Market Rides On Bulls; Nifty Hits New Record High, Shy Of 22,800; Bajaj Twins Lead

In the early trading on May 3, the benchmark index Nifty 50 soared to a fresh all-time high of 22,787, while the Sensex edged tantalizingly close to its record peak, falling just 37 points short. This surge was fueled by robust gains in Bajaj Finance, following the Reserve Bank of India's decision to lift the ban on two of its digital lending products. As the market scales new heights, analysts maintain an optimistic outlook, anticipating Nifty's ascent towards the coveted 23,000 mark.

During the morning session, the Sensex surged by 453 points or 0.61% to reach 75,064, while the Nifty climbed by 135 points or 0.6% to touch 22,783.5. The market sentiment favoured the gainers, with approximately 1,961 shares advancing, 680 shares declining, and 110 shares remaining unchanged.

All sectors exhibited positive momentum within the first hour of trade, with Nifty Metal and Bank Nifty indices leading the charge. The India VIX, a measure of market volatility, witnessed a modest uptick of over 2%, reaching 13.74.

The optimism reverberated across broader markets as well, as the BSE Midcap and BSE Smallcap indices registered gains of up to 0.5% in the morning session.

The upbeat mood transcended borders, with global markets mirroring the positive sentiment. In the United States, equities surged as investors awaited the April employment report. The Dow Jones rose by 0.8%, the S&P 500 climbed by 0.9%, and the tech-heavy NASDAQ Composite gained 1%, closing on a strong note.

Across the Asia-Pacific region, markets rallied in tandem with Wall Street. South Korea's Kospi advanced by 0.4%, while Hong Kong's Hang Seng surged by over 2%, adding to the optimism coursing through global markets.

As attention shifts to the eagerly anticipated US jobs report for April, investors around the world are closely monitoring indicators of economic recovery and employment trends. The outcome of this report is poised to influence market dynamics and shape investor sentiment in the coming days.

The Indian stock market commenced the trading day on a high note, with the Nifty 50 scaling new peaks and the Sensex poised for a potential record-breaking rally. Bolstered by positive cues from global markets and upbeat investor sentiment, the outlook remains bullish, underscoring the resilience and optimism driving equities amidst global developments.