Stock Markets Commence New Fiscal Year with Robust Performance

Stock Markets
Spread the love

The commencement of the new fiscal year saw the Indian stock markets off to a robust start on Monday, with both the benchmark Sensex and Nifty reaching new record highs. This surge was underpinned by positive trends in Asian markets and continued foreign fund inflows, setting a positive tone for investors.

Record Highs and Steady Growth:

The 30-share BSE Sensex continued its winning streak for the third consecutive day, posting a significant gain of 363.20 points or 0.49 percent to settle at 74,014.55. Intra-day trading witnessed an even more impressive surge, with the Sensex reaching a peak of 74,254.62, marking an all-time high. Similarly, the NSE Nifty climbed by 135.10 points or 0.61 percent to reach 22,462, with an intra-day high of 22,529.95.

Sectoral Performance:

Key gainers in the Sensex basket included JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen and Toubro, and HDFC Bank. Conversely, some stocks, such as Titan, Nestle, Bharti Airtel, and IndusInd Bank, witnessed a decline.

Market Analysts’ Outlook:

Market experts, including Vinod Nair, Head of Research at Geojit Financial Services, expressed confidence in the market’s trajectory. Factors contributing to this optimism include global market rallies in anticipation of a Fed rate cut in June and robust forecasts for domestic earnings growth in Q4FY24.

Metal Sector Thrives:

Metal stocks outperformed other sectors, buoyed by encouraging Chinese PMI data indicating accelerated economic recovery.

Global Market Trends:

Asian markets witnessed a mixed performance, with Seoul and Shanghai closing in the green while Tokyo ended lower. Wall Street’s performance on Thursday was also varied.

Foreign Institutional Investments:

Foreign institutional investors (FIIs) exhibited a positive sentiment, evident from their equity purchases worth Rs 188.31 crore on Thursday.

Oil Prices and Market Closure:

Global oil benchmark, Brent crude, experienced a marginal dip of 0.10 percent, reaching USD 86.91 per barrel. Equity markets remained closed on Friday due to Good Friday observance.

Conclusion: The strong performance of the Indian stock markets at the onset of the new fiscal year underscores investor confidence and positive market sentiment. With favorable global cues and continued domestic resilience, market participants are optimistic about sustained growth and further record-breaking milestones in the days ahead.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *