The bull market in the Indian stock exchange reached a new peak on Monday, April 8th, as Nifty – the primary index of the National Stock Exchange (NSE) – achieved a fresh record high of 22,621.
The BSE Sensex – another key index – also surged by over 307 points during morning trading, reaching 74,555 points. Positive signals from global markets are believed to be propelling the equity market to unprecedented levels.
The Indian market followed the lead of other Asian stock markets, which rallied after Wall Street’s gains following better-than-expected US employment data on Friday.
A decline of more than one percent in oil prices further boosted stock performance.
Japanese stocks led the region’s upward trend, with Taiwan and South Korea also seeing gains. However, Chinese stocks declined due to concerns raised by a winding up petition against Shimao Group.
Although the US jobs report demonstrated the continued resilience of the US economy despite high interest rates, analysts suggest that attention will now turn to the release of US CPI data this week, which will provide a significant test of whether recent inflationary pressures are sustained.
The beginning of the earnings season this week will primarily focus on major IT companies.
Analysts also highlight the importance of monitoring the performance of the US market and domestic institutional investor activity, according to Arabian Business.
