Bull Run: Sensex Hits Record High, Crosses 75,000; Nifty Above 22,750

The morning of April 9 witnessed a historic milestone as the Sensex surged past the remarkable 75,000 mark for the very first time. Simultaneously, the Nifty 50 charted new territory, surpassing 22,750, propelled by substantial gains in heavyweight stocks like Infosys, the Bajaj twins, Maruti Suzuki, and HDFC Bank. This upward trajectory followed their record-breaking start to the week.

Market sentiment favored gainers, with approximately 1,622 shares advancing, 589 declining, and 88 remaining unchanged. Experts foresee the Nifty 50 continuing its ascent to new highs in the coming days, buoyed by the prevailing bullish sentiment.

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Deepak Jasani, Head of Retail Research at HDFC Securities, noted a formation of higher top higher bottom in the Nifty compared to previous sessions, projecting the index to range between 22,529 and 22,810 in the near term.

Deven Mehata, Research Analyst at Choice Broking, echoed optimism, suggesting traders adopt a buy-on-every-dip strategy. He advised long position holders to set a stop loss at 22,500 on a closing basis.

The positive sentiment extended to broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 indices outperforming frontline indices, surging by up to 0.4 percent. India VIX, indicating near-term volatility, saw a decline of one percent, hovering around the 11 level.

Sector-wise, Nifty IT and Nifty Realty indices emerged as top performers. The rise in Nifty IT was fueled by Infosys following a 'buy' upgrade from 'neutral' by global brokerage firm BofA, with the target price raised to Rs 1,785 per share.

Conversely, the uptick in the Nifty Realty index was driven by Sobha and Godrej Properties. Godrej Properties reported its highest-ever quarterly sales in Q4FY24, marking a remarkable 135 percent year-on-year growth.

In the global arena, US markets closed near flatline amidst anticipation of the April 10 inflation data release. Economists anticipate some easing of inflation pressures in the US Consumer Price Index report, though the core gauge, excluding food and energy costs, is projected to be up 3.7 percent from a year earlier—above the Fed’s 2 percent target.

In Asia-Pacific markets, Japan's Nikkei 225 climbed 0.5 percent, while South Korea's Kospi fell 0.2 percent, and Hong Kong's Hang Seng index rose by 0.7 percent. Investors worldwide await the US inflation report for further insights into the impact of Federal Reserve rate policies on inflation dynamics.

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