Stock Market rally today: BSE Sensex surges Nearly 900 points
The BSE Sensex surged by nearly 900 points to above 73,800 levels, while the Nifty50 is trading above 22,420
BSE Sensex and Nifty50, the Indian banchmark equity indices, opened higher today influenced by global markets and ahead of a crucial US inflation report.
The BSE Sensex surged by nearly 900 points to above 73,800 levels, while the Nifty50 is trading above 22,420.
Banking and financial stocks led the charge on the final trading day of the financial year 2024.
Bajaj Finance, Bajaj Finserv, ICICI Bank, and Wipro started with gains, while Maruti Suzuki, HCL Tech, Titan, Tech Mahindra, and Asian Paints opened lower.
The recent US inflation data sparked concerns about interest rate cuts, but the Fed's recent comments eased worries with projections of three rate cuts this year.
The market now anticipates a rate cut in June, with Friday's inflation data likely influencing the timing. In sectoral news, Nifty PSU Bank rose by 1.1%, driven by IOB, Indian Bank, and Punjab & Sind Bank.
Various sectors like Nifty Financial, FMCG, IT, Media, Metal, Pharma, and Oil & Gas opened positively.
The broader market saw Nifty Smallcap100 gaining 0.3% and Nifty Midcap100 rising by 0.05%.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market rally is fueled by significant liquidity inflows, with a focus on high-quality stocks.
Foreign investors purchased Indian shares worth Rs 2,170 crore, while domestic institutional investors bought shares worth Rs 1,198 crore.
Global oil prices rebounded, and the Indian rupee strengthened against the US dollar. These market movements reflect the ongoing economic dynamics and global trends.
