Mumbai (Maharashtra) [India], April 8 (ANI): Indian benchmark indices on Monday touched an all time high during the trading session. The Nifty touched an all time high of 22,697.30 while the Sensex also reached at the level of 74,869.30 points. Both the indices set new highs in the Indian equity market.
While at the end of the trading session today, the Nifty closed at 22,666.30 after gaining 152.60 points, while the Sensex closed at 74742.50 after a surge of 494.28 points. In the Nifty 50 index 37 stocks closed in advance while 13 stocks closed in red with decline.
During the trading session, the combined market capitalization of all BSE-listed companies reached the Rs 401 trillion milestone.
“Indian markets are benefiting from domestic flows, a strong macro and expectation of policy continuity with a focus on infrastructure buildout, import substitution and export promotion. Foreign flows are expected to turn positive and accelerate in the second half of 2024,” said Ajay Bagga, a banking and market expert.
EICHERMOT, M&M, Maruti, NTPC, and SBILIFE were among the top gainers in the Nifty, while Adani Ports, Nestle India, Apollo Hospital, and Sun Pharma were the top losers. The rally in auto stocks was seen after the report released by the Federation of Automobile Dealers Associations (FADA) showed continued positive growth in auto sales on a YoY basis in March 2024.
In the broader market, the BSE MidCap index edged up by 0.26 per cent, while the SmallCap index experienced a slight decline of 0.06 per cent. Sector-wise, Nifty Auto surged over 2 per cent, followed by gains in Nifty Realty (up 1.32 per cent) and Nifty Metal (up 1 per cent). However, the Nifty PSU Bank index were down by 0.86 per cent.
Globally, equities saw upward momentum as oil prices retreated from a six-month high. European stocks displayed mixed performances, with the STOXX 600 up by 0.05 per cent, Germany’s DAX rising by 0.38per cent, and the UK’s FTSE 100 slightly lower by 0.19per cent. In the US, S&P 500 futures and Nasdaq futures dipped by 0.2 per cent.
Furthermore, spot gold reached a new record high at USD 2,353.80 an ounce, reflecting investor interest in the safe-haven assets amidst market uncertainties.
“The recent surge in oil prices due to geopolitical tensions eased following progress in truce talks in the Middle East, contributing to Brent crude’s decline to USD 90.20 a barrel. Additionally, a stronger-than-expected US jobs report tempered expectations of a June rate cut by the Federal Reserve, causing the 10-year US treasury yields to rise to 4.45 per cent, the highest since late November” said Varun Aggarwal, MD, Profit Idea. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.