Sensex climbs 282 pts, Nifty hits record high, VIX above 16 mark

The domestic stock market extended its winning streak for the fifth consecutive session on Monday, with the Nifty achieving a new all-time high of 22,186.65 before closing near the day`s peak. Initially experiencing fluctuations due to mixed global cues, the market ultimately benefited from robust buying in several sectoral indices and heavyweight stocks, concluding the day on a positive note. Consumer durables, pharma and FMCG shares were in demand, while realty, PSU banks, IT stocks declined.

At close, the Sensex surged by 281.52 points (0.39%) to reach 72,708.16, while the Nifty climbed by 81.60 points (0.37%) to settle at 22,122.30.

The benchmark Nifty50 index hit an all-time high at 22,186.65 in mid-afternoon trade. The index has climbed 2.34% or 506.25 points in five consecutive sessions.

Bajaj Finserv (up 2.83%), ICICI Bank (up 2.03%) and Reliance Industries (up 0.85%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap rose 0.29% and the S&P BSE Small-Cap index gained 0.77%.

The market breadth was strong. On the BSE, 2362 shares rose and 1604 shares fell. A total of 137 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, advanced 5.22% to 16.02.

Numbers to Track:

MCX Gold futures for 5 April 2024 settlement rose 0.21% to Rs 62,005.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 104.24.

The United States 10-year bond yield rose 0.14% to 4.305.

In the commodities market, Brent crude for March 2024 settlement lost 79 cents or 0.95% to $82.68 a barrel.

Global Markets:

Shares in Europe and Asia were mixed on Monday after Wall Street slumped on Friday amid signs of US inflation is stickier than expected.

Chinese shares were trading higher as they resume trading following the week-long Lunar New Year break.

The People�s Bank of China on Sunday held a key policy rate steady as expected. China�s central bank said it was holding the rate unchanged at 2.5% on 500 billion yuan ($69.51 billion) worth of one-year medium-term lending facility.

US stocks fell on Friday after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve.

Stocks in Spotlight:

Sula Vineyards dropped 7.81% following multiple block deals in intraday trade today, 19 February 2024. According to media reports, Verlinvest Asia was to sell its entire 8.34% stake in the Nashik-based vine maker.

Confidence Petroleum India surged 10.51% after the company formed a strategic alliance with Norway-listed BW LPG, a prominent LPG shipping and trading company. The collaboration aims to strengthen LPG terminal infrastructure and downstream operations across India.

Remsons Industries hit an upper circuit of 5% after the firm announced a 50:50 joint venture (JV) with Daiichi. The JV will focus on developing advanced electronics solutions tailored to meet the demands of next-generation vehicles, including infotainment systems, digital clusters, rear view cameras, USB chargers, shark fin antennas, AVAS system, DMS.

Power Grid Corporation of India rose 0.58%. The company announced that its board of directors has accorded two investment approvals for the projects worth Rs 655.75 crore.

CRISIL soared 9.49% after the rating agency�s consolidated net profit jumped 32.97% to Rs 210.12 crore on 11.61% increase in revenue from operations to Rs 917.74 crore in Q4 CY23 over Q4 CY22.

Godrej Properties shed 1%. The company said that the credit rating agency ICRA has reaffirmed its long-term rating on the debt instruments of the company at `ICRA] AA+ (Stable)�. The agency has also reaffirmed the company�s short-term rating at `[ICRA] A1+�.

Balrampur Chini Mills jumped 3.17% after the company�s board approved to enter a new line of business to manufacture Polylactic Acid (PLA), to be used for production of bioplastic.

One 97 Communications (PayTM) hit an upper circuit of 5% after the company said that it has shifted its nodal account to Axis Bank by opening an Escrow Account, to continue seamless merchant settlements as before.

Tata Power Company advanced 1.16% after the company announced the receipt of a letter of intent (LoI) from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission for Rs 838 crore.

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