Metals fuel India's blue-chips to record highs to start fiscal year 2025

Apr 1, 202410:15 UTC

India's benchmark indexes clocked record highs in the first session of fiscal year 2025, led by a surge in metal companies after upbeat data from top consumer China.

The blue-chip NSE Nifty 50 NIFTY index was up 0.61% at 22,462, while the BSE Sensex SENSEX added 0.49% to 74,014.55, at the close.

Both the Nifty 50 and Sensex rose as much as 0.91% and 0.82% to record highs during the session and the first time since March 11 and March 7, respectively.

"The bounceback in Nifty and Sensex after three weeks of consolidation and rebound in broader markets after a drop in March signals positive momentum for domestic markets," said Kranthi Bathini, an equity strategist at WealthMills Securities.

The quarterly results season, starting next week, could add to the momentum and sustain a rally to new record highs, Bathini said, adding that he expects financials to post strong earnings, aided by healthy credit growth in a "seasonally strong quarter".

The broader, more domestically-focussed small- CNXSMALLCAP and mid-caps CNXMIDCAP added 3.26% and 1.74%, respectively.

Eleven of the 13 major sectors advanced. High-weightage financials CNXFINANCE rose 1%.

Metal stocks CCNXMETAL jumped 3.7% after data showed China's manufacturing activity expanded for the first time in six months in March.

JSW Steel JSWSTEEL and Tata Steel TATASTEEL rose 5.03% and 4.68% and were the top gainers on the Nifty 50, while Hindustan Copper HINDCOPPER surged 11.44%.