Bull run continues! Sensex goes past 75,000 for the first time, Nifty above 22,750

Sensex, Nifty at fresh peaks on April 9

The Sensex opened above 75,000 for the first time and the Nifty 50, too, climbed a new peak, going past 22,750 on April 9 morning, supported by gains in heavyweight such as Infosys, Bajaj Twins, Maruti Suzuki and HDFC Bank, continuing their march northwards after starting the week on record highs.

The market breadth was in favour of gainers, as around 1,622 shares advanced, 589 declined and 88 shares were unchanged.

Experts expect the 50-stock Nifty to continue making new highs in the coming days, as the bullish undertone remains intact.

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Deepak Jasani, Head of Retail Research at HDFC Securities, said the Nifty formed a higher top higher bottom formation compared to the previous sessions. "We expect the Nifty to now stay in the 22,529-22,810 band for the near term," he said.

Deven Mehata, Research Analyst at Choice Broking, too, believes that the bullish momentum can continue in the near-term and suggested traders to buy-on-every-dip. "Traders holding long positions should trail stop loss at 22,500 on closing basis," he suggested.

The cheer was spread across broader markets within the first hour as well. Nifty Midcap 100 and Nifty Smallcap 100 indices outperformed frontline indices as they surged up to 0.4 percent. India VIX, which measures near-term volatility cooled off by a percent to trade around 11 level.

Sectorally, Nifty IT and Nifty Realty indices were the top performers of the day. The gains in Nifty IT was driven by Infosys after global brokerage firm BofA upgraded the counter to 'buy' from 'neutral' and raised target price to Rs 1,785 per share from Rs 1,735.

ALSO READ: Smallcaps bounce back after March low; 94% of Nifty Smallcap 100 stocks trade above 20 SMA

"We see an early case for Infosys' FY25 demand recovery. The normalisation post-Covid spike in IT spends can be done by mid-CY24," they added.

On the other hand, the gains in Nifty Realty index was led by Sobha and Godrej Properties. Godrej Properties clocked the highest-ever quarterly sales in Q4FY24, registering 135 percent year-on-year (YoY) growth.

Global markets mixed; all eyes on US inflation report

Globally, the US markets ended near the flatline as investors eye inflation data due April 10. The consumer price index report will give further insight into how the Federal Reserve's rate policy has been affecting inflation.

Economists surveyed by Bloomberg forecast US consumer price index to show some easing of inflation pressures. Yet the core gauge, which excludes food and energy costs, would be up 3.7 percent from a year earlier — above the Fed’s 2 percent target.

Meanwhile, Asia-Pacific markets were mixed this morning, with Japan's Nikkei 225 climbing 0.5 percent, while South Korea's Kospi fell 0.2 percent, and Hong Kong's Hang Seng index was up 0.7 percent.

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