Indian stock market benchmarks the Sensex and the Nifty 50 hit their fresh all-time highs in early trade on Thursday, April 4. The Sensex opened at its fresh all-time high of 74,501.73, up almost 1 per cent from its previous close of 73,876.82. On the other hand, Nifty 50 opened at 22,592.10 against its previous close of 22,434.65 and soon jumped about a per cent to hit its fresh record high of 22,619.
The BSE Midcap index also hit its fresh all-time high of 40,973.14, rising nearly 1 per cent. The Smallcap index also rose 1 per cent to hit its intraday high of 46,015.16. The all-time high of the BSE Smallcap index is 46821.39 which it hit on February 7 this year.
Experts pointed out five pivotal factors behind today’s market rally. Firstly, positive global cues influenced domestic market sentiment, with most Asian markets clocking healthy gains. Japan’s Nikkei jumped almost 2 per cent in trade while Korea’s KOSPI rose about a per cent, following overnight gains in the US markets.
Secondly, solid gains in the banking stocks, with the Nifty Bank index rising over a per cent, gave a boost to market benchmarks. Stocks such as HDFC Bank, Kotak Mahindra Bank, and Axis Bank traded with healthy gains.
Thirdly, investors’ focus is now on the policy decision by the Reserve Bank of India (RBI) due on Friday, April 5. While the RBI is expected to keep policy rates unchanged, some experts expect hints on rate cuts.
Fourthly, optimism ahead of Q4 earnings season is driving the market rally. India Inc. will start disclosing its March quarter earnings in the coming days, with experts expecting healthy numbers.
Lastly, a technical factor is also at play, with Nifty potentially moving towards 22,700, encouraged by the near maturity of a cup and handle formation.
Overall, the Indian stock market is witnessing a bullish trend with various factors contributing to the fresh all-time highs of the Sensex and the Nifty 50. Investors are advised to stay informed and consult with certified experts before making any investment decisions.
