Indian indices on strong footing at onset of new financial year
The Indian market was on a strong footing at the onset of the new financial year on Monday.
At close on Monday, the Nifty was up 135.10 points, or 0.61 per cent, at 22,462, while the Sensex was up 363.20 points, or 0.49 per cent, at 74,014.55,
Vinod Nair, Head of Research at Geojit Financial Services, said this confidence is supported by a global rally in expectation of a US Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24.
Metal stocks excelled on Monday, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery, Nair said.
Going ahead, the RBI monetary policy, PMI data, and US non-farm payroll data will set the direction of the market, he added.
Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said Nifty Realty and Nifty Metal were the sectors that outperformed on Monday, up by 4.36 per cent and 3.70 per cent, respectively.
Monday's spike in metal stocks came from Chinese economic statistics suggesting that the manufacturing sector is recovering, which might mean higher demand for metals overall. China's manufacturing activity grew at the fastest pace in 13 months, marking the first expansion in six months, he said.
The top Nifty gainers included Tata Steel, JSW Steel, Adani Ports, Shriram Finance, and Divis Labs, while the top losers included Eicher Motors, Titan Company, Bajaj Auto, LTIMindtree, and Nestle.
