Sensex, Nifty surge to new highs amid volatility

April 04, 2024 08:04 pm | Updated 08:05 pm IST - MUMBAI

A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.

A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. | Photo Credit: NIHARIKA KULKARNI

Amidst high volatility, key benchmark equity indices surged to their 52-week high levels with speculations that the Reserve Bank of India (RBI) would keep the rates unchanged at Friday’s MPC meeting.

The S&P BSE Sensex gained 350.81 points or 0.47% to settle at 74,227.63, its best ever close so far. During intraday trade, the Sensex had touched its 52-week high of 74,501.73 before it corrected due to profit booking.

Sensex stocks which gained the most included HDFC Bank which was up 3.06%; Titan (1.98%); TechM (1.74%); Asian Paints (1.72%); TCS (1.41%) and Maruti (1.22%).  

The NSE Nifty 50 index gained 80 points or 0.36% to close at 22,514.65. The Nifty 50 had touched its 52-week high mark of 22,619 during the day.

Brokerage firm Asit C Mehta Investment Interrmediates Ltd. in a note said, “Sensex and Nifty succumbed to profit taking at higher levels. The benchmarks closed the day at a new high. Trading was volatile due to the expiry of weekly index options on the NSE.”

“Investors also eye the RBI outcome slated for tomorrow. The broader indices ended in positive territory, with gains led by large cap and small cap stocks. IT shares advanced for the second consecutive trading session,” the firm said.

“Sector-wise, Automobile, Information Technology, Private Bank, and Financial Services sectors witnessed buying interest, while FMCG, PSU bank, and Oil & Gas remained under pressure,” it added.

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