The Indian equity market started the financial year 2024-25 with a bang, hitting fresh highs to extend the winning streak to a third straight session on April 1 on buying across sectors, especially in power, realty and metal names.
At close, the Sensex was up 363.20 points, or 0.49 percent, at 74,014.55, and the Nifty was up 135.10 points, or 0.61 percent, at 22,462
The Sensex and the Nifty made the most of a strong start to hit fresh highs of 74,254.62 and 22,529.95, respectively. Profit booking at higher levels erased some of the gains later in the day.
Tata Steel, JSW Steel, Adani Ports, Shriram Finance and Divi’s Labs were among the top Nifty gainers, while losers were Eicher Motors, Titan Company, Bajaj Auto, LTIMindtree and Nestle.
Except auto, all other sectoral indices ended in the green. Metal, power, capital goods, healthcare and realty up 1 to 4 percent, while oil & gas, information technology and bank were up 0.5 percent each.
The BSE midcap index rose 1.6 percent and the smallcap gained nearly 3 percent.
A long build-up was seen in Hindustan Copper, DLF and Indus Towers, while a short build-up was seen in Eicher Motors, Godrej Consumer Products and Hero Moto Corp.
More than 150 stocks touched their 52-week high on the BSE, including Action Construction, BASF, Cochin Shipyard, Cummins India, DLF, Dynamatic Technologies, Glenmark Pharma, Gujarat Pipavav, Indian Hotels, Indus Towers, Jindal Steel, Muthoot Finance, Oracle Financial Services, Tata Steel, Triveni Turbine, Voltas, among others. Click to view full list
Outlook for April 2
Aditya Gaggar Director of Progressive Shares
The markets started the new financial year on a robust note and were seen compounding their gains before selected heavyweights dragged the Index marginally lower to settle the session at 22,462 with gains of 135.10 points.
Media and Realty were the top performers sector-wise followed by Metal while Auto and FMCG ended the day with minuscule losses. The interest of market participants was more towards the Broader markets as Mid and Smallcaps gained by 1.74% & 3.26% and outshined the Nifty50.
On the daily chart, the Index has made a DOJI candlestick pattern at record levels indicating indecisiveness between the bulls and bears. To extend the underlying bull run, the Index must breach the stiff hurdle of 22,500 while the downside is guarded at 22,270.
Ajit Mishra, SVP - Technical Research, Religare Broking
Market started the week with modest gains and hit new life highs, gaining over half a percent. After the gap-up opening, Nifty traded lackluster in the narrow range and finally closed around the opening range at 22462 levels. On the sectoral front, realty and metal performed well while FMCG and Auto traded subdued. The broader indices outperformed the benchmark, wherein smallcap gained over three percent while midcap closed higher by one and a half percent.
We are now eyeing 22,700 in Nifty thus participants should maintain a “buy on dips” approach. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum, while others may play a supportive role on a rotational basis. Traders should maintain a stock-specific approach and focus on the stocks which are showing higher relative strength.
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