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regular-article-logo Wednesday, 29 May 2024

Sensex closes at 74000, investor wealth soars Rs 10.58 lakh crore as markets boom in new fiscal

The NSE Nifty climbed 135.10 points or 0.61 per cent to 22462. During the day, it jumped 203.05 points or 0.90 per cent to hit the all-time peak of 22529.95

Our Bureau Mumbai Published 02.04.24, 10:32 AM
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Stock markets started the new fiscal on a high with the benchmark Sensex and Nifty scaling fresh record levels in intra-day trade before settling in the green on Monday, backed by firm trends in Asian markets and foreign fund inflows.

Investor wealth soared Rs 10.58 lakh crore in three days of the market rally, where the BSE benchmark jumped over 2 per cent.

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Extending its winning momentum, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record intra-day high of 74254.62.

The NSE Nifty climbed 135.10 points or 0.61 per cent to 22462. During the day, it jumped 203.05 points or 0.90 per cent to hit the all-time peak of 22529.95.

Realty and metal shares performed well while FMCG and auto traded subdued.

From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers.

Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.

"The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term," Vinod Nair, head of research at Geojit Financial Services, said.

"This confidence is supported by a global rally in expectation of a US Federal Reserve rate cut in June and a healthy domestic earnings growth forecast in the third quarter," Nair said.

Metal stocks excelled, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery.

All listed Adani group stocks were in the limelight on Monday, with Adani Energy climbing over 8 per cent, as investors flocked to the counters amid a positive trend in the broader market.

The Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree.

In the broader market, the BSE smallcap gauge jumped 2.98 per cent and the midcap index climbed 1.64 per cent.

Among the indices, realty zoomed 4.18 per cent, telecommunication jumped 3.44 per cent, metal by 3.39 per cent, commodities by 2.91 per cent, utilities by 2.62 per cent and industrials by 2.16 per cent.

Consumer durables and auto were the laggards.

Among Asian markets, Seoul and Shanghai settled in the green, while Tokyo ended lower. Wall Street ended on a mixed note on Thursday.

In the 2023-24 financial year, the BSE benchmark jumped 14659.83 points or 24.85 per cent, while the Nifty soared 4967.15 points or 28.61 per cent.

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