The Sensex and Nifty 50 indices commenced Thursday's trading session on a bullish note, driven by positive momentum in global markets. Investors welcomed the opening bell with optimism as both indices surged, supported by upbeat signals from international markets and strong corporate performance domestically.
Starting on a strong note, the BSE Sensex saw a significant increase, jumping by 450 points to reach 74,350 points. Similarly, the NSE Nifty 50 showed strength, climbing 120 points to hit the 22,550 mark, marking a robust start to the trading day.
Among the Nifty companies, notable gainers included NTPC, HDFC Bank, Power Grid, Hindalco, and Adani Enterprises, while Hero MotoCorp, Shriram Finance, IndusInd Bank, and Grasim experienced minor losses.
Investor enthusiasm was further fueled by HDFC Bank's impressive performance, particularly its outstanding results in retail loans for the fourth quarter, showing over 100 per cent year-on-year growth. This not only boosted sentiments in the banking sector but also significantly contributed to the rise of index heavyweight stocks.
According to Varun Aggarwal, founder and managing director of Profit Idea, the previous session saw domestic equity benchmarks closing relatively flat with a slight negative bias amid subdued global cues. Despite this, the formation of a small positive candle on the daily chart for the Nifty 50 suggested a potential for broader range movement near all-time highs.
Technical analysis indicates that the near-term uptrend remains intact, with possibilities for the Nifty to surpass the 22,550 levels decisively, targeting the next crucial hurdle at 22,800 levels. Open Interest (OI) data analysis highlights significant activity, with notable concentrations on both call and put sides at various strike prices.
Despite consolidation within a range on April 3, overall sentiment remains robust, supported by key moving averages and bullish momentum indicated by the Relative Strength Index (RSI).
In global markets, Asian equities gained following remarks from Federal Reserve Chair Jerome Powell, reinforcing expectations of rate cuts this year. US equity futures also edged higher after a modest rise in underlying benchmarks on Wednesday. The dollar stabilized after recent declines, while gold remained near record levels and West Texas Intermediate crude extended gains amid signs of increasing demand.
Today's positive start in the Indian stock market reflects the prevailing optimism among investors, driven by favorable global cues and strong corporate performances, instilling confidence in the market's upward trajectory in the upcoming sessions.
