Stock market news: Benchmark indices S&P BSE Sensex and NSE Nifty 50 opened higher on Monday, March 4, 2024, led by energy stocks, as strong domestic economic growth aided sentiment.

The blue-chip index NSE Nifty 50 rose as much as 0.28 per cent to a new record high of 22,440.90, while the BSE Sensex added 0.16 per cent to 73,918.72, as of 9:17 am.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “The optimistic outlook for the Nifty index suggests it will continue its upward trajectory, bolstered by a 12.5 per cent YoY increase in February's GST collections to Rs 1.68 lakh crore, marking the 12th consecutive month above Rs 1.5 lakh crore.” 

“Encouragements to maintain an aggressive bullish stance are supported by a mix of sentimental, fundamental, and technical analyses, forecasting a push towards the 22,500 mark, with Bank Nifty also joining the rally. Key events include Fed Chairman Jerome Powell's upcoming testimony, which could influence market expectations on rate cuts, currently anticipated to be three for the year, down from previous expectations. Also, US Nonfarm payrolls data and corporate updates from Aurobindo Pharma and Adani Group will be in focus,” he added.

Tapse also said that with Nifty advised to remain bullish above the 22,050 support level and specific trading strategies outlined for Nifty and Bank Nifty, investors are also encouraged to focus on value-buying, particularly in stocks like Adani Enterprises, Coal India, NMDC with Adani Enterprises highlighted for immediate investment based on momentum.