Business

Nifty sets new record high supported by rise in auto stocks

Mumbai, April 8 (IANS) – The Nifty reached a new record high on Monday, driven by gains in automobile stocks. The market cap of BSE-listed firms crossed Rs 400 lakh crore mark. At close, the Nifty was up 0.68% at 22,666, with cash market volumes falling marginally to Rs 0.95 lakh crore.

Global equities showed modest gains as investors awaited US inflation data and the start of the first-quarter earnings season. After a narrow-range movement on Friday, the Nifty moved higher by 152 points on Monday. A new all-time high of 22,697 levels was registered during the session.

According to Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, the Nifty PSU Bank Index was in the red due to lower-than-expected numbers for advance and deposit growth in PSU banks. Gold prices surged on Monday due to speculative buying and geopolitical concerns in the Middle East, while silver hit a three-year high at around $28 per ounce.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated, “Though the Nifty is at new highs, there is no signal of any reversal pattern building up. The short-term uptrend remains intact with the next upside levels to be watched around 22,800 levels.” The market saw an upside gap opening of 65 points, continuing the upward movement throughout the session.

Head of Retail Research at HDFC Securities, Deepak Jasani, mentioned that global equities mostly saw positive movements, gearing up for a busy week. US inflation data, first-quarter earnings season, and a European Central Bank interest rate decision were key events for investors. The broader market indices underperformed compared to the Nifty during the session.

In conclusion, the Nifty closed at a record high on Monday, propelled by gains in automobile stocks. The market cap of BSE-listed firms reached Rs 400 lakh crore. Global equities showed positive moves ahead of key events, while gold prices surged due to speculative buying and geopolitical concerns in the Middle East.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

Related Articles