The robust performance of the banking and auto sectors, driven by stellar March quarter profits, provided underpinning for the April surge. However, the IT industry lagged behind as a result of big corporations’ underwhelming financial results and lower-than-expected revenue guidance.
In April, there was a 4.82% increase in the Nifty Bank index. The index reached a new lifetime high of 49,974 points during today’s session, moving closer to the 50,000 level.
Parallel to the Nifty Auto index, which saw a rise of 2.51% and a new record high of 22,634 points in today’s session, the surge from Mahindra & Mahindra, Ashok Leyland, and Edge Industries was particularly powerful. As a whole, the index gained 4.95% by the end of April.
In a similar vein, the real estate market concluded April well, regaining its optimistic pace following a 1% fall in March.
On the other hand, April’s most notable index was the Nifty Metal, which increased by 11.12%. In 2024, metal stocks have attracted a lot of attention on Dalal Street due to steady increases in basic metal prices.
High valuations and regulatory concerns that caused the March sell-off of mid- and small-cap stocks helped them recover. In April, investor confidence bounced again, resulting in record highs and robust returns for both indices.
Disclaimer: Before making any financial decisions, it is suggested to consult with qualified specialists.
