Sensex and Nifty Celebrate 7 Consecutive Days of Gains
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Synopsis
On April 23, Indian stock markets witnessed a seventh consecutive day of gains, led by IT shares, despite concerns following a terror attack in Pahalgam. The Sensex reached a new calendar high, while the Nifty also performed strongly, reflecting positive investor sentiment.
Key Takeaways
- Sensex gains 521 points, closing at 80,116.
- Nifty rises 162 points, ending at 24,329.
- HCL Technologies posts best single-day gain since 2019.
- IT stocks drive market performance.
- Banking sector faces profit-taking.
Mumbai, April 23 (NationPress) Despite the unsettling news of the Pahalgam terror attack, Indian stock markets have maintained their upward trajectory for the seventh consecutive trading session on Wednesday, primarily driven by robust gains in IT shares.
The Sensex began positively, soaring 548 points to reach 80,142, later peaking at 80,255 during the day.
However, the index faced a setback due to profit-taking in banking stocks, dipping to a low of 79,507 before ultimately recovering to close with a gain of 521 points at 80,116.
This marks a new calendar year high for the Sensex, which has surged by 8.5 percent or 6,269 points over the past seven sessions.
In parallel, the Nifty opened strongly at 24,359 but fell to 24,120 during trading. It rebounded to finish 162 points higher at 24,329.
Throughout the last week, the Nifty has increased by 8.6 percent or 1,930 points, with a significant rally in IT stocks being the highlight.
HCL Technologies saw its shares rise nearly 8 percent following an 8.1 percent increase in net profit and a 6.1 percent rise in revenue for the fourth quarter, marking the company’s best single-day performance since September 2019.
Other notable IT companies like Tech Mahindra and Infosys gained 5 percent and 4 percent respectively, while TCS climbed 2.5 percent.
In addition to IT, other stocks including Tata Motors, Mahindra and Mahindra, Sun Pharma, Tata Steel, Maruti, Nestle India, and Larsen and Toubro also showed significant gains.
Conversely, banking stocks were under pressure, with Kotak Mahindra Bank, HDFC Bank, SBI, and Axis Bank experiencing declines of 1 to 2 percent due to profit-taking.
In the broader market, the BSE MidCap index increased by 1 percent, while the SmallCap index rose by 0.2 percent.
Among sectoral indices, the Nifty IT index emerged as the top performer, climbing 4.3 percent. The auto index advanced by 2.5 percent, while both the pharma and realty sectors grew by 1.4 percent each.
Market analysts suggest that positive global cues and strong corporate earnings are bolstering investor sentiment.
“The positive momentum was primarily fueled by encouraging corporate earnings and a notable rally on Wall Street, where US indices surged following President Donald Trump’s reassuring comments regarding Federal Reserve Chair Jerome Powell and the ongoing trade discussions with China,” stated Sundar Kewat from Ashika Institutional Equity.
