Share market today: Sensex closes above 75k for the first time; investors earn over ₹2 lakh crore in a day
Share market today: Sensex closed 354 points, or 0.47 per cent, higher at 75,038.15 while the Nifty 50 ended the day at 22,753.80, up 111 points, or 0.49 per cent.
The domestic share market witnessed healthy buying across sectors on Wednesday, April 10, despite mixed global cues as investors awaited the US inflation numbers, due later today, to get cues on the US Fed interest rate trajectory.
Indian stock market benchmark the Sensex closed above the 75,000 mark for the first time while the Nifty 50 also ended at its fresh closing high.
India’s strong economic growth outlook amid expectations of rate cuts, healthy corporate earnings and the prospects of political stability after the Lok Sabha elections have kept the underlying sentiment positive. Moreover, the growing might of retail investors is also a factor behind the domestic market’s resilience amid global headwinds.
Share market today
The Sensex opened 270 points higher at 74,953.96 against its previous close of 74,683.70 and jumped about 421 points to hit its intraday high of 75,105.14. The index closed 354 points, or 0.47 per cent, higher at 75,038.15
The Nifty 50 opened 78 points higher at 22,720.25 against its previous close of 22,642.75 and touched its fresh all-time high of 22,775.70 during the session, rising 133 points. The index closed the day at 22,753.80, up 111 points, or 0.49 per cent.
The BSE Midcap index outperformed the Sensex, jumping 0.89 per cent while the Smallcap index rose 0.46 per cent.
The overall market capitalisation of the firms listed on BSE rose to nearly ₹402.2 lakh crore from nearly ₹400 lakh crore in the previous session, making investors richer by over ₹2 lakh crore in a single session.
Some 183 stocks, including ICICI Bank, Mahindra and Mahindra, NTPC, Tata Power, Vedanta, Zomato, IndiGo, Eicher Motors, DMart and GAIL, hit their fresh 52-week highs in intraday trade on BSE.
Indian share market is closed tomorrow on the occasion of Id-Ul-Fitr.
Top Nifty gainers today
As many as 32 stocks ended higher in the Nifty 50 index among which shares of Coal India (up 3.56 per cent), BPCL (up 3.46 per cent) and ITC (up 2.26 per cent) closed as the top gainers.
Top Nifty losers today
Shares of HDFC Life Insurance Company (down 2.04 per cent), Cipla (down 1.68 per cent) and Maruti Suzuki (down 1.65 per cent) ended as the top losers in the Nifty 50 index.
Indian share market indices today
Most sectoral indices ended higher on Wednesday, barring Nifty Pharma (down 0.34 per cent) and Auto (down 0.06 per cent).
The heavyweight Nifty Bank index closed 0.53 per cent higher.
Nifty Media (up 1.80 per cent), PSU Bank (up 1.53 per cent), Oil & Gas (up 1.50 per cent), FMCG (up 1.23 per cent) and Metal (up 1.18 per cent) ended with significant gains.
Expert view on markets
Vinod Nair, Head of Research at Geojit Financial Services underscored that investors’ focus is on the impending release of the FOMC minutes and US inflation data later today.
“Following the release of strong US job data, market sentiments are inclined towards anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut. Additionally, Fitch's recent downgrade of China's credit rating could potentially reverberate through the global economy, warranting a caution," said Nair.
Technical view on Nifty 50
As per Rupak De, Senior Technical Analyst, LKP Securities, the resistance zone for Nifty is placed at 22,700-22,750, while support is at 22,600.
“A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be rangebound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures," said De.
Ajit Mishra, SVP - Technical Research at Religare Broking believes Nifty may target the 22,850-23,100 zone and expects the 22,350-22,500 zone to act as a strong support in case of any profit taking.
“The beginning of the earnings season would trigger stock-specific volatility ahead so participants should plan their positions accordingly,” said Mishra.
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