Stock market today: Sensex, Nifty 50 hit fresh record highs; smallcaps falter

Positive global cues influenced domestic market sentiment. Major European markets traded with decent gains when the Sensex closed. However, gains were capped as the US bond yields hit their highest since late November as optimism about Fed rate cuts fizzled out.

Geopolitical tensions in West Asia, rising crude oil prices and uncertainty around the Fed rate cuts amid stronger-than-expected macro numbers in the US have kept the market volatile of late.

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On Monday, the Sensex opened at 74,555.44 against its previous close of 74,248.22 and touched its fresh all-time high of 74,869.30 during the session. The 30-share pack finally closed 494 points, or 0.67 per cent, higher at 74,742.50 with 22 stocks in the green.

The overall market capitalization of BSE-listed firms surpassed the ₹400 lakh crore mark for the first time on Monday. 

The Nifty 50 opened at 22,578.35 against its previous close of 22,513.70 and hit its fresh record high of 22,697.30 before closing the day at 22,666.30, up 153 points, or 0.68 per cent. As many as 37 stocks ended higher in the Nifty 50 index.

The BSE Midcap index also hit its fresh record high of 41,113.16 but erased most gains and ended 0.26 per cent higher at 40,937.30. The BSE Smallcap index, however, failed to participate in the rally and ended 0.06 per cent lower.

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Over 250 stocks, including DMart, Tata Steel, Maruti, Mahindra and Mahindra, NTPC, Eicher Motors, GAIL, Vedanta and Zomato, hit their fresh 52-week highs in intraday trade on BSE.

Meanwhile, crude oil prices eased on signs of easing geopolitical tensions. Brent Crude price fell by a per cent and traded near the $90 per barrel mark.

Top gainers in the Nifty 50 index

Shares of Eicher Motors, Mahindra and Mahindra, Maruti Suzuki, NTPC and SBI Life Insurance Company ended as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Adani Ports, Nestle, Apollo Hospitals, Wipro and Sun Pharma closed as the top losers in the Nifty 50 index.

Sectoral indices today

Barring Nifty PSU Bank (down 0.89 per cent), Media (down 0.77 per cent) and IT (down 0.52 per cent), all sectoral indices ended higher.

Nifty Auto jumped 2.16 per cent, followed by Oil & Gas (up 1.45 per cent), Realty (up 1.33 per cent) and Metal (up 1.10 per cent).

Nifty Bank closed 0.18 per cent.

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Expert view on markets

“The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations. The up-move was largely broad-based, with outperformance by auto, realty, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending. On the global front, after the release of robust US job data, investors are awaiting the release of US CPI data, ECB policy, and UK GDP data this week,” said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

“Nifty maintained its strength by staying above 22,500 throughout the day. Additionally, it exceeded the previous all-time high of 22,619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22,500, below which the index might fall back into consolidation,” said Rupak De, Senior Technical Analyst, LKP Securities.

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Published: 08 Apr 2024, 03:32 PM IST