The broader markets opened strong yet again with the BSE MidCap gaining 0.38 per cent and SmallCap indices trading 0.57 per cent higher.
Sensex Today: Equity benchmark indices opened with optimism on Monday with the BSE Sensex rising 300 points to 74,555, and the NSE Nifty50 advancing by 65 points to 22,579.
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Tata Steel, Titan, Axis Bank, HUL, Infosys, Tech M, Bajaj Finserv, ICICI Bank, SBI and RIL led the gains on the Sensex, while Nestle India, Wipro, HCL Tech, and Bharti Airtel were among the top losers.
On the flip side, Grasim Industries, Ultratech Cement, Bajaj Auto and Bharti Airtel were among top five losers on NSE Nifty 50.
Nifty Realty, Nifty Consumer Durables, Nifty Metal and Nifty Oil and Gas lead sectoral gains rising between 0.65 per cent to 1.79 per cent.
The broader markets opened strong yet again with the BSE MidCap gaining 0.38 per cent and SmallCap indices trading 0.57 per cent higher.
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Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
It is important to understand that macroeconomic expectations are changing fast. This year began with market expectations of seven rate cuts by the Fed in 2024. Then it came down to three and now many believe that the Fed may cut only twice this year. The strength of the US economy and labour market has surprised the majority of experts and market participants. Despite the scaling down of rate cut expectations the mother market continues to be buoyant, setting new records. This will provide the global support for equity markets like India.
The Q4 results season will kick start results of TCS on 12th. For IT companies, results will be tepid and, therefore, market response will depend on the management commentary. Results of financials will be good and this can push up Bank Nifty higher led by banking majors like HDFC Bank, ICICI Bank etc. Small finance banking segment is a category doing well. Capital goods and autos are on a strong wicket. FMCG is weak weighed by poor volume growth.
Global Cues
Asian markets traded on a mixed note as traders weighed the possibility of the US Fed cutting interest rates this year after a forecast-busting US jobs report dented hopes for a first move in June.
Wall Street’s rallied Friday on news that 303,000 jobs were created in the United States in March, with investors focusing on the positives for the economy instead of the monetary policy implications.
Asian investors struggled to take the baton from Wall Street on a mixed day.
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Hong Kong, Tokyo, Sydney, Seoul and Taipei rose, but Shanghai, Singapore, Manila and Wellington were all down.
