Stock Market Today:  The Indian equity benchmark Nifty50 reached a new high of 22,529.95 levels today i.e. April 01, the first trading day of FY2024-25. The National Stock Exchange surpassed its previous record of 22,526.6, while the Sensex was up 567.59 points, or 0.77 percent, at 74,218.94 in morning trade.

At around 11:00 AM, The Nifty 50 was trading at 22490, up by 0.7 percent, while Sensex was trading at 74116.53, up by 468 points.

The broader markets were also on an upswing, with Nifty midcap 100 and Nifty smallcap 100 gaining up to 1.3 percent in early trade.

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All sectors traded in the green, with media, metal, and public sector bank indices showing the biggest gains. The Nifty PSU Bank index, in particular, has climbed 90% in FY24. There is still plenty of valuation comfort available, so this has the potential to rise even higher, according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Factors behind today's Rally

Global Market

The S&P 500 gained slightly at the end of the week on Thursday, marking its best first-quarter performance in five years. US stocks ended the shortened trading week mostly higher, with both the S&P 500 and the Dow Jones Industrial Average posting their strongest gains over two consecutive quarters since 2020. A resilient economy drove this, hoping for possible rate cuts later this year.

Meanwhile, Japanese stocks fell, with the Nikkei 225 index falling 1.5%. However, the other Asian indices traded in green as South Korea's Kospi and Hong Kong's Hang Seng index rose to 0.9%.

US Fed rate cut expectations: Earlier, The US Fed announced to consider 3 rate cuts this financial year. The Buzz around it is fueling the domestic market.

RBI Monetary Policy Meet: The Reserve Bank Of India's monetary policy meeting is scheduled to be held on April 3-5 and it is expected that the central bank body is likely to keep rates unchanged.

Q4 Results: Investors are waiting for good quarter 4 results from the listed companies.

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