Indian Indices Surge: Sensex Up 875 Points, Nifty Climbs 279 Points

9 Apr 2024 , 03:26 PM

Indian benchmark indices recorded gains on Thursday, with the Sensex rising by 875.99 points (1.20%) to reach 73,872.30, and the Nifty climbing by 279.40 points (1.26%) to touch 22,403.10.

Among the shares traded, 2021 advanced, 1280 declined, and 84 remained unchanged. Except for the Media index, which saw a 0.37% decline, all other sectoral indices showed positive movements.

Top gainers on the Nifty included Bajaj Finserv, Bajaj Finance, Apollo Hospital Enterprises, Grasim Industries, and Eicher Motors, while Shriram Finance, Bajaj Auto, Britannia, HCLTech, and Axis Bank emerged as the top losers.

On the Sensex, top gainers were Bajaj Finserv, Bajaj Finance, Nestle India, Power Grid Corp., and SBI, with only HCLTech and Axis Bank registering losses.

Sectoral indices showed positive trends, with the Bank index up by 0.88%, Auto index by 0.70%, Financial Services index by 1.12%, and FMCG and IT indices rising by 0.57% and 0.78% respectively.

Foreign institutional investors (FIIs) net bought shares worth ₹2,170.32 Crore, while domestic institutional investors (DIIs) purchased ₹1,197.61 Crore worth of stocks on March 27, as per provisional data from the NSE.

The Stoxx 600 Index in Europe saw a 0.3% increase to reach a record high, while futures in the US indicated a subdued start for Wall Street following the S&P 500 Index's closure at its peak level. Market participants are closely monitoring the upcoming release of US initial jobless claims data later today.

MSCI Inc.'s global stocks index is poised to register a quarterly increase of over 7%, nearing its own historic high. This growth is fueled by upward movements in the US, Japan, and the artificial intelligence sector.

Market activity remained relatively subdued, with many institutional investors potentially adjusting their portfolios as Thursday marks the final trading day of the quarter for certain markets.

Treasuries yields edged higher following remarks from Fed Governor Christopher Waller, who suggested that there is no urgency to decrease interest rates. He emphasized the need for "at least a couple months of better inflation data" before considering any rate cuts. Notably, yields on two-year Treasuries, which are more responsive to policy changes, rose by over four basis points. Concurrently, the dollar strengthened against most major currencies within the Group-of-10.

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