Stock markets start new fiscal on a high; Sensex, Nifty scale new lifetime highs

Extending its winning momentum to the third day in a row, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55

Stock markets started the new fiscal on a high with benchmark Sensex and Nifty scaling fresh record high levels in intra-day trade before settling in the green on April 1, backed by firm trends in Asian markets and foreign fund inflows.

Extending its winning momentum to the third day in a row, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record intra-day high of 74,254.62.

The NSE Nifty climbed 135.10 points or 0.61 per cent to 22,462. During the day, it jumped 203.05 points or 0.90% to hit the all-time peak of 22,529.95.

Realty and metal shares performed well while FMCG and auto traded subdued.

From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers.

Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.

"The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24," Vinod Nair, Head of Research at Geojit Financial Services said.