Stock Market Today: Indian stock indices hit fresh high extending positive momentum
Stock Market Today: Indian stock indices commenced trading positively on Monday, reaching new highs and continuing the upward momentum seen in the first week of the new financial year, which began on April 1st.
Sensex is at 74,487.41 points, up 239.19 points or 0.32 per cent, while Nifty was at 22,571.60 points, up 57.90 points or 0.26 per cent.
Among the widely-tracked Nifty 50 stocks, 40 advanced and the rest 10 slipped at the time of the filing of this report, as per the data.
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US stocks finished higher on Friday after a strong jobs report also buoyed stocks back home in India.
Investors will be closely monitoring the release of India's retail inflation data for March, scheduled for Friday, as well as heat wave alerts from the weather bureau, to gather fresh market insights.
Retail inflation in India remains within the Reserve Bank of India's (RBI) comfort level of two-six percent but is above the ideal scenario of four percent. February saw inflation at 5.09 percent.
Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well.
"The Q4 results season will kick start results of TCS on the 12th. For IT companies, results will be tepid and, therefore, market response will depend on the management commentary. Results of financials will be good and this can push up Bank Nifty higher led by banking majors like HDFC Bank, ICICI Bank etc," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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