The Indian stock market surged, continuing its upward trajectory from the previous week, as both Sensex and Nifty reached new all-time highs on Monday. At 9:23 am, the Sensex stood at 74,487.41 points, up by 239.19 points or 0.32 per cent, while the Nifty reached 22,571.60 points, marking a gain of 57.90 points or 0.26 per cent.
According to data from the National Stock Exchange or NSE, among the Nifty 50 stocks, 40 witnessed gains, while 10 experienced a decline at the time of reporting.
The positive momentum was further boosted by gains in the US stock market following a robust jobs report on Friday.
Looking ahead, investors are keenly awaiting Bharat’s retail inflation data for March, scheduled to be released on Friday. Additionally, alerts from the weather bureau regarding heat waves will also be closely monitored for potential market impacts.
While Bharat’s retail inflation remains within the Reserve Bank of India’s comfort range of two to six per cent, it has been slightly elevated, standing at 5.09 per cent in February.
Commenting on the upcoming earnings season, Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, noted that the focus will initially be on IT majors. Mishra advised investors to maintain a discerning approach to stock selection, asserting upon the importance of quality names amidst broader market recovery.
Geojit Financial Services Chief Investment Strategist VK Vijayakumar anticipates a mixed bag of results for the fourth quarter, with IT companies expected to post subdued performance while financials likely to fare well. The market response, particularly for banking majors such as HDFC Bank and ICICI Bank, will depend on the management commentary accompanying the earnings reports.
As the market awaits further cues from both economic data and corporate earnings, investors are advised to remain vigilant and strategic in their investment decisions.
