Stock market rally today: BSE Sensex surges 494 points to close at lifetime high; Nifty50 crosses 22,660

Stock market rally today: BSE Sensex surges 494 points to close at lifetime high; Nifty50 crosses 22,660

Stock market rally today: BSE Sensex and Nifty50, the Indian stock market indices, kicked off strongly on Monday following positive cues from the US markets and increased buying in the IT and auto sectors. The S&P BSE Sensex surged 600 points to achieve a new all-time high of 74,869.30, while the Nifty also reached a peak of 22,697.30. BSE Sensex closed the day at a record closing high of 74,742.50, up 494 points or 0.67%. Nifty50 ended the day at 22,666.30, up 153 points or 0.68%.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services has cautioned investors about the rapidly changing macroeconomic outlook. He has highlighted the unexpected strength of the US economy and labor market, leading to revised expectations regarding US Federal Reserve rate cuts. Despite adjustments in rate cut forecasts, the global market remains optimistic, setting new records, which could benefit equity markets like India.

As the fourth-quarter results season commences with TCS earnings announcement on April 12, market movements are expected to be influenced by IT companies’ commentary. Vijayakumar anticipates tepid results for the IT sector but foresees positive outcomes in the financial sector, particularly driven by major banks such as HDFC Bank and ICICI Bank.

The small finance banking segment, along with capital goods and autos, is predicted to perform well, while FMCG may face challenges due to sluggish volume growth.

In the currency market, the Indian rupee strengthened in early trading on Monday, maintaining its upward momentum from the previous session amidst expectations of a reduced likelihood of a Federal Reserve rate cut in June. The rupee was trading at 83.26 against the dollar at 9:45 a.m. IST.

Crude oil prices dipped on Monday, with US WTI oil contracts at $85.580 and Brent oil futures near $89.720, influenced by eased tensions in the Middle East.

On the MCX, April Crude Oil futures traded at Rs 7,128 per BBL, down by Rs 156.

Investment trends showed that domestic investors turned net sellers while foreign investors emerged as net buyers, with foreign institutional investors purchasing Indian equities worth Rs 1,659.27 crore and domestic institutional investors selling stocks worth Rs 3,370.42 crore.

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