Explosive Growth: Stock Market Today Surges by 3.5%

Stock Market Today Surges by 3.5%
Stock market today: Nifty 50 closed the day at 22,462 while the Sensex ended the day at 74,014.55. (Agencies)

Explosive Growth: Stock Market Today Surges by 3.5%

The Indian stock market benchmarks, Nifty 50 and Sensex, closed with significant gains on Monday, April 1, after hitting new record highs during the session. Buoyed by a positive outlook of the domestic market, investors bought shares across various sectors, resulting in a surge in mid and smallcap indices. The overall market capitalisation (mcap) of BSE-listed firms rose to nearly ₹393.2 lakh crore from nearly ₹387 lakh crore in the previous session, making investors richer by nearly ₹6.2 lakh crore in a single session.

Shares of HDFC Bank, Larsen & Toubro, and Tata Steel ended as the top contributors to the gains in the Sensex index. Nearly 170 stocks, including Larsen & Toubro, Tata Steel, Adani Ports, DLF, Ambuja Cements, IndiGo, ICICI Prudential Life Insurance Company, and Grasim Industries hit their fresh 52-week highs in intraday trade on BSE.


Key Takeaways

  • The Indian stock market benchmarks, Nifty 50 and Sensex, closed with significant gains on Monday, April 1, after hitting new record highs during the session.
  • Shares of HDFC Bank, Larsen & Toubro, and Tata Steel ended as the top contributors to the gains in the Sensex index.
  • Nearly 170 stocks hit their fresh 52-week highs in intraday trade on BSE.

Top Nifty 50 gainers today

As of today’s trading session, 31 stocks in the Nifty 50 index have ended with gains. The top gainers are JSW Steel, Tata Steel, and Divi’s Laboratories.

Here is a brief summary of the top gainers:

  • JSW Steel: The stock price of JSW Steel rose by X% today, making it the top gainer in the Nifty 50 index.
  • Tata Steel: The stock price of Tata Steel rose by X% today, making it the second top gainer in the Nifty 50 index.
  • Divi’s Laboratories: The stock price of Divi’s Laboratories rose by X% today, making it the third top gainer in the Nifty 50 index.

Investors will be keeping a close eye on these stocks in the coming days to see if the upward trend continues.

Top Nifty 50 Losers Today

Eicher Motors, Titan, and Nestle India were the top losers in the Nifty 50 pack, with 18 stocks ending in losses. Only one stock, Cipla, ended flat. The Nifty 50 index closed 0.5% lower, with investors cautious about the ongoing economic situation. For the full list of top gainers and losers, click here.

Sectoral Indices Today

All sectoral indices, except Nifty Auto and FMCG, according to MINT, closed higher today. Nifty Media, Realty, and Metal gained significantly with 4.69%, 4.36%, and 3.70% respectively.

Nifty Bank rose 0.96%, while the PSU Bank index and the Private Bank index rose 1.51% and 1.03% respectively. The Auto sector has also been performing well, soaring 75% in FY24. Experts predict a bright future for the sector.

Expert Views on Markets

Vinod Nair, Head of Research at Geojit Financial Services, has expressed confidence in the Indian market’s strong trajectory at the beginning of the new financial year.

Nair cites a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24 as reasons for the positive momentum.

According to Nair, metal stocks performed well today due to the swift pace of Chinese PMI data, which indicates traction in the economic recovery. Moving forward, Nair believes that the direction of the market will be determined by the RBI monetary policy, India PMI data, and US non-farm payroll data.

The market’s direction will be closely watched by investors, who are looking for opportunities to capitalize on the current momentum. With the support of global factors and domestic earnings growth, the Indian market is poised for a strong performance in the near future.

Technical Views on Nifty 50

According to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, the Nifty 50 has been experiencing a sharp up-move in the past couple of trading sessions and the momentum is expected to continue.

However, the hourly momentum indicator has triggered a negative crossover, which may lead to consolidation and a dip towards 22,400 – 22,350. This dip should be used as a buying opportunity as the overall trend appears to be positive.

If the Nifty manages to sustain above 22,500, then a further upside till 22,670 – 22,740 can be expected.

It is important to note that the views and recommendations expressed by individual analysts, experts, and broking companies are not those of theGazetteNGR. Investors are advised to check with certified experts before making any investment decisions.

 

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