Nifty, Nifty Bank records Fresh Highs; Short -Term trend remains Positive

Nifty opened at 22578.35, a gap up from Friday’s close and made fresh high of 22,697.30 and closed up by 0.68% at 22666.30 up 152.60 points. The rally was supported by positive cues from international markets, rise in large-cap auto stocks and few index heavyweights like Reliance Industries.

Heavy-weights like Larsen and Toubro, Mahindra and Mahindra, Maruti Suzuki India, NTPC and Reliance Industries contributed to the gain in Nifty 50. While Adani Ports, HDFC Bank, Infosys, Nestle India, and TCS weighed on the index.

The broader market was in the favour of sellers with 2023 stocks declined, 1903 stocks advanced and 127 remained unchanged.

Among the sectoral indices, Nifty Auto (up 2.16%), Nifty Oil & Gas index (up 1.45%), Nifty Realty index (up 1.33%), and the Nifty Metal index (up 1.1%) outperformed Nifty 50. While, the Nifty PSU Bank (down 0.89%), Nifty Media index (down 0.77%), and Nifty IT (down 0.52%) underperformed Nifty 50 index. Nifty FMCG and Nifty Pharma remained flat during the day. The Nifty’s short-term trend is still upward, and the market’s continuous range movement suggests the potential for significant swings either way.

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• The benchmark indices kicked off the week by surging to a fresh record closing level on Monday, led by gains in automobile stocks. The market cap of BSE-listed firms crossed the Rs 400 lakh crore mark and the Bank Nifty also recorded the highest closing level of 48,581.7. The NSE Nifty 50 ended 147.25 points, or 0.65%, higher at 22,660.95, and the S&P BSE Sensex rose 494.28 points, or 0.67%, to close at 74,742.5..

• The Indian pharmaceutical market (IPM) reported a 9.5 percent increase in March. The IPM has shown a robust value growth with all therapies showing a positive value growth except respiratory. Across therapy segments, the unit growth was -0.7 percent, according to data from research firm Pharmarack. The growth in sales in March was primarily contributed by value growth and new introductions. New introductions were primarily in the anti-diabetic segment.

• Oil drifted lower on Monday after Israel withdrew more soldiers from Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict in the Middle East. Brent crude futures dropped 90 cents or 1%, to $90.27 a barrel by 1000 GMT. U.S. West Texas Intermediate crude was down 86 cents, or about 0.9%, at $86.05. Oil prices had gained about 4% last week on escalating geopolitical tensions.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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