Normal Monsoon prediction lifts Sensex above 75k milestone

BSE Chairman Pramod Agrawal and MD & CEO Sundararaman Ramamurthy met Minister of Finance Nirmala Sitharaman in New Delhi today (Image credit X @BSEIndia)

BSE Chairman Pramod Agrawal and MD & CEO Sundararaman Ramamurthy met Minister of Finance Nirmala Sitharaman in New Delhi today (Image credit X @BSEIndia)

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Stock Market extends gains amid bullish run in largecaps

By S Jha

New Delhi, April 9: Sensex was trading above 75000 levels in early sessions on Tuesday. Bank Nifty is looking at pivotal 49,000 levels. Nifty is trading at record highs.

The SkyMet has predicted above normal Monsoon for India. The stock market is reacting positively to the normal Monsoon predictions.

The Sensex is trading above 75000 levels in a first. Bank Nifty is almost going to kiss the 49000 levels in a milestone for the index.

The bullish run on the street is gaining further steam. Nifty is on a fast and furious run after breaking out from the levels of 42500. Market participants claim that the index is technically on strong legs.

The stock market is witnessing sectoral rotation as per market participants. The largecaps are visibly gaining grounds.

Nifty was gaining strong in the Tuesday session amid demands for the metal stocks. The China macroeconomic data appears to have turned the metal stocks bullish. The likes of Hindalco and Tata Steel were in high demands in the Tuesday session.

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The brokerage upgrade of Infosys has brought strength in the IT behemoth. On cues, peers such as HCL Technology, Wipro, LT Info, TCS, and others are trading higher. TCS and Infosys will kickstart the earning seasons for the IT firms from this weekend.

Gains in the real-estate sector continued even on Tuesday. Godrej Properties was higher by five per cent in the early sessions of the day. The Mumbai-based realty firm has lagged behinds peers Sobha and DLF which made steady gains on the street.

Rate cuts are expected by August this year. The consensus views among the economists point to the US Federal Reserve finally cutting rates in August this year. There are suggestions that the US Federal Reserve may stick to three rate cuts this year.

The rate cut hopes drove the realty sector higher in the last few months. The banking sector now appears catching up. The ICICI Bank, Axis Bank, SBI, and others were higher in the early session of the day.

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The largecap rally in the market has so far been led by a massive surge in the auto stocks. Mahindra and Mahindra, Maruti, and Tata Motors have emerged winners on the street.

The auto peers in the two-wheeler segments are also gaining steam. Eicher Motors is now trading above Rs 4100 level. Hero Motor is trying to catch up. Bajaj Auto has been an outperformer.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

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