In early trade today, the Sensex surged by 152.31 points, reaching 74,823.59. Simultaneously, the Nifty witnessed an upward trend, rising by 52.9 points to reach 22,696.30. The Sensex, representing the benchmark index of the Bombay Stock Exchange (BSE), displayed a notable climb, reflecting positive market sentiment and investor confidence in the early trading session. Similarly, the Nifty, which tracks the performance of the top 50 companies listed on the National Stock Exchange (NSE), experienced a significant uptick, indicating a bullish trend in the stock market.
Sensex and Nifty gain
The BSE Sensex, comprising 30 blue-chip stocks, surged by 152.31 points to reach 74,823.59 during morning trading. Simultaneously, the NSE Nifty rose by 52.9 points to hit 22,696.30.
Sectoral performance
Major contributors to the Sensex gains included Mahindra & Mahindra, Maruti, Tata Motors, UltraTech Cement, HCL Technologies, and Nestle. However, Bharti Airtel, Tech Mahindra, HDFC Bank, and State Bank of India experienced declines.
Global market trends
Asian markets exhibited mixed trends, with Seoul, Tokyo, and Hong Kong trading positively, while Shanghai witnessed a downturn. Meanwhile, Wall Street closed with gains on Monday.
Factors driving market sentiment
According to Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., several factors contribute to the positive market outlook. These include net buying by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), a drop in WTI oil prices below USD 83 a barrel, and anticipation of a pre-election rally. Market focus also turns to the upcoming Federal Open Market Committee (FOMC) meeting decision on May 1 and the April jobs report on May 3.
Oil price movement and fund flows
Global oil benchmark Brent crude registered a slight decline, dipping 0.11 per cent to USD 88.30 per barrel. FIIs, after a consistent selling spree, turned buyers on Monday, purchasing equities worth Rs 169.09 crore, as per exchange data.
Previous day’s performance
On Monday, the BSE benchmark surged by 941.12 points or 1.28 per cent to close at 74,671.28, while the NSE Nifty rose by 223.45 points or 1 per cent to settle at 22,643.40.
Also read | Nifty hits fresh all-time high of 22,779, Sensex nears lifetime peak
