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Sensex Today Rallies 494 Points | Exide Industries Surges 17% | 5 Reasons Why Indian Share Market is Rising

Mon, 8 Apr Closing

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After opening the day on positive note, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Equity benchmark indices were holding their gains in Monday's intraday trade aided by strong global cues and buying in index heavyweights.

At the closing bell, the BSE Sensex stood higher by 540 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 147 points (up 0.7%).

M&M, Maruti Suzuki and Eicher Motors were among the top gainers today.

Adani Ports, Nestle and Wipro on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,766, up by 145 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended flat.

Sectoral indices are trading on positive note, with socks in auto sector, oil & gas sector and realty sector witnessing most buying.

Shares of Bosch, Maruti Suzuki and ABB India hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.3 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 70,925 per 10 grams.

Meanwhile, silver prices were trading 1.2% higher at Rs 81,818 per 1 kg.

Here are five reasons why Indian Markets are rising today

#1 Crude Oil

Crude oil prices slid over US$ 1 a barrel on Monday, with Brent falling below US$ 90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict. Brent crude futures dropped US$ 1.48, or 1.6%, to US$ 89.69 a barrel.

#2 Upbeat Global Markets

Nasdaq and S&P500 ended over 1% higher on Friday after 303,000 jobs were created in the United States in March, with investors focusing on the positives for the economy instead of the monetary policy implications.The spillover effect was seen in other Asian markets today with Hong Kong, Tokyo, Sydney, Seoul, Singapore, and Taipei rising.

#3 FII Buying

The upside in Nifty heavyweights is believed to be due to buying by institutional investors, FIIs in particular. Foreign investors, who had bought Indian stocks worth around Rs 350 bn last month, were net buyers to the tune of Rs 17 bn on Friday.Retail investors have anyways been supporting the market in this leg of the bull run.

#4 Q4 Business Update Impact

Ahead of the release of the quarterly report card, companies have started to announce Q4 business updates - the impact of which was seen in many stocks.Shares of Info Edge were trading 9% higher on reporting robust Q4 performance, Voltas was trading 7% up after announcing sales of 2 m units of air conditioners in FY 2023-24.

#5 Earning Expectations

With the March quarter earnings season kicking off this week with TCS declaring numbers on 12 March, investors are fine-tuning portfolios in sync with expectations around results

Speaking of stock markets, green hydrogen is the infinitely sustainable result of the sun's radiation. So, the shift to hydrogen for fuel is simply a shift away from depleting finite sources of fossil fuels.

Green hydrogen can be a game changer for India, which imports 85% of its oil and 53% of gas demand.

Co-head of Research at Equitymaster, Tanushree Banerjee talks What kind of companies are helping India in this green hydrogen landscape, in her latest video.

Tune in to the below video:

Why Voltas Share Price is Rising

In news from the air conditioners sector, shares of Voltas surged 13% on Monday to hit their 52-week high of Rs 1,392 on the NSE after the Tata company reported landmark sales of 2 million (m) units of air conditioners in FY 2023-24.

In a filing to the exchanges on Sunday, the company claimed to have become the first ever brand to achieve this milestone in the history of the air conditioning industry in India.

Voltas registered a significant volume growth of 72% in AC sales during Q4 FY24.

Consistent demand for cooling products during the year, coupled with the company's strong offline and online distribution network, strongest brand equity, and innovative new launches helped it achieve this feat, the company claimed in a filing.

The stock is trading above its 50-day and 200-day simple moving averages (SMAs), and with the recent rally, the stock is in a strongly overbought zone.

A number above 70 is considered to be overbought, while below 30 is seen to be oversold.

Voltas has given impressive returns of more than 60% over the past 12 months, which is an outperformance over Nifty. The latter has given returns of 28% during this period. In 2024, so far its returns are nearly 37% versus 0.67% by the 50-stock index.

The Indian electrical appliances maker had reported a fall in third-quarter profit hurt by higher costs.

Voltas witnessed a remarkable growth of 48.3% within a year.

For more details, check out AC Stocks Heat Up Amidst the Summer Heatwave: Chilling Opportunities For Investors.

Cochin Shipyard Shares Scale 52-Week High

Moving on to news from the defence sector, Cochin Shipyard's (CSL) share price touched its 52-week high of Rs 1,135.6 in early trade on 8 April after the company signed the master shipyard repair agreement (MSRA) with the United States Navy.

The MSRA is a non-financial agreement and will facilitate the repair of US Naval vessels under the Military Sealift Command in CSL.

CSL has been qualified for entering into the MSRA after the US Navy -Military Sealift Command conducted a detailed evaluation process and capability assessment.

In February, the company signed a contract with the Indian Navy for undertaking medium refits of two naval vessels.

This Rs 150-crore contract is for dry-docking and refit as well as upgradation of equipment on board the ships.

To know which defence shipbuilding stock has a better chance of faring well against the other in 2024, check out our editorial Best Defence Stock: Mazagon Dock vs Cochin Shipyard.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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