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The stock market indices, Sensex and Nifty 50, kick started Thursday's trading session on a bullish note, propelled by favorable momentum in global markets. Investors greeted the opening bell with optimism as both indices surged, buoyed by positive cues from overseas markets and robust corporate performance at home.
The BSE Sensex commenced trading with a significant surge, leaping by 450 points to touch 74,350 points. Similarly, the NSE Nifty 50 displayed strength, gaining 120 points to reach the 22,550 levels, showcasing a spirited start to the trading day. Among the Nifty companies, prominent gainers included NTPC, HDFC Bank, Power Grid, Hindalco, and Adani Enterprises, while Hero MotoCorp, Shriram Finance, IndusInd Bank, and Grasim faced minor losses. The enthusiasm among investors was further fueled by HDFC Bank's performance, particularly its exceptional showing in retail loans for the fourth quarter, where it reported over 100 per cent year-on-year growth. This performance not only bolstered the sentiments surrounding the banking sector but also contributed significantly to the upliftment of index heavyweight stocks. Varun Aggarwal, founder and managing director, Profit Idea, said, "In the preceding session, the domestic equity benchmarks experienced a relatively flat close with a slight negative bias, amid subdued global cues. The Sensex concluded the session marginally lower by 27.09 points at 73,876.82, while the Nifty 50 settled down by 18.65 points at 22,434.65. Despite this dip, the Nifty 50's formation of a small positive candle on the daily chart indicated a potential for broader range movement near all-time highs." Technical analysis suggests that the near-term uptrend remains intact, with possibilities for the Nifty to decisively surpass the 22,550 levels, targeting the next crucial hurdle at 22,800 levels. Analysis of the Nifty Open Interest (OI) data underscores significant activity, with notable OI concentrations on the call side at the 22,700 and 22,800 strike prices, and on the put side at the 22,000 strike price. Despite consolidation within a range on April 3, the overall sentiment remains robust, supported by key moving averages and bullish momentum indicated by the Relative Strength Index (RSI). In global markets, equities in Asia witnessed gains following remarks from Federal Reserve Chair Jerome Powell, reaffirming expectations of rate cuts this year. US equity futures also inched higher after a modest rise in underlying benchmarks on Wednesday. The dollar steadied after its recent decline, while gold continued to hover near record levels and West Texas Intermediate crude extended gains amid indications of increasing demand. The positive start to the Indian stock market today reflects the overall optimism prevailing among investors, fueled by favourable global cues and robust corporate performances, instilling confidence in the market's upward trajectory in the sessions ahead. (ANI)
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