Sensex Surges Beyond 75,000, Indian Stock Market Hits Milestone

In historic turn of events, Indian stock market reached unprecedented heights on Tuesday, with benchmark BSE Sensex breaching 75,000 mark for first time. This remarkable achievement was complemented by Nifty 50 also scaling new peaks, surpassing 22,700 level in opening trade on April 9.

Sensex opened 381.78 points higher at 75,124.28, marking substantial gain of 0.51%, while Nifty 50 surged 98.8 points to open at 22,765.10, reflecting notable increase of 0.44%. Furthermore, Bank Nifty index soared to record high of 48,810.80, up by 229.10 points or 0.47%.

Rally witnessed robust participation from broader markets, with Nifty Midcap 100 & Nifty Smallcap 100 indices each gaining over 0.3%. Notably, sectors such as Nifty Realty, Nifty Auto, Nifty IT, & Nifty PSU Bank spearheaded rally, indicating broad-based bullish sentiment.

However, amidst euphoria, certain stocks exhibited notable movements. Infosys, Tata Motors, Wipro, TCS, Tech Mahindra, & ICICI Bank emerged as top gainers on Sensex, while Reliance Industries, JSW Steel, Titan Company, & Larsen & Toubro experienced declines.

Now what’s ahead for Market?

Market veterans anticipate continued market momentum, attributing bullish trend to factors such as acceleration in consumption demand amid election-related spending. They emphasize positive outlook for most talked about large-cap stocks, which is offering better safety margins in not only earnings but also valuations.

Asian markets traded higher, on global front, while US stock market witnessed flat closure in volatile session. Investors are now waiting key events such as not only US Federal Reserve’s monetary policy meeting minutes but also crucial US inflation data for insights into future interest rate movements.

What does Technical Analysis say?

In terms of technical analysis, Nifty 50 index exhibits strength around 22,700 mark, with expectations for sustained upward momentum. Analysts suggest that any correction towards 22,550 level could present fresh long positions. Notably, significant Open Interest (OI) is observed at 22,800 Call strike & 22,500 Put strike.

Looking ahead, market experts anticipate continuation of bullish trend, supported by resilient sectors such as large-cap banking stocks, capital goods, autos, cement, & hospitality. Despite rich valuations, optimism persists regarding robust performance of Q4 results for banking majors.

To Summarize

Indian stock market's recent milestone underscores strength of market sentiment & potential for further upside. As investors navigate through evolving market dynamics, prevailing bullish undertone reinforces buy-on-dips strategy, emphasizing opportunities for prudent investment decisions.