Indian stock markets kicked off the week on a positive note as major banking institutions unveiled impressive fourth-quarter earnings. The NSE Nifty 50 surged by 99 points, or 0.41%, beginning at 23,950, while the BSE Sensex climbed 373 points, or 0.47%, opening at 78,926.

Nifty 50 Hits New Highs

The Nifty 50 briefly crossed the significant 24,000 mark, peaking at 24,004.20, before settling slightly lower at above 23,950. This bullish activity indicates strong investor confidence, particularly in the banking and IT sectors.

• Top Gainers: Notable performers included:
  • Infosys
  • Tech Mahindra
  • Axis Bank
  • HDFC Bank
  • HCL Technologies

The Nifty IT sector saw a healthy increase of 1.33%, highlighting the resilience of tech stocks in the market.

Bank Nifty Sets New Records

The Bank Nifty index also made headlines, opening 566 points or 1.04% higher at an all-time high of 54,855. Investors are keenly watching bank stocks, especially after recent upgrades in ratings and target prices.

• Key Stocks to Watch:
  • HDFC Bank
  • Axis Bank
  • ICICI Bank

Notable Decliners

Despite the overall positive trend, some stocks struggled at the opening. Major losers in the Nifty 50 included:

• Adani Ports and SEZ
• HDFC Life
• Eternal (Zomato)
• Asian Paints
• Maruti Suzuki

Global Market Sentiments

On the international front, Dow Jones futures were down 0.72% at 38,862. The US markets had a mixed performance last Friday, with the S&P 500 gaining 0.13% while the Dow Jones experienced a significant drop of nearly 530 points.

Asian markets mirrored this mixed sentiment as trade tensions between the US and China continued to create uncertainty. However, the Shanghai Composite index saw gains after the People’s Bank of China decided to maintain the Loan Prime Rates (LPR), a move aimed at stabilizing the Yuan.

Positive Signs for Indian Equities

The GIFT Nifty suggested a potentially subdued opening for Indian equity markets. However, there were positive signals as Foreign Institutional Investors (FIIs) began to re-enter the Indian market, recording net purchases of Rs 4,667.94 crore on April 17.

Market Outlook

According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, a bullish candle formed on the weekly chart indicates a continuation of the uptrend. He notes:

“The market is currently maintaining a bullish stance, closing above 23,800. While we expect range-bound activity due to overbought conditions, 23,500 will serve as a vital support level, with resistance expected between 24,000 and 24,200.”

As traders navigate these dynamics, staying informed and vigilant will be essential for capitalizing on market opportunities.