Adversitement
Stock Markets Open New Fiscal Year on Strong Note, Sensex and Nifty Hit Fresh Record Highs
Published On : 2024-04-01T17:23:28+0530 [ IST ] |
Author : Mayur_Tembhare
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Maharashtra / Mumbai :
The Indian stock markets kicked off the new fiscal year on a robust note, witnessing a firm upward trend as both the benchmark Sensex and Nifty reached fresh record highs during intra-day trade. Buoyed by strong cues from Asian markets and increased inflows from foreign funds, the market indices maintained their winning momentum for the third consecutive day.
The 30-share BSE Sensex soared by 363.20 points or 0.49 percent to settle at 74,014.55, extending its gains from the previous sessions. In intra-day trading, the Sensex surged even higher, reaching a record high of 74,254.62 after jumping 603.27 points or 0.81 percent.
Similarly, the NSE Nifty climbed 135.10 points or 0.61 percent to close at 22,462, with intra-day trading seeing it reach an all-time peak of 22,529.95 after surging 203.05 points or 0.90 percent.
Leading the gains in the Sensex basket were stocks like JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro, and HDFC Bank, while Titan, Nestle, Bharti Airtel, and IndusInd Bank were among the laggards.
inod Nair, Head of Research at Geojit Financial Services, expressed confidence in the market's positive trajectory, attributing it to a global rally fueled by expectations of a Fed rate cut in June and robust forecasts for domestic earnings growth in Q4 FY24. Metal stocks particularly excelled, driven by encouraging Chinese PMI data signaling economic recovery.
In Asian markets, Seoul and Shanghai closed in the green, while Tokyo ended lower. Meanwhile, Wall Street exhibited a mixed performance on Thursday.
Foreign investors" target="_blank">institutional investors (FIIs) remained net buyers in the market, injecting equities worth ₹188.31 crore, as per exchange data.
Global oil benchmark Brent crude experienced a slight dip of 0.10 percent, settling at $86.91 a barrel.
The equity markets remained closed on Friday in observance of Good Friday.
For the 2023-24 fiscal year, the BSE benchmark surged by 14,659.83 points or 24.85 percent, while the Nifty witnessed a notable gain of 4,967.15 points or 28.61 percent, reflecting the overall bullish sentiment in the market.
Source : Dalal Street, Mumbai
Tags : BSE , foreign fund inflows , intra-day trade , stock markets , Sensex , fiscal year , NSE , Nifty , Record High , Asian markets ,
Summary : The stock markets commenced the new fiscal year on a robust footing, with both the Sensex and Nifty reaching new record highs during intra-day trade. Supported by positive trends in Asian markets and increased foreign fund inflows, the Sensex surged by 363.20 points to settle at 74,014.55, while the Nifty climbed 135.10 points to reach 22,462. Metal stocks led the gains, buoyed by encouraging Chinese PMI data indicating economic recovery. The positive sentiment is bolstered by expectations of a Fed rate cut in June and strong domestic earnings growth forecasts for Q4FY24.
Adversitement