FIRST TRADE: Nifty, Sensex record fresh highs amid broad-based buying

Stock market today: Domestic benchmark indices Sensex and Nifty opened over half a per cent higher on Monday, the first session of the new financial year 2024–25, amid broad-based buying and moderation in a key US inflation reading that heightened hopes of a Federal Reserve rate cut in June.

Last seen, the S&P BSE Sensex traded 0.56 per cent, or 409.41 points, higher at 74,060.76, and the NSE Nifty was up 0.61 per cent, or 135.75 points, at 22,462.65.

"The undertone of the market is bullish, and there is momentum in the market. The market has been showing signs of consolidation, but the spurt in Nifty by 322 points on the last two trading days indicates that the upward momentum can be sustained," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 were up over 1 per cent and on the sectoral front, Nifty Bank was up 1.07 per cent at 47,626.7.

Dr. Vijayakumar added that there are reports of mutual funds introducing restrictions on redemptions from small-cap schemes. This is in response to the ‘ frothy’ valuation in this segment and the concerns expressed by the regulator. The consequence of this action would be higher flows of funds into the large-cap, which, in turn, can lift the large-cap. So, watch out for large-cap companies in automobiles, capital goods, financials, and select pharmaceuticals, which are likely to post good Q4 numbers.

Further, Dr. Vijayakumar believes the RBI monetary policy meeting scheduled for April 3 to 5 is likely to keep rates unchanged and, therefore, is unlikely to impact the market.

BUZZING STOCKS

Aurobindo Pharma shares were up over 2 per cent after commercial production started in the PenG plant, injectable facility, and pellet plant.

Hindalco shares were down over 1 per cent after reports suggested that anti dumping duties may be increased on aluminium foil imported from Thailand.

Oriental Carbon and Chemicals shares were up over 10 per cent after reports suggested that anti-dumping duty may be imposed on Inslouble Sulfur imported from China and Japan.

HAL shares were up over 3 per cent after the company received an order worth Rs 1173.42 crore from Cochin Shipyard Kochi.

Torrent Power shares were up over 6 per cent after the company bagged an order worth Rs 1,825 crore from Torrent Power Ltd., Distribution Unit.

MOIL shares were up over 6 per cent after manganese ore prices increased by 3–6 per cent.

GLOBAL MARKETS 

Chinese shares led a rally around most of Asia on Monday amid a broadly optimistic global economic backdrop, but Japanese shares tumbled with the yen pinned near levels that have traders on guard for currency intervention. 

US stock futures also pointed firmly higher following a market holiday on Friday, when the Federal Reserve released data showing their preferred inflation measure indicated price pressures are further easing, bolstering bets for a June interest rate cut.

(With inputs from agencies.)

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.