The Nifty commenced the new week with a surge to unprecedented heights, concluding Monday's session on a high note primarily fueled by advances in automobile stocks, according to insights shared by Deepak Jasani, the Head of Retail Research at HDFC Securities.
This surge propelled the combined market capitalization of BSE-listed companies beyond the Rs 400 lakh crore milestone.
By the session's end, the Nifty exhibited a gain of 0.68 percent or 152 points, reaching 22,666. Trading volumes in the cash market on the NSE experienced a slight dip to Rs 0.95 lakh crore, while broader market indices displayed weaker performance compared to the Nifty, noted Jasani.
On the global front, equity markets saw modest movements, predominantly positive, as investors geared up for a busy week marked by significant events such as the release of US inflation data, the onset of the first-quarter earnings season, and an interest rate decision by the European Central Bank, Jasani added.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that following a period of narrow-range trading on Friday, the Nifty transitioned into a sustainable upward trajectory on Monday, closing the day with an impressive gain of 152 points.
The market commenced with an upward gap of 65 points and sustained upward momentum throughout the session, culminating in a new all-time high at 22,697 levels, as noted by Shetti.
Despite reaching new peaks, there are currently no indications of any reversal patterns emerging at these levels. Shetti emphasized that the short-term uptrend of the Nifty remains intact, with attention now turning towards potential upside levels around 22,800.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, highlighted that the Nifty PSU Bank Index witnessed declines as PSU banks reported growth in advances and deposits slightly below expectations, instigating pessimism within the sector.
Additionally, Vidwani pointed out that gold prices resumed their upward trajectory on Monday due to speculative buying and ongoing geopolitical tensions in the Middle East, overshadowing robust US employment growth figures for March. Meanwhile, silver reached a three-year high internationally, trading at around $28 per ounce.
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