New Delhi, April 1 (IANS) The Indian market started the new financial year on a positive note with the Nifty and Sensex closing higher on Monday. The Nifty was up 135.10 points at 22,462, while the Sensex was up 363.20 points at 74,014.55.
According to Vinod Nair, Head of Research at Geojit Financial Services, the market confidence is driven by a global rally in anticipation of a US Fed rate cut in June and strong domestic earnings growth forecast in Q4FY24. Metal stocks performed well on Monday due to positive Chinese PMI data signaling economic recovery.
Looking ahead, the market direction will be influenced by the upcoming RBI monetary policy, PMI data, and US non-farm payroll data, as per Nair. Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, highlighted that Nifty Realty and Nifty Metal were the top performing sectors on Monday, showing gains of 4.36% and 3.70% respectively.
The surge in metal stocks was driven by Chinese economic statistics indicating a recovery in the manufacturing sector, hinting at increased demand for metals globally. China’s manufacturing activity recorded the fastest growth in 13 months, marking the first expansion in six months, said Vidwani.
Tata Steel, JSW Steel, Adani Ports, Shriram Finance, and Divis Labs were among the top gainers on Nifty, while Eicher Motors, Titan Company, Bajaj Auto, LT Infotech, Mindtree, and Nestle were among the top losers on Monday. The market will closely watch for further developments to determine future trends.
