On April 10, 2024, despite mixed global cues and anticipation over US inflation data, Indian markets surged, with the Sensex breaching 75,000 for the first time and the Nifty 50 reaching a fresh closing peak.
The Sensex opened at 74,953.96, climbing 421 points to an intraday high of 75,105.14 before closing at 75,038.15, up by 0.47%.
The Nifty 50 opened at 22,720.25, reaching a high of 22,775.70, and closed at 22,753.80, up 111 points or 0.49%.
The positive momentum reflects confidence in India’s economic growth, anticipated rate cuts, robust corporate earnings, and political stability post-elections, buoyed by retail investor participation.
Impact on the stock market
On Wednesday, most sectoral indices closed higher, except Nifty Pharma (down 0.34%) and Auto (down 0.06%).
The heavyweight Nifty Bank index gained 0.53%. Sectors like Nifty Media (up 1.80%), PSU Bank (up 1.53%), Oil & Gas (up 1.50%), FMCG (up 1.23%), and Metal (up 1.18%) saw notable gains.
| Sector/Index | Performance |
| Information Technology | +0.61% |
| Healthcare | +0.07% |
| Oil & Gas | +1.50% |
| Realty | +0.59% |
| PSU Banks | +1.53% |
Top gainers today
| Company | Price | Change (%) |
| Coal India | 456.35 | +3.75% |
| BPCL | 604.75 | +3.24% |
| Kotak Mahindra | 1,825.95 | +2.55% |
| ITC | 436.95 | +2.49% |
| Hindalco | 603.05 | +2.45% |
Top losers today
| Company | Price | Change (%) |
| HDFC Life | 621.50 | -1.96% |
| Cipla | 1,422.95 | -1.89% |
| Divis Labs | 3,739.10 | -1.73% |
| Maruti Suzuki | 12,682.75 | -1.59% |
| Shriram Finance | 2,528.05 | -0.88% |
Market aftermath: Impact on stocks
Vedanta surges 8% to 52-week high
Vedanta shares surged 8% to a 52-week high after CLSA upgraded the stock to ‘buy’. Trading at ₹364.80 on NSE, it opened at ₹347 from the previous close of ₹338. CLSA cited Vedanta’s diversified exposure and efforts to enhance capacity and profitability.
The stock rose 33% in April and 75% from its 52-week low of ₹208. Recent reports indicate increased holdings by domestic mutual funds, BlackRock, and Abu Dhabi Investment Authority. Vedanta plans to raise ₹2,500 crore through debt securities.
PB Fintech surges 7% to 52-week high
PB Fintech share surged over 7%, hitting a 52-week high after announcing the incorporation of its subsidiary PB Pay Private Limited. Opening at ₹1,350.50 on BSE, the stock peaked at ₹1,400 and bottomed at ₹1,340.95.
The subsidiary’s creation, disclosed on April 9, aligns with regulatory guidelines. Promoted by Policy Bazaar, PB Fintech’s subsidiary aims to venture into payment aggregation, backed by a ₹27 crore paid-up share capital. The stock soared 132.55% in the past year, outperforming its sector by 85.28%.
Avenue Supermart hits 52-week high
Avenue Supermart share surged to a new 52-week high of Rs 4,784, up over 1%, after opening a new store in Bengaluru, expanding its total to 366. Trading at Rs 4,775 at 9:20 am, the stock soared 20% in the last month.
The company reported a substantial 20% revenue increase, reaching Rs 12,393 crore in the final quarter of FY24.
Crude oil futures rose
Crude oil futures traded marginally higher on Wednesday morning despite the industry data showing an increase in crude oil inventories in the US. At 9:57 am, June Brent oil futures stood at $89.43, up 0.01%, while May WTI futures were at $85.26, marking a 0.04% increase.
The marginal rise contrasts with the reported uptick in US crude oil inventories, reflecting ongoing market resilience amidst supply concerns.
Conclusion
In today’s market update, the Indian stock market witnessed a significant surge, with the Sensex and Nifty 50 reaching new heights.
Vedanta, PB Fintech, and Avenue Supermart all saw substantial gains, reflecting investor confidence in various sectors. Crude oil futures inched up despite mixed global cues, showcasing market resilience.
Stay tuned to StockGro for further insights and updates on market trends.
