Sensex and Nifty scale new peaks: Market analysis

On April 9 morning, the Sensex soared above the landmark 75,000 mark for the first time, accompanied by the Nifty 50 climbing to a fresh peak, surpassing 22,750. This bullish trend was propelled by significant gains in heavyweight stocks like Infosys, Bajaj Twins, Maruti Suzuki, and HDFC Bank, extending their upward trajectory from the previous week’s record highs.

Market dynamics favored gainers, with approximately 1,622 shares advancing, 589 declining, and 88 remaining unchanged.

Experts anticipate the Nifty 50 to sustain its upward momentum in the days ahead, supported by a bullish market sentiment. Head of Retail Research at HDFC Securities, noted a formation of higher top higher bottom in the Nifty’s chart, predicting a trading range of 22,529 to 22,810 in the near term. Similarly, Research Analyst at Choice Broking, advised traders to capitalize on buying opportunities during market dips and suggested setting a stop loss at 22,500 for long positions.

The positive sentiment permeated broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 indices outperforming frontline indices by surging up to 0.4 percent within the first hour. Additionally, the India VIX, an indicator of near-term volatility, decreased by 1 percent, hovering around the 11 level.

Sector-wise, the Nifty IT and Nifty Realty indices emerged as top performers of the day. Infosys fueled gains in the Nifty IT index after receiving an upgrade from global brokerage firm BofA, while Sobha and Godrej Properties led the rally in the Nifty Realty index. Godrej Properties reported its highest-ever quarterly sales in Q4FY24, marking a 135 percent year-on-year growth.

On the global front, US markets closed near the flatline as investors awaited inflation data scheduled for April 10. Economists predict a slight easing of inflation pressures in the US consumer price index report, although the core gauge is expected to exceed the Federal Reserve’s 2 percent target.

In Asia-Pacific markets, Japan’s Nikkei 225 climbed 0.5 percent, while South Korea’s Kospi declined 0.2 percent, and Hong Kong’s Hang Seng index rose 0.7 percent, reflecting mixed sentiments across the region.