Stock market today: Sensex, Nifty 50 hit record highs; banking stocks among top gainers
BSE Midcap index also hit its fresh all-time high of 40,973.14, rising nearly 1 per cent. The Smallcap index also rose 1 per cent to hit its intraday high of 46,015.16. The all-time high of the BSE Smallcap index is 46821.39 which it hit on February 7 this year.
Experts pointed out the following five pivotal factors behind today's market rally: 1. Positive global cues: Most Asian markets clocked healthy gains which influenced domestic market sentiment. Japan's Nikkei jumped almost 2 per cent in trade while Korea's KOSPI rose about a per cent, following overnight gains in the US markets as investors remained optimistic about the US rate cuts.
"Asian shares rallied on Thursday as US rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks," reported Reuters. 2. Solid gains in the banking stocks: The Nifty Bank index rose over a per cent, giving a boost to market benchmarks.
Stocks such as HDFC Bank, Kotak Mahindra Bank and Axis Bank traded with healthy gains. 3. RBI MPC in focus: The market is witnessing a fresh spell of buying after two consecutive sessions of lacklustre trade.
Investors' focus is now on the policy decision by the Reserve Bank of India (RBI) which is due on Friday, April 5. While the RBI is expected to keep policy rates unchanged, some experts expect hints on rate cuts. Moreover, RBI's commentary on growth and inflation will be key monitorables.
Read more on livemint.com
