“The Sensex opened above 75,000 for the first time, and the Nifty 50 also hit a new peak, surpassing 22,750 in the morning of April 9, supported by gains in heavyweight stocks like Infosys, Bajaj Twins, Maruti Suzuki, and HDFC Bank, which continued their March. After starting the week at record highs, the trend is upward.”

The market trend was in favor of the gainers, as there was an increase in approximately 1,622 shares, a decrease in 589 shares, and no change in 88 shares.

Experts expect that the 50-stock Nifty will continue to make new highs in the coming days as the bullish sentiment persists.

HDFC Securities’ Retail Research Head, Deepak Jasani, stated that the Nifty has formed a higher top and higher bottom formation compared to previous sessions. He said, “We expect the Nifty to remain in the range of 22,529-22,810 for the near term.”

Deven Mehta, a research analyst at Choice Broking, also believes that there could be continued momentum in the near term and has advised traders to buy on every dip. He suggested, “Traders with a long-term view should place a stop-loss target at 22,500 based on closing basis.”

Within the first hour, there was widespread enthusiasm in the markets. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices outperformed frontline indices, rising by up to 0.4 percent. India VIX, which measures near-term volatility, decreased by one percent, trading around the level of 11.

In terms of sectors, the Nifty IT and Nifty Realty indices remained the top performers of the day. The global brokerage firm BofA upgraded the counter from ‘Neutral’ to ‘Buy’ and increased the target price from ₹1,735 to ₹1,785 per share, which spurred the rise in Nifty IT, led by Infosys.

After hitting lows in March, there has been a surge in small-cap stocks; 94% of the shares in the Nifty Smallcap 100 index are trading above the 20-day moving average.

They said, “We are seeing early signs of improvement in Infosys’s financial demand for the fiscal year 2025. IT spending could normalize by mid-CY24 post-COVID.”

On the other hand, Shobha and Godrej Properties led the increase in the Nifty Realty Index. Godrej Properties recorded its highest quarterly sales in Q4FY24, with a year-on-year (YoY) growth of 135 percent.

Global markets mixed; all eyes on US inflation report

At the global level, the American markets closed flat as investors are focused on the upcoming inflation data set to release on April 10. The Consumer Price Index report will provide more insights into how the Federal Reserve’s rate policy is impacting inflation.

Economists surveyed by Bloomberg have estimated a slight decrease in the American Consumer Price Index to alleviate inflationary pressures. However, core inflation, which excludes food and energy costs, is expected to be 3.7 percent higher compared to a year ago – exceeding the Fed’s 2 percent target.

Meanwhile, Asian-Pacific markets were mixed this morning, with Japan’s Nikkei 225 rising by 0.5 percent, South Korea’s Kospi dropping by 0.2 percent, and Hong Kong’s Hang Seng index being up by 0.7 percent.

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