Fresh Start: Sensex, Nifty scale new lifetime highs

MUMBAI: Stock markets started the new fiscal on a high with benchmark Sensex and Nifty scaling fresh record high levels in intra-day trade before settling in the green on Monday, backed by firm trends in Asian markets and foreign fund inflows.

Extending its winning momentum to the third day in a row, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record intra-day high of 74,254.62.

The NSE Nifty climbed 135.10 points or 0.61 per cent to 22,462. During the day, it jumped 203.05 points or 0.90 per cent to hit the all-time peak of 22,529.95.

Realty and metal shares performed well while FMCG and auto traded subdued.

From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers.

Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.

“The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24, “Vinod Nair, Head of Research at Geojit Financial Services said.

Metal stocks excelled, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery, Nair added.

In the broader market, the BSE smallcap gauge jumped 2.98 per cent and the midcap index climbed 1.64 per cent.

Among the indices, realty zoomed 4.18 per cent, telecommunication jumped 3.44 per cent, metal by 3.39 per cent, commodities by 2.91 per cent, utilities by 2.62 per cent and industrials by 2.16 per cent.

Consumer Durables and auto were the laggards.