Market touch fresh highs, Bank, Nifty soars as investors await Q4 outcome

The Indian equity benchmark indices Nifty and Sensex hit fresh record highs on Monday, tracking positive global cues and buying action in IT and auto names. Bank Nifty also scaled a fresh peak as investors turned optimistic yet again amid expectations of political continuity after the forthcoming Lok Sabha Elections'24 bolstering the overall economic momentum and concerns over Q4 results.
At close, the Sensex was up 494.28 points or 0.67 percent at 74,742.50, and the Nifty was up 152.60 points or 0.68 percent at 22,666.30. About 1695 shares advanced, 1733 shares declined, and 108 shares unchanged.
Eicher Motors, Maruti Suzuki, M&M, SBI Life Insurance and NTPC were the biggest gainers on the Nifty, while losers included Adani Ports, Nestle India, Apollo Hospitals, Wipro and Sun Pharma.
On the sectoral front, except Information Technology and PSU Bank, all other indices ended in the green with auto, metal, oil & gas and realty up 1 percent each.BSE Midcap index was up 0.26 percent, while Smallcap index ended on a flat note.
Rupee Close:
On 08 April'24,the Indian rupee appreciated 8 paise to 83.23 against the US dollar in early trade on Monday, supported by positive domestic equities and fresh foreign fund inflows.
Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, while the strength of the American currency in the overseas market weighed on the local unit and restricted the up move.
Trading Guide:
Market experts have recommended seven shares to buy today — Ashok Leyland, NCC, Zydus Life, Sumitomo Chemical, Tamilnadu Newsprint, ICICI Bank, and Pitti Engineering.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)