Stock market today: Extending the winning momentum to the third trading session, domestic equity benchmarks closed the first session of the new fiscal on a strong note on Monday, April 1, with the Sensex and Nifty scaling fresh peaks during the intraday session boosted by broad-based buying.

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The buying was primarily led by financial and metal stocks after upbeat data from China, while a moderation in a key US inflation reading also aided sentiment on Dalal Street.

The 50-scrip index rose 135.1 points, or 0.61 per cent, to settle at 22,462 for the day after scaling a fresh intraday peak of 22,529.95, while the Sensex closed at 74,014.55, up 363.2 points, or 0.49 per cent. The broad-based buying helped the 30-scrip gauge reach a record peak of 74,254.62 in intraday trade, surpassing the previous peak touched on March 7, 2024. 

"The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4 FY24, Vinod Nair, Head of Research, Geojit Financial Services, said.

JSW Steel, Tata Steel, Divi's, Shriram Finance, and Adani Ports, jumping about 3-5 per cent for the day, rose the most among the 31 gainers in the Nifty50 basket, whereas Eicher Motors, Titan, Nestle India, LTIMindtree, and Tata Consumer Products, down about 2-1 per cent each, were the top losers.

Nifty Bank settled 0.96 per cent, or 453.65 points, higher at 47,578.25. Meanwhile, Nifty Metal stocks jumped 3.7 per cent after data showed China's manufacturing activity expanded for the first time in six months in March. "Notably, metal stocks excelled today, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery," Nair added.

Nifty Auto settled 0.16 lower amid automakers reporting their sales data for the month gone by starting from April 1, 2024.

Among broader indices, the Nifty Midcap100 ended nearly 1.74 per cent higher, while the Nifty Smallcap100 jumped 3.26 per cent.

"Going ahead, RBI monetary policy, India PMI data, and US non-farm payroll data will set the direction of the market," Nair further said.

Investors gained Rs 618,371.41 in wealth as the market capitalisation of BSE-listed companies increased to Rs 3,93,15,471.18 at the end of trade on Monday from Rs 3,86,97,099.77 on Thursday, March 28, according to provisional exchange data.

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