Synopsis
On April 16, the Indian stock market continued its upward trend for the third day in a row, led by significant gains in financial stocks, especially private banks. The Sensex and Nifty both recorded substantial increases amidst global market pressures.Key Takeaways
- Sensex rises 309 points to close at 77,044.
- Nifty gains 104.60 points, closing at 23,433.
- Private banks are major contributors to market growth.
- Maruti Suzuki and Tata Motors among top losers.
- Overall market sentiment remains positive despite global challenges.
Mumbai, April 16 (NationPress) The Indian stock market is on a continuing upward trend for the third consecutive trading session, driven by robust buying in financial stocks, particularly among private banks and select oil and gas shares.
The Sensex began the day with a rise of 262 points to open at 76,996, but experienced a dip into negative territory, reaching a low of 76,544 due to unfavorable global cues amidst escalating US-China trade tensions. However, it bounced back, climbing 556 points from the day's low to hit a peak of 77,110, ultimately closing at 77,044, which is an increase of 309 points or 0.4 percent.
Over the past three trading sessions, the Sensex has accumulated a total gain of 3,197 points.
The Nifty index demonstrated a similar pattern, sinking to a low of 23,273 before rising to a high of 23,452. It concluded the session near its peak at 23,433, marking a gain of 104.60 points or 0.45 percent. In three days, the Nifty has surged by 1,038 points.
Key gainers on the Nifty included IndusInd Bank, Axis Bank, Trent, ONGC, and Asian Paints.
Conversely, Maruti Suzuki, Bajaj Finance, and Tata Motors were among the significant losers. Sector-wise, all indices except for autos finished in the green.
Media, PSU banks, and oil and gas stocks emerged as the strongest performers with increases of 1-2 percent. The broader market also exhibited strength, as both the BSE Midcap and Smallcap indices rose by 0.5 percent each.
Meanwhile, equity markets across other Asian countries faced pressure due to US President Donald Trump’s threats of imposing tariffs of up to 245 percent on Chinese imports, which negatively impacted investor sentiment.
Both the Hang Seng and Taiwan indices fell nearly 2 percent, while Kospi and Nikkei dropped more than 1 percent.
“On the daily chart, the index has closed above the 100-EMA for the second consecutive session. Current support is at 23,300, and positive sentiment is expected to persist as long as it remains above this threshold,” stated Rupak De of LKP Securities.
According to Dilip Parmar from HDFC Securities, supported by foreign investment inflows, a weaker US dollar, and promising economic data, the rupee has appreciated for the third straight day. The short-term outlook indicates a bearish trend for USD-INR, with support around 85.40 and resistance at 86.05.
