Indian Markets Hit Record Highs: Sensex & Nifty Break New Ground

8 Apr 2024 , 03:52 PM

Indian benchmark indices surged to record highs on Monday, propelled by optimism ahead of the earnings season and buoyed by positive cues from global markets.

The Sensex, which began the day higher at 74,555.44, scaled a fresh all-time peak of 74,869.30 during intra-day trading. It closed at 74,742.50, marking a gain of 494.28 points or 0.67%.

Similarly, the Nifty 50, starting the session higher at 22,578.35, reached a new high of 22,697.30 before closing at 22,666.30, up by 152.60 points or 0.68%.

Among the Sensex stocks, gains were led by Maruti Suzuki India, Mahindra & Mahindra, NTPC, JSW Steel, and Larsen and Toubro, while Nestle India, Wipro, Sun Pharma, TCS, and HDFC Bank emerged as the top laggards by the end of the trading day.

On the Nifty 50, Adani Ports & SEZ, Nestle India, Apollo Hospital Enterprises, Wipro, and Sun Pharma faced losses, while Eicher Motors, Mahindra & Mahindra, Maruti Suzuki India, NTPC, and SBI Life stood out as the top gainers.

Despite the benchmark indices hitting record highs, the broader market saw mixed results. The BSE SmallCap index ended marginally lower by 0.06%, while the BSE MidCap index gained 0.26%.

Across sectors, except for the PSU Bank, Media, and IT indices, which declined by 0.89%, 0.77%, and 0.52%, respectively, all other sectoral indices closed in positive territory. The Auto index led the gains, rising by 2.16%, followed by the Oil & Gas, Realty, and Metal indices, which gained 1.45%, 1.33%, and 1.10%, respectively.

Furthermore, heavyweight indices such as Consumer Durables, Bank, Financial Services, Health, Pharma, and FMCG also ended the day on a positive note.

In corporate news, Info Edge shares surged over 9% after the company reported a 5.48% year-on-year increase in standalone billings for FY24 to ₹2,495 crore. Nykaa shares closed more than 6.5% higher following reports of accelerated growth in Q4FY24. Meanwhile, Cochin Shipyard shares gained over 5% after the company signed a ship repair agreement with the US Navy.