Nifty hits new all-time high, Sensex rises 400 points; Q4 earnings, domestic flows to guide market

The Nifty touched a fresh all-time high of 22,621.65 on April 8 morning on positive global cues. The Sensex, too, was hovering close to its all-time high. Buying was seen in realty and metal stocks in the morning deals. OMCs also gained as crude prices eased below $90 a barrel.

This week marks the beginning of the earnings season and the focus will be on the IT majors to start with. Besides, the performance of the US market and domestic institutional investor activity will also be in focus, analysts said.

At 9.48 am, the Sensex was up 342.07 points or 0.46 percent at 74,590.29, and the Nifty was up 92.40 points or 0.41 percent at 22,606.10. About 1,924 shares advanced, 1,089 declined, and 139 were unchanged.

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The earnings season is expected to register satisfactory growth,  Joseph Thomas, Head of Research, Emkay Wealth Management, said. The expectations on growth were seconded by the Reserve Bank of India  (RBI) in its policy by way strong projections for FY25.

"The domestic news flow is fairly supportive of the market sentiments, the volatility may largely induced by global developments, specifically expectations around the timing of the US Fed rate action," Thomas said.

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"Traders should continue with a buy-on-dips approach until Nifty breaks 22,200. Participants should maintain their focus on the selection of stocks and suggest not to get carried away with the recovery in broader indices and stick only with the quality names," said Ajit Mishra, SVP - technical research, Religare Broking.