Sensex Rises Over 1,000 Points Amid Global Turmoil
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Synopsis
On April 8, the Indian stock market opened strong, with the Sensex gaining over 1,000 points, driven by major stocks like Titan and Tata Steel. Despite global uncertainties tied to US tariffs, market sentiment remains optimistic.
Key Takeaways
- Sensex increased by 1,169 points, reaching 74,307.
- Nifty gained 375 points, settling at 22,536.
- Midcap and smallcap indices also saw gains.
- All sectoral indices were in the green.
- FIIs remained net sellers, while DIIs were net buyers.
Mumbai, April 8 (NationPress) The Indian stock market witnessed a positive opening on Tuesday, buoyed by heavyweight stocks like Titan, Tata Steel, and Adani Ports, enhancing market sentiment despite the ongoing global uncertainties surrounding U.S. tariffs.
At 9:21 AM, the Sensex surged by 1,169 points, equivalent to 1.60 percent, reaching 74,307, while the Nifty climbed 375 points or 1.69 percent to settle at 22,536.
Alongside large-cap stocks, both mid-cap and small-cap indices also saw upward movement. The Nifty midcap 100 index rose by 1,094 points or 2.24 percent to reach 49,903, while the Nifty smallcap 100 index gained 356 points or 1.75 percent, settling at 15,424.
Sector-wise, all indices were performing well, with significant gains noted in PSU Bank, financial services, metal, realty, energy, private bank, infrastructure, and realty.
Within the Sensex constituents, notable gainers included Titan, Adani Ports, Tata Motors, Bajaj Finserv, SBI, Axis Bank, UltraTech Cement, Tata Steel, IndusInd Bank, Zomato, Bajaj Finance, and NTPC. The only stock underperforming was TCS.
Market experts indicate that the prevailing uncertainty and volatility affecting global markets are expected to continue for a while.
“There are key observations from the ongoing turmoil. Firstly, the trade conflict is likely to remain limited to the U.S. and China, while others, such as the EU and Japan, have opted for dialogue. India has initiated discussions on a BTA with the U.S. Secondly, the likelihood of a recession in the U.S. has escalated. Lastly, China may emerge as the most adversely affected economy,” stated V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Investors are expected to adopt a cautious approach as clarity is likely to take some time to materialize, he added.
Buying activity was noted across major Asian markets, with Tokyo, Shanghai, Hong Kong, and Seoul all trading positively. The U.S. markets, however, concluded on a negative note on Monday due to recession concerns.
Regarding institutional movements, foreign institutional investors (FIIs) were net sellers for the sixth consecutive session on April 7, offloading equities worth ₹9,040 crore. Conversely, domestic institutional investors (DIIs) were net buyers, acquiring equities worth ₹12,122 crore.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, noted that traders are keenly observing the RBI's potential 25 basis points rate cut expected on April 9, along with corporate earnings led by TCS on April 10.
