The benchmark Nifty 50 and the 30-stock Sensex opened higher and sustained gains to scale fresh record highs on April 8. Positive cues from global markets and a rally in largecap auto names and a few index heavyweights like Reliance Industries bolstered the uptrend in the market.
At close, the Sensex was up 494.28 points or 0.67 percent at 74,742.50, and the Nifty 50 was up 152.60 points or 0.68 percent at 22,666.30.
Top Nifty gainers were Mahindra & Mahindra, Eicher Motors, Maruti Suzuki and Reliance Industries, while losers were Wipro, LTIMindtree, Adani Ports, Nestle India and Apollo Hospitals.
Along with the two benchmarks, the Nifty Bank index also rose to a record high, surpassing the 48,700-mark for the first time. The surge in banking stocks was led by renewed investor optimism driven by expectations of political stability following the upcoming Lok Sabha Elections in 2024.
This optimism is seen contributing to the overall economic momentum, with investors viewing the potential for political continuity as a positive factor for the market.
As for other sectors, auto, energy, infra, metal and realty were the top gainers, up 1-2 percent, while the PSU bank, information technology and media indices were down 0.5-1 percent.
The BSE midcap and smallcap indices ended the day with marginal gains.
Among individual stocks, a volume spike of more than 300 percent was seen in Exide Industries, Everready Industries and Voltas.
A long build-up was seen in Exide, InfoEdge, Voltas and Laurus Labs, while a short build-up was seen in REC, Granules India, PNB and CONCOR.
More than 200 stocks touched their 52-week highs, including Abans Holdings, ABB India, Aster DM Health, Avenue Supermarts, Bosch, Cananra Bank, Cochin Shipyard, Eixher Motors, Epigral, Exide Industries, Glenmark, GAIL, HEG, Hind Zinc, Info Edge and more . Click to view full list
Outlook for April 9
Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets started the week on a firm note and gained over half a percent, tracking favorable cues. After the initial uptick, Nifty inched gradually higher however profit-taking in select heavyweights capped the upside in the second half. Eventually, it closed at 22,666.30 levels; up by 0.7%. Most sectors contributed to the move wherein auto, energy and realty were among the top gainers. After days of outperformance, the broader indices took a breather and closed almost unchanged.
Nifty has finally ended a week-long consolidation phase and the banking index has also finally made a new record high however the momentum is still missing. Amid all positivity, mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality names.
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
The near-term trend of Nifty remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side.
Hence, a range expansion could be watched around 22,600 and 22,300 levels on either side. Therefore, a decisive move above 22,600 levels could bring quick upside towards 22,800 levels and a slide below 22,300 levels is likely to open fresh round weakness from the highs.
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