Sensex moves above 60,000; breadth strong

The benchmark indices inched higher in early trade on buying demand in index pivotals. The Sensex crossed the psychological 60,000 mark. Meanwhile, the Nifty moved above 17,900 mark.

At 9:28 IST, the barometer index, S&P BSE Sensex surged 943.2 points or 1.59% at 60,219.89. The Nifty 50 index gained 229.8 points or 1.31% at 17,900.25.

In broader market, the S&P BSE Mid-Cap index added 0.77%. The S&P BSE Small-Cap index rose 1.20%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,380 rose and 449 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,909.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 183.79 crore in the Indian equity market on 1 April, provisional data showed.

Economy:

On the macro front, India's merchandise exports spurt to a record high of $418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals, according to official data released on Sunday.

India's annual median GDP growth forecast stood at 7.4% for 2022-23, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) released on April 3. The Economic Outlook Survey estimates a minimum and maximum growth of 6% and 7.8%, respectively.

Stocks in Spotlight:

Dr. Reddy's Laboratories fell 0.09%. The drug maker entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus in India. Under the agreement, Dr. Reddy's will be assigned and transferred the Cidmus trademark in India from Novartis AG for a consideration of $61 million.

Hero MotoCorp rose 0.5%. The two-wheeler major's total sales declined 21.98% to 4,50,154 units in March 2022 as against 5,76,957 units sold in March 2021. Sequentially, the two-wheeler major's total sales jumped 25.65% last month compared with 3,58,254 units sold in February 2022. Total domestic sales stood at 4,15,764 units (down 23.62% YoY) and total exports were at 34,390 units (up 5.44% YoY) last month.

Global Markets:

Asian stocks got off to a cautious start on Monday amid talk of yet more sanctions against Russia over its invasion of Ukraine. Markets in mainland China are closed on Monday and Tuesday this week for holidays.

US stocks were modestly higher on Friday as investors assessed a new quarter of trading and a troublesome bond market recession indicator.

A closely watched part of U.S. Treasury yields inverted on Friday as short-term rates jumped following the release of jobs data stateside, raising concerns over a potential recession on the horizon. The benchmark 10-year Treasury yield last sat at 2.3895%, while the rate on the 2-year Treasury note was at 2.4625%. Yields move inversely to prices, with 1 basis point equal to 0.01%.

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