Indian markets scale new highs on upbeat sentiment
After a stellar FY24, Indian equity markets continue to march higher into a new territory.
IANS
Apr 8, 2024 08:16
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Mumbai, April 8 (IANS) After a stellar FY24, Indian equity markets continue to march higher into a new territory.
Hopes of a favourable outcome from the ensuing general elections and the subsequent policy thrust are keeping the sentiments upbeat, said Dhiraj Relli, MD & CEO at HDFC Securities.
“The announcements of encouraging monthly/yearly data and some operational/order announcements by the companies are attracting stock-specific buying. The broader market is slow in catching up and the investors will do well to remain cautious in entering small/midcaps without adequate due diligence," Relli said.
Ajay Menon, MD & CEO, Broking & Distribution, MOFSL, said the domestic equities started FY25 on a buoyant note, hitting fresh lifetime highs led by positive global cues and expectations of a stronger earnings season.
Both the Sensex and Nifty scaled new highs on Monday, with the Nifty touching 22,697 and the Sensex scaling to 74,869 intraday.
The BSE market cap hit Rs 400 lakh crore driven by strong domestic fund flow and healthy retail participation. New listings and IPOs too contributed to the ongoing bull run, Menon said.
“India is currently enjoying the confluence of the best macro and micro tailwinds, such as moderating inflation, range-bound crude price, easing of 10-year G-sec yield, stable currency, and resilient corporate earnings. India’s capital markets have witnessed vibrant participation from the domestic retail investors, with Demat accounts surging to 151m in March,” he said.
“Expectations of political continuity after the forthcoming Lok Sabha Elections should bolster the overall economic momentum further, with a focus on infrastructure, capex and manufacturing occupying the centre stage," he added.
While the Nifty closed 152.60 points or 0.68 per cent up at 22,666.30, the Sensex ended 494.28 points or 0.67 per cent higher at 74,742.50 on Monday.
