Indian equity markets witnessed a dynamic session on April 10, characterized by significant milestones as key indices surged to new heights. Against the backdrop of investor anticipation surrounding the Federal Open Market Committee (FOMC) minutes and impending US inflation data, market sentiment remained buoyant, setting the stage for notable gains across various sectors.
Market Performance:
The day concluded with the Sensex climbing 354.45 points, or 0.47 percent, settling at 75,038.15, while the Nifty recorded a robust gain of 111 points, or 0.49 percent, culminating at 22,753.80. This surge in key indices marked a new record high for the Nifty and brought the Sensex closer to its all-time peak. Moreover, the Nifty Midcap 100 and Bank Nifty indices also reached historic highs during the trading session, contributing to the overall fervor in the market.
Individual Stock Movements:
The day saw notable gains in specific counters, with Coal India, BPCL, Kotak Mahindra Bank, ITC, and Hindalco Industries leading the upward trend. Conversely, some stocks experienced losses, including Cipla, Maruti Suzuki, HDFC Life, Divis Labs, and SBI Life Insurance.
Sectoral Performance:
With the exception of pharmaceuticals, all other sectoral indices closed in the green. Media, PSU banks, FMCG, metals, and oil & gas stocks registered gains ranging from 1-2 percent. This positive momentum was mirrored in the broader market indices, as both BSE Midcap and SmallCap indices notched up gains of 0.5 percent each.
Banking Sector Highlights:
The banking sector emerged as a significant contributor to the day's upbeat sentiment, with the Nifty Bank opening positively and maintaining its upward trajectory throughout the session. Notably, it breached the 49,000 level for the first time, hitting a fresh record high of 49,057.40 before settling 0.53 percent higher at 48,986.60. Analysts noted a consolidation phase at elevated levels, with the index grappling to close above the psychologically crucial 49,000 mark. Immediate support levels were identified at 48,500, with resistance at 49,000, signaling cautious optimism prevailing in the banking sector amidst broader market dynamics.
Market Closure:
Investors were reminded of a forthcoming closure on April 11 in observance of Ramzan Id, offering a brief hiatus for reflection amidst the ongoing market momentum.
In conclusion, April 10th showcased a remarkable performance in the Indian equity markets, with key indices reaching new highs amid optimistic investor sentiment. As markets prepare for a temporary closure, attention remains focused on forthcoming economic data and its potential impact on market dynamics in the days ahead
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