Stock Market Today | Sensex Crosses 75K, Nifty Hits Record High | What’s Next?

The Indian stock market reached unprecedented heights on April 10, with both the Sensex and the Nifty reaching new heights. Moreover, the bullion market saw both gold and silver prices hitting new peaks in the domestic market on Tuesday. Gold prices rose by Rs 140, setting a fresh record at Rs 71,840 per 10 grams in the national capital, while silver prices were up by Rs 500, reaching a high of Rs 84,500 per kilogram. 

Also Read: Gold Prices Hit Record High | Insights into the Recent Rally and Future Outlook

Share Market Today

Wednesday's trading session was marked by robust buying across various sectors, leading to the Sensex surpassing the 75,000 mark for the first time ever, while the Nifty 50 also recorded a fresh closing high. This significant achievement comes against the backdrop of mixed global signals and investors eagerly awaiting the US inflation numbers, which are expected to influence the US Federal Reserve's interest rate decisions.

The Sensex opened at 74,953.96, up 270 points from its previous close, and soared to an intraday high of 75,105.14 before settling at 75,038.15, a gain of 354 points or 0.47%. Similarly, the Nifty surged by 111 points or 0.49%, closing at 22,754. 

Top Sensex Gainers, Losers

21 stocks from the 30-pack Sensex closed in the green. Market cap of BSE-listed firms rose to Rs 4.02 lakh crore. The overall market breadth was positive with 1,959 stocks rising against 1,867 shares ending lower on the BSE. 107 shares remain unchanged. 

Leading the gains were heavyweights like ITC, Kotak Bank, Bharti Airtel, SBI and Asian Paints, each rising up to 2.5%. On the flip side, Maruti, HDFC Bank, L&T, M&M, and Tata Steel faced setbacks, dropping by up to 1.6%.

The Journey to 75K: More Than Just a Number

The Sensex's ascent to the 75,000 milestone is a reflection of India's dynamic economic growth and the increasing participation of both domestic and international investors in the equity market. From a modest beginning in 1979 with the index at 100, the Sensex's journey to 75,000 mirrors the broader story of India's economic advancements and the stock market's pivotal role in this journey.

India's equity market has seen a surge in participation, with the number of demat accounts expanding to 15 crore and a record-setting SIP inflow of Rs 19,271 crore in mutual funds for March. This heightened engagement, coupled with consistent interest from foreign portfolio investors, has been a crucial driver in pushing the Sensex to new heights. Improved fundamentals and a vibrant trading environment reflect the growing confidence among investors.

Revolutionizing Trading with Liquide

The milestone of reaching 75K in the Sensex is just the beginning of a new era in trading, driven by technological advancements, the democratization of the derivatives market, and the advent of mobile trading applications. These innovations have not only levelled the playing field for traders in less metropolitan areas but also increased market participation, with every fifth transaction now conducted via smartphones. 

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The Path Ahead: Navigating Towards 100K

As the nation gears up for elections, attention naturally gravitates towards the next significant benchmark: the elusive 100,000 mark. With the economy charting a consistent course and the influx of an actively engaged young workforce, reaching this milestone appears imminent.

The optimism in the market is partly due to investors' anticipation of the fourth-quarter and full FY24 corporate earnings reports, beginning next week, with a generally positive outlook. So far, company management and business updates have exhibited an optimistic stance. Additionally, various indicators such as strong vehicle sales, robust freight and port traffic, high power consumption, a thriving hospitality sector, a lively upper-tier real estate market, and reduced bank non-performing loans, collectively fuel optimism for a sustained growth recovery.

Market Watch: Key Economic Indicators

Despite the RBI maintaining steady policy interest rates and GDP forecasts, its latest monetary policy announcement projects a decline in inflation to 4.5% this fiscal year, coupled with an improvement in rural demand. These factors, alongside lower interest rates and increased rural spending, are expected to significantly boost economic growth.

Also Read: RBI Policy: MPC Maintains Repo Rate at 6.5% Amid Inflation Control Efforts

Investor focus is keenly set on the forthcoming FOMC minutes and the US inflation figures expected later today. Following robust US employment data, the market is bracing for a potential surge in inflation, which could diminish the prospects for an immediate rate reduction. Moreover, the recent downgrade of China's credit rating by Fitch might have far-reaching effects on the global economic landscape, necessitating caution.

Concluding Thoughts

With the election outcome to be unveiled in early June, market volatility is anticipated during the lead-up, especially throughout May. Market reactions to election-related rumours are inevitable. Current market stability may precede election-induced volatility, with expected short-term disruptions and sharp price movements as the electoral process unfolds. However, the anticipation of policy continuity and stable market conditions post-election should sustain investor confidence.

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