FIRST TRADE: Sensex, Nifty script fresh highs amid healthy buying in all sectors but pharma

Stock market today: The Indian share market scaled fresh record highs on Thursday (April 4), amid broad-based buying in all sectors except pharma. Further, domestic stocks tracked a rebound in Asian peers, supported by sustained retail inflows ahead of the Reserve Bank of India's monetary policy decision due tomorrow.

Last seen, both indices were up over 0.50 per cent, the 30-scrip barometer rose 412.38 points to 74,289.20, and the NSE Nifty was up 123.45 points to 22,558.1. 

"Global and domestic cues indicate that the market is likely to consolidate in the coming days and start responding to Q4 results as they start coming. So, Q4 results will be the next major trigger for the market from a sectoral and stock-specific perspective," said Dr. V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services. 

Dr. Vijayakumar added that the market expects good results from autos, capital goods, telecom, and select pharmaceuticals. Financials, too, will report good results despite some NIM compression and, therefore, are likely to be favoured by investors. IT results will be tepid, and therefore, the management commentary will be more important than the results. Even though valuation comfort in banking is in PSU banks, private sector majors are likely to deliver superior returns from a two-year perspective.

Meanwhile, in the broader market, the Nifty Mid Cap 100 surpassed the 50,000 level for the first time, and the Small Cap 100 was up nearly 1 per cent. Nifty Bank was up 1.03 per cent at 48,112.4. 

BUZZING STOCKS

KEC International shares were up over 14 per cent after the company received orders worth Rs 816 crore. 

GE Power India shares were up over 4 per cent after it bagged two orders worth Rs 775 crore from Jaiprakash Power Ventures.

RBL Bank shares were up over 3 per cent after it reported a good Q4 business update. 

L&T Finance Holdings shares were up over 1 per cent a day after the company released its Q4 update.

Suryoday Small Finance Bank shares were up over 11 per cent after its Q4 business update showed good growth and an increase in the CASA ratio.

Avenue Supermarts shares were up over 3 per cent after the company, in its Q4 update, said its standalone income will increase 20 per cent to Rs 12,393.46 crore.

GLOBAL MARKETS 

Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks.

There was also action in commodities as gold reached another record, oil hit a five-month peak, and copper surged to a 13-month top, helping lift shares in basic materials and energy companies.

(With inputs from agencies.)

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