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  1. NIFTY 50, SENSEX flat after touching record highs, HDFC Bank gains 2%

NIFTY 50, SENSEX flat after touching record highs, HDFC Bank gains 2%

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2 min read • Updated: April 4, 2024, 11:06 AM

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Benchmark indices NIFTY50, SENSEX and Midcaps hit record highs in opening hours. NIFTY50 touched 22,619, while NIFTY Midcap 100 made a fresh lifetime high of 50,152, recovering sharply from recent mid-March lows.

NIFTY 50 made new high of 22,619

Domestic markets open at record levels today, with the benchmark NIFTY50 index touching a lifetime high of 22,619, while the BSE SENSEX scales to a new peak of 74,501, up by 600 points. Meanwhile, the NIFTY Midcap 100 rose nearly 1% to a lifetime high of 50,152.

After touching record highs, the markets slipped in trade amid profit booking, with NIFTY50 and SENSEX trading flat as of 10:15 am.

As per experts positive sentiments in the US and Asian stock market along with upbeat optimism around Q4 results supported today’s market gains. Besides this, buying in banking stocks ahead of RBI’s monetary policy announcement also triggered positive moves in domestic markets.

Index movers

The morning gains in the benchmark indices were largely led by index heavyweights banking, power, metals and IT stocks like HDFC Bank (+2.5%), Axis Bank (+1.4%), NTPC (+2.0%), Infosys (+0.3%), Power grid (+1.2%). Thirty-three stocks out of NIFTY 50 are trading in green on the market opening on Thursday.

Commodity check

On the commodities front, gold prices are hovering around the 70,000 mark in the domestic market. At the same time, Silver is trading at 79,400 levels. Meanwhile, Brent crude prices in the international markets remained steady at around the $89 per barrel mark after OPEC+ countries maintained the status quo in the meeting held on Wednesday.

Sectoral gainers & losers

Among the sectoral indices, NIFTY Private Bank (+1%) and Financial Services (+0.8%) are the top sectoral gainers and NIFTY Oil & Gas (-0.2%) and Pharma (-0.2%) are the top losers.

Broader markets continue their momentum

Broader indices continued their outperformance over the benchmark indices as the NIFTY Midcap 100 made a new all-time high of 50,152 levels, up by 0.7% on Thursday but currently trading 0.3% higher, paring some early gains. The NIFTY Smallcap 100 index also opened 1.1% higher but is currently trading 0.5% higher, giving up some early gains on Thursday.

Stocks reacting to their overnight developments

KEC International gained 10% in early trade as the company announced order wins in multiple business segments to the tune of ₹816 crore.

HDFC Bank is trading 2% higher on the robust quarterly business updates. The bank's gross advances grew by 55% as of March 31, 2024.

DMart shares are up 4.5% as the company reported a 20% yoy rise in the revenue for Q4FY24 at ₹12,393 crore vs ₹10,377 crore.