In a significant milestone for the Indian stock market, the S&P BSE Sensex soared past the 75,000 mark in early trade, reaching a record high of 75,124.28. This historic achievement comes as the benchmark index opened 381.78 points higher at 75,124.28, while the Nifty 50 surged above the 22,700 level, up 98.8 points at 22,765.10.
The Nifty IT sector emerged as a top gainer, rising by 1.20%, contributing to the overall positive sentiment in the market. Other sectoral indices such as Nifty Bank and Nifty Financial Services were also trading in the green.
Key Highlights:
– Sensex crosses 75,000 mark for the first time
– Nifty50 touches a new record high of 22,765.30
– Nifty IT sector rises by 1.20%
At around 9:47 am, the Sensex was up 259.27 points to 75,001.77, while the Nifty50 gained 73.25 points to 22,739.55. This positive momentum in the market was further buoyed by gains in heavyweight stocks such as Infosys, HCLTech, Apollo Hospitals, Hindalco, and LTIM.
On the flip side, some stocks experienced downward pressure, with Eicher Motors, BPCL, L&T, Tata Consumer Products, and Reliance being the top drags on the Nifty50.
Market Analysis:
Commenting on the market momentum, Choice Broking research analyst Deven Mehata stated, “This momentum can continue and hence buy on dips should be the strategy. Traders holding long positions should trail stop loss at 22,500 on a closing basis.”
Prashanth Tapse of Mehta Equities remarked, “In the current market landscape, the Nifty index stands at uncharted heights, propelled by several positive catalysts including robust Q4 corporate earnings expectations in India, strong US economic data, and easing oil prices.”
Key Stock Movements:
– Infosys emerged as the top gainer on the Nifty, with the stock surging more than 2 percent to ₹1,509.
– Goldman Sachs downgraded Bandhan Bank to neutral with a target of ₹211 per share, citing better opportunities in HDFC Bank and Kotak Mahindra Bank.
– Inox Wind witnessed significant trading activity, with 1.5 million shares traded in a bunch, as reported by Bloomberg.
The Sensex and Nifty continued their upward trajectory, with Sensex up 284.09 points or 0.38 percent at 75,026.59, and Nifty up 79.00 points or 0.35 percent at 22,745.30.
New Entrants:
– Aluwind Architectural will commence trading on the NSE Emerge, with an issue price of ₹45 per share.
– Premier Explosives saw its share price touch a 52-week high of ₹1,979.50 in early trade on April 9.
Overall, the Indian stock market witnessed a historic day as the Sensex crossed the 75,000 mark for the first time, with the Nifty 50 climbing to a new peak above 22,750. This surge was supported by gains in heavyweight stocks like Infosys, Bajaj Twins, Maruti Suzuki, and HDFC Bank. However, the market also experienced some downward pressure from select stocks, showcasing the dynamic nature of the current trading environment.
