Samvat 2080 Commences with Bullish Market Sentiment Amid IT and PSU Sector Gains

Samvat 2080, a new year in the Hindu calendar, began with optimism in the stock market during Sunday's Muhurat trading session. Major indices showed robust performance, buoyed predominantly by sectors such as Information Technology (IT) and Public Sector Undertakings (PSUs). A positive sentiment enveloped the trading floor, indicating a promising start to Samvat 2080.

Benchmark Indices Exhibit Strength

The Muhurat trading session, marking the advent of Samvat 2080, was a session filled with favorable outcomes for the benchmark indices. The 30-share Sensex notably rose by 354 points, a 0.55% increase, to close at 65,259.45. Leaders in the IT sector, such as INFY Infosys, WIT Wipro, and TCS Tata Consultancy Services, were leading gainers for the day, recording rises from 0.74% to 1.4%. Their performance played a significant role in the overall bullish market stance.

Key Performers in the Financial Sector

Adding to the rally, the financial sector also contributed to the optimistic landscape, with HDB HDFC Bank, KMB Kotak Mahindra Bank, IBN ICICI Bank, and SBIN State Bank of India experiencing gains, thereby wrapping up the trading session on a high note.

Nifty's Noteworthy Leap

Complementing the Sensex, the broader Nifty index also witnessed a leap of 100 points, corresponding to a 0.52% increase, reaching 19,525.55. COALINDIA Coal India emerged as the top gainer within the index, escalating over 2%. Sectors such as IT, media, and metals played pivotal roles as major drivers in the Nifty's sizable jump.

Broad-Based Market Gains

Sectoral indices across the Bombay Stock Exchange (BSE) concluded the session with a green sweep, with technology and industrial sectors particularly outshining others. As a consequence, the market capitalization of BSE-listed companies soared by approx. ₹2.23 trillion. The session witnessed 2,904 stocks advancing against only 688 stocks that declined, illustrating the breadth of the bullish sentiment.

Expert Insights and Market Outlook

Industry experts and financial moguls shared their insights into what the new Samvat could hold for investors. Motilal Oswal, group Managing Director and CEO of Motilal Oswal Financial Services, predicted a positive trajectory for Samvat 2080 driven by robust earnings and a healthy economic outlook, pointing out the previous year's Nifty gain of roughly 10% despite various economic challenges and geopolitical tensions. Expert forecasts also suggest a potential surge in sector rotation and high expectations for sectors including BFSI, consumer discretionary, construction, real estate, and others synonymous with high growth.

While small-cap stocks are predicted to flourish with strong domestic flows, experts also anticipate substantial value in large-cap stocks that are likely to benefit from renewed foreign portfolio investments.

Political Landscape and Investor Guidance

Upcoming events such as general elections are identified as key determinants for market stability, with speculations that the re-election of the incumbent government could be crucial for maintaining market levels. Observers also contend that US interest rates, which are seemingly at their peak, should not see a further increase for the market to persist in its positive momentum.

Investors are likewise cautioned to engage responsibly in the market, with cautions against the pursuit of swift gains. The Managing Director and CEO of the National Stock Exchange, Ashishkumar Chauhan, emphasized the importance of long-term investing over high-risk derivative trades, especially for retail investors. He also highlighted the significance of the stock market for long-term wealth creation and the nation's economic growth narrative.

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