Stock Market Today: Indian stock market benchmarks Sensex and Nifty 50 closed at record highs on Monday, April 8, on positive global signs and easing oil prices.
Global positive news influenced domestic market sentiment. Major markets in Europe traded with considerable gains at the end of the Sensex session. But gains were capped as optimism about the Fed’s interest rate cuts faded and U.S. Treasury yields hit their highest levels since late November.
Markets have been volatile lately due to geopolitical tensions in West Asia, rising oil prices, and uncertainty over whether the Federal Reserve will cut interest rates amid better-than-expected U.S. macro data.
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On Monday, the Sensex opened at 74,555.44 against the previous close of 74,248.22 and hit an all-time high of 74,869.30 during trade. The 30-share pack ultimately closed 494 points (0.67%) higher at 74,742.50, with 22 stocks in the green.
The Nifty 50 opened at 22,578.35 against the previous close of 22,513.70 and hit a new record high of 22,697.30, gaining 153 points or 0.68 per cent to close at 22,666.30. As many as 37 stocks in the Nifty 50 index ended with gains.
The BSE Midcap Index also hit a new all-time high of 41,113.16, but erased most of the gains and ended 0.26% higher at 40,937.30. However, the BSE Small Cap Index failed to participate in the rally and ended 0.06 per cent lower.
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Over 250 stocks, including D-Mart, Tata Steel, Maruti, Mahindra & Mahindra, NTPC, Eicher Motors, GAIL, Vedanta and Zomato hit 52-week highs in intraday trade on BSE.
Meanwhile, oil prices fell on signs of easing geopolitical tensions. Brent crude oil prices fell by 1% to trade around $90 a barrel.
Top Rising Stocks in Nifty 50 Index
Shares of Eicher Motors, Mahindra & Mahindra, Maruti Suzuki, NTPC and SBI Life Insurance Company finished among the top gainers in the Nifty 50 index.
Today’s Top Nifty 50 Losers
Shares of Adani Ports, Nestle, Apollo Hospitals, Wipro and Sun Pharma closed among the top losers in the Nifty 50 index.
Today’s sectoral indices
All sectoral indices ended higher, barring Nifty PSU Bank (down 0.89%), Media (down 0.77%) and IT (down 0.52%).
Nifty Auto rose 2.16%, followed by oil and gas (up 1.45%), real estate (up 1.33%) and metals (up 1.10%).
Nifty Bank closed 0.18% lower.
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Expert views on the market
“Sentiment remained positive, driven by sector tailwinds and fourth-quarter earnings growth expectations.The gains were primarily broad-based, with autos, real estate, oil and gas, and consumer discretionary outperforming, while , the IT sector was underperforming due to weak fourth-quarter results.” “Slower spending has boosted growth expectations.” Globally, investors were encouraged this week after the release of strong U.S. jobs data. We are waiting for the release of US CPI data, ECB policy and UK GDP data,” said Vinod Nair, head of the company. Research, Geojit Financial Services.
Technical view of Nifty 50
“The Nifty maintained its strength by remaining above 22,500 throughout the day. It also surpassed its previous high of 22,619. However, the index has reached near the upper band of the ascending wedge, which could lead to short-term “In the short term, the index could consolidate in a range. There is support at the lower end at 22,500, below which the index could consolidate again. “There is a lot of potential,” said Rupak De, senior technical analyst at LKP Securities.
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Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and are not the views of Mint. We recommend checking with a certified professional before making any investment decisions.
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