Sensex hit its fresh RECord high of 75,124.28 on April 9 and the Nifty 50 scaled its fresh peak of 22,783.35 on April 30.
The overall market capitalisation of firms listed on BSE rose to nearly ₹406.56 lakh crore on April 30 from nearly ₹386.97 lakh crore on March 28, making investors richer by nearly ₹20 lakh crore in a month.
The undercurrent of the Indian stock market remains positive due to the bright outlook of the nation’s economy, the prospects of political stability after the Lok Sabha election and the strong influx of domestic investors.
In the near term, geopolitical trends, macroeconomic numbers, and rate-cut expectations will influence the market movement.
“Going ahead, the outcome of the US Fed meeting will likely set the intermediate market trend; hence, one must stay watchful of the key event. We remain sanguine with the near-term view, but a pragmatic approach would be prudent in the current scenario. Also, avoid complacency and maintain exclusivity in the stock selection to achieve outperformance,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One.
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Krishan advises investors to maintain a positive stance and view dips as potential buying opportunities.
“Immediate support for Nifty will likely shift towards the 22,500 mark, followed by 22,400, coinciding with 20 DEMA. On the contrary, the lifetime high zone around 22,775 – 22,800 is expected to serve as immediate resistance before the index heads toward the 23,000 mark,” said Krishan.
Shares of Divi’s Labs rose about 16 per cent in April, ending as the top gainer in the key index. On Tuesday, April 30, the stock closed with a mild gain of 0.33 per cent at ₹4,002.40 on NSE.
Hindalco Industries shares rose about 15 per cent last month. The stock saw profit booking in the previous session and ended 0.87 per cent lower at ₹644.40, snapping its four-session winning streak.
Eicher Motors shares rose about 14 per cent last month. The stock ended 0.56 per cent higher at ₹4,597.40 apiece on NSE on Tuesday.
Mahindra and Mahindra (M&M) shares rose 12 per cent in April. The stock settled ended with a strong gain of 4.57 per cent at ₹2,156.35 on April 30.
Axis Bank share price rose 11 per cent in April. On the last day of the month, the stock settled 0.57 per cent up at ₹ 1,165.90, extending the gains into the eighth consecutive session.
HCL Tech shares, with a loss of about 11.5 per cent, closed as the top loser in the Nifty 50 index in April. Extending the losses into the third consecutive session, the stock closed 1.5 per cent lower at ₹1,366.60 apiece on April 30.
Kotak Mahindra Bank shares fell 9 per cent last month. On April 30, the stock ended lower by a per cent at ₹1,623.95.
Shares of HDFC Life Insurance Company fell nearly 8 per cent in April. The stock closed 1.5 per cent higher at ₹583.65 on NSE.
Shares of Sun Pharma fell over 7 per cent last month. The stock closed 1.28 per cent lower at ₹1,502.10 on April 30.
With a loss of 6.5 per cent, shares of Cipla also featured among the top losers in the Nifty 50 pack last month. Cipla shares closed 0.57 per cent lower at ₹1,400 on Tuesday.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 01 May 2024, 11:27 AM IST
