NEW DELHI: Equity markets began the new fiscal (FY25) on a bright note on Monday with the benchmarks – BSE Sensex and NSE Nifty50 -- scaling fresh record highs in intra-day trade before settling in the green with gains of about half a percentage each.
The 30-share pack Sensex jumped 363.20 points or 0.49% to settle at 74,014.55. During the day, it zoomed 603.27 points to hit its record intra-day high of 74,254.62. Nifty closed 135.10 points or 0.61% higher at 22,462.It had hit an all-time peak of 22,529.95 intraday. The broader indices outperformed the benchmark, wherein smallcap gained over 3% while midcap closed higher by 1.50%. Metal stocks rallied the most, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery.
“Indian market boarded on a strong trajectory at the onset of new financial year, with indications pointing towards a continuation of this favourable momentum, in 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,” said Vinod Nair, head of research at Geojit Financial Services.