Market optimism prevails: Sensex, Nifty up

BSE Sensex rose 347.29 points or 0.47 per cent to trade at 74,595.51 as of 9.44 am, Nifty 50 traded at 22,606.55, up 92.85 points or 0.41 per cent.

A total of 3,239 stocks were actively traded, 2013 advanced, while 1,086 declined and 140 stocks remained unchanged, where 161 stocks hit a 52-week high and six stocks hit a 52-week low at 9.50 am on Monday on BSE.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “It is important to understand that macroeconomic expectations are changing fast. The 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 global support for equity markets like India.

The Q4 results season will kickstart with TCS’ results on April 12. For IT companies, results are projected to be tepid and, therefore, the market response will depend on the management commentary. The results of the financial institutions are expected to be good, which could push up Bank Nifty higher, led by banking majors such as HDFC Bank and ICICI Bank. The small finance banking segment is doing well. Capital goods and autos are on a strong wicket. FMCG is weak, weighed by poor volume growth.”

Major gainers on the NSE at 9.50 am include BPCL (2.08%), Tata Steel (1.59%), Power Grid (1.38%), Reliance (1.31%), Bajaj Finserv (1.31%). Major losers include, Adani Ports (-1.62%), Apollo Hospitals (-1.09%), Wipro (-0.45%), Adani Enterprises (-0.41%), Bharti Airtel (-0.39%).

The BSE Midcap was up by 0.26 per cent and the Midcap was up by 0.43 per cent indicating gains

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