On April 4, the Indian benchmark indices soared to unprecedented levels but relinquished some gains, ultimately closing positively in a volatile trading session just a day prior to the Reserve Bank of India’s (RBI) policy announcement.
The Sensex concluded 350.81 points, or 0.47 percent, higher at 74,227.63, while the Nifty edged up by 80 points, or 0.36 percent, to 22,514.70, marking their highest-ever closing levels.
The market commenced the session with a gap-up at historic highs, witnessing the Sensex peaking at 74,501.73 and the Nifty touching 22,619. However, the indices surrendered early gains, oscillating between gains and losses throughout the session.
Notable gainers on the Nifty included HDFC Bank, Eicher Motors, Asian Paints, Tech Mahindra, and Titan Company, while ONGC, Shriram Finance, Adani Ports, BPCL, and Bharti Airtel emerged as top losers.
In sectoral movements, banking, power, and information technology sectors recorded gains of 0.5-1 percent, while the PSU bank and oil & gas indices witnessed declines of 0.7-1.6 percent.
The BSE midcap index closed unchanged, whereas the smallcap index registered a 0.5 percent increase.
In terms of individual stocks, notable volume spikes of over 300 percent were observed in Dabur India, Ipca Lab, and Exide Industries.
On April 4, over 200 stocks surged to their 52-week highs, including Aditya Birla Capital, Adani Power, Ajmera Realty, Anup Engineering, Avenue Supermarts, Canara Bank, GE Power India, Genesys International, Glenmark Pharma, Grasim Industries, Indian Hotels, Ipca Labs, JSW Energy, Jubilant Pharmova, KEC International, L&T Technology, Laurus Labs, M&M, Muthoot Finance, NTPC, Quess Corp, Reliance Power, Shriram Finance, UNO Minda, Vardhman Textile, Vedanta, Voltas, among others.
Despite initial volatility, the market ended the session with a modest half-percent gain. Following an early uptick, Nifty faced a significant downturn, but rebounded on the back of strong performances in banking and IT sectors. However, FMCG and energy sectors remained subdued. With smallcaps performing well, we anticipate the market tone to continue, largely influenced by the banking and IT sectors.
The market saw heightened volatility today, opening at a record high but experiencing a sharp decline soon after. Nevertheless, select IT and banking stocks led a recovery, with the index closing higher. While midcaps lagged, smallcaps remained in line with the index. A Hanging Man candlestick pattern emerged at record levels, suggesting a possible reversal, although a firm close above 22,600 would negate this bearish signal, with 22,300 serving as a significant support level.
Sources: moneycontrol.com
Disclaimer: The opinions and investment insights provided are intended solely for informational purposes and should not be construed as financial advice. Bystox.in strongly advises users to consult certified financial experts or professionals before making any investment decisions. We emphasize the importance of conducting thorough research and seeking personalized guidance tailored to individual financial goals and circumstances. Please be aware that investing involves inherent risks, and past performance is not indicative of future results. Bystox.in does not assume any responsibility or liability for the accuracy, completeness, or reliability of the information provided. Users are encouraged to exercise caution and diligence in their investment endeavors. Remember, your financial well-being is paramount, and seeking expert advice is highly recommended.