BENGALURU, Apr 01 (Reuters): 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 index was up 0.61 per cent at 22,462, while the BSE Sensex added 0.49 per cent to 74,014.55, at the close.
Both the Nifty 50 and Sensex rose as much as 0.91 per cent and 0.82 per cent 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- and mid-caps added 3.26 per cent and 1.74 per cent, respectively.
Eleven of the 13 major sectors advanced. High-weightage financials rose 1 per cent.
Metal stocks jumped 3.7 per cent after data showed China's manufacturing activity expanded for the first time in six months in March.
JSW Steel and Tata Steel rose 5.03 per cent and 4.68 per cent and were the top gainers on the Nifty 50, while Hindustan Copper surged 11.44 per cent.
Among individual stocks, Adani Ports rose 2.54 per cent and hit an all-time high on strong cargo volume data.
Real estate firm Prestige Estates climbed 7.09 per cent after announcing a $240 million deal with Abu Dhabi Investment Authority and Kotak AIF.
Prestige Estates was among the top gainers in the realty index, which advanced 4.36 per cent.
Automakers Mahindra & Mahindra and Eicher Motors shed 0.23 per cent and 1.66 per cent, respectively, on weaker-than-expected monthly sales data.
Meanwhile, Maruti Suzuki, Tata Motors and Mahindra & Mahindra reported higher car sales in March and the companies ended fiscal 2024 with record sales figures, monthly data from the automakers showed on Monday.
Each month, automobile makers in India release wholesale numbers, or vehicle sales to dealers.
Hero MotoCorp and Bajaj Auto will report monthly data for its two-wheelers later in the day.
The numbers are seen as a key indicator of private consumption in India. The auto sector carries more than 50 per cent weightage in calculating the country's economic growth.
A surge in domestic sales of pricier sport utility vehicles (SUVs) last year has extended into 2024. Utility vehicles accounted for nearly 60 per cent of total passenger vehicle sales from April 2023 to February 2024, according to industry data.
Entry-level car sales floundered last year. In a bid to increase demand, automakers have banked on higher discounts in the segment.
Meanwhile, product launches and improved rural demand for entry-level models have helped bolster two-wheeler sales amid heated competition in the high-end segment.
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