoCorp, Nestle India, and Bharti Airtel experienced declines.
* #Nifty, #Sensex hit record high
* Buzzing now: #Metal stocks
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— CNBC-TV18 (@CNBCTV18News) April 1, 2024
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented on the market outlook, anticipating continued upward movement supported by a firm trend in the Gift index and positive sentiments across other Asian indices. Tapse highlighted investor inclination towards bargain hunting and the reassurance from the US Fed regarding potential rate cuts amidst inflation challenges as factors bolstering market confidence.
Looking ahead, attention is expected to shift towards fourth-quarter corporate earnings, which are set to commence shortly. Nifty options data suggests a trading range of 21,500-22,600, indicating potential fluctuations in the near term.
