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Markets have been in a 9-days rally in a row! They have been in green on all days of April hence. From March 29 to April 13th, Sensex skyrocketed by over 2,817 points or 4.9%. While Nifty 50 jumped by over 876 points or 5.2%.
Broadly, the tone of the market was bullish with midcaps and small-caps outperforming on Thursday after RBI paused repo rate hike in an unexpected move. Sensex and Nifty 50 rallied for the fifth day in a row.
The next big thing for the Indian market would be RBI's first bi-monthly monetary policy for the financial year FY24. Also, last quarterly results of FY23 will contribute in swaying sentiments. On Tuesday, investors showed cautious tone in Sensex and Nifty 50 ahead of these major events.
Pushed by Swiss regulators UBS and Credit Suisse agreed on a merger deal. UBS will be the surviving entity. The Zurich-headquartered bank will acquire Credit Suisse for CHF 3 billion (approximately $3.25 billion).Also, markets focused on the upcoming Fed policy.
On Monday, except for Tech Mahindra, all other major stocks on Sensex were in the red. IndusInd Bank, SBI, M&M, Infosys, Bajaj Finserv, and Axis Bank were the top losers. Heavyweight Reliance Industries also hit a new 52-week low before ending lower by 1.7%.