Stock market opens on a bullish note: Nifty-Sensex surge

Mumbai (Maharashtra) [India], April1 (ANI): The stock market kicked off the trading week with a resounding surge as benchmark equity indices opened on a positive note.
The NSE Nifty led the charge, initiating the session with a gain of 128.10 points or 0.57 per cent, soaring to an opening mark of 22,455.
Simultaneously, the BSE Sensex followed suit, leaping by 317.27 points or 0.43 per cent, commencing at 73,968.62. This enthusiastic start set a promising tone for the day's trading activities.
Out of the Nifty companies, 47 witnessed gains while 3 experienced declines.
Among the Nifty firms, JSW Steel, Shriram Finance Limited, Tata Steel, Hindalco, and Kotak Bank emerged as the leading gainers, whereas Bharti Airtel, HDFC Life, and Maruti stood out as the top performers in terms of losses.
Investors witnessed a broad-based rally as the broader indices also witnessed an upward trajectory, fueled by gains in Largecap and Midcap stocks.
Moreover, the Bank Nifty index mirrored the overall optimism, opening higher by 266.45 points or 0.57 per cent, initiating at 47,391.05.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The bullish sentiment follows a significant surge in the domestic equity benchmarks during the previous session. The Sensex skyrocketed by 655.04 points to conclude at 73,651.35, while the Nifty 50 settled at 22,326.90, marking a substantial increase of 203.25 points. Chart analysis revealed the formation of a reasonable bull candle on the Nifty 50's daily chart, indicating heightened volatility around all-time highs, particularly around the 22,500 levels."
He added, "Market analysts suggest that the Nifty's near-term uptrend remains robust despite significant volatility. They pinpoint resistance levels around 22,500 - 22,600 for the current week, with crucial support resting on the 10-week Exponential Moving Average (EMA) at 22,000 levels. However, initial resistance near the previous swing high of 22,526 necessitates sustained momentum for a decisive breakthrough."
Short-term support is identified around 22,200, with investors closely monitoring whether the Nifty can maintain momentum above 22,400 on Monday post the long weekend, or surpass the 22,500 mark throughout the week to confirm the upward trajectory, potentially targeting 22,900.
In global markets, Asian equities rallied on Monday, buoyed by US inflation figures that bolstered expectations of Federal Reserve interest rate cuts.
South Korean and Japanese stocks saw notable gains, while US equity futures also registered positive movements. China's official manufacturing purchasing managers index expanding in March further supported the optimistic sentiment, signalling ongoing economic momentum.
Meanwhile, Treasury yields in Asia witnessed a slight decline following Federal Reserve Chair Jerome Powell's remarks on inflation, with market participants anticipating a rate cut in June.
The S&P 500 notched its 22nd high of the year, reflecting a remarkable USD 4 trillion surge in US equity values in the first quarter.
Commodities markets observed gold prices climbing and oil maintaining stability, while Bitcoin continued its ascent, trading above USD 71,000, driven by persistent demand from US exchange-traded funds holding the digital asset.
The upbeat opening of the Indian stock market, coupled with favorable global cues, sets the stage for an eventful trading session, with investors eyeing key levels and developments to guide their investment decisions throughout the day. (ANI)