Top Gainers Help Index Rise Further; Realty and Financial Stocks Lead pack

Mumbai, April 1: Indian markets witnessed buying interest on Wednesday as the indices rose sharply led by higher opening in frontline and sectoral heavyweights. Realty and financial names dominated top gainers board with stocks in these two sectors seeing maximum rise on Wednesday. Stocks like Asahil-Sundram emerged top riser among large caps, while midcaps too rose smartly.

Financial names too made it to the top gainers board as investors continued to display firm buying interest in banking and NBFC counters. Realty stocks resumed sharply on strong follow-up buying. Metal and consumer linked stocks also contributed to Wednesday’s upmove.

Overseas markets too traded with marginal gains, and global cues remained positive throughout the session after Trump stated that US military campaign against Iran could end within weeks. With rising hopes of easing geopolitical tensions, investors remained positive and bought stocks aggressively on hopes of revival in market sentiment which was hit by worries over escalating geopolitical tensions.

Global market Update: Japan’s Nikkei 225 jumped nearly 2%, while other regional markets traded higher on Wednesday as investors cheered rising hopes of de-escalating geopolitical tensions between US and Iran. Benchmark indexes in China, Hong Kong and Singapore rose, while Australian stocks drifted between gains and losses.

President Donald Trump said on Tuesday that Washington could end its campaign against Iran within weeks, easing fears over escalating geopolitical tensions between the two countries. The development helped calm nerves around the globe and support risk assets.

Gold prices slipped further following sharp decline in the previous session, while silver also edged down after rallying sharply in the last few sessions. Some profit booking was witnessed in bullion after Trump’s comments on Iran led to easing of safe-haven demand from gold. However, investors continued to monitor the situation closely in West Asia and remain stockaded to volatile price moves in bullion.

Top losers: While most stocks traded with gains on Wednesday, a few counters ended lower on the NSE. IT and few export-oriented names emerged on the losers board as weakness in global tech stocks spilled over to Asia’s technology sector too. A few stocks that witnessed strong upmove in last few sessions saw some profit booking as well.

Selective pharma and FMCG stocks moved sideways on Wednesday and lagged the market rally. Investors remained focused on buying stocks with high beta and cyclical nature.

Key News Impact

Markets ended strong on Wednesday and notched up fresh gains led by higher opening in sectoral heavyweights. Investors shrugged off minor weakness in global tech space and chose to buy stocks aggressively.

Midcaps and smallcaps stocks outperformed the benchmarks as investors continued to show strong interest in smaller stocks. Market breadth remained firmly in buyers’ territory with buying across sectors and very few stocks selling off in the initial half of trade session.