Sensex Soars by 855 Points, Nifty Closes Above 24,100; Banking and IT Drive Surge
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Synopsis
On April 21, Mumbai witnessed the Indian stock market's sustained rally, with the Sensex rising by 855 points and the Nifty closing above 24,100. The rally was driven primarily by significant gains in banking, IT, and auto sectors, showcasing robust investor interest. The broader market also saw impressive performances.
Key Takeaways
- Sensex climbed 855.30 points, closing at 79,408.50.
- Nifty increased 273.90 points to end at 24,125.55.
- Top stocks included Tech Mahindra and IndusInd Bank.
- Broad market indices also performed well.
- Rupee appreciated due to a weakening US dollar.
Mumbai, April 21 (NationPress) The Indian stock market has maintained its robust rally for the fifth consecutive day on Monday, as investors displayed significant buying interest in banking, IT, and auto stocks.
The Sensex surged by 855.30 points, equivalent to 1.09 per cent, closing at 79,408.50. Likewise, the Nifty index of the National Stock Exchange (NSE) finished positively, climbing 273.90 points, or 1.15 per cent, to close at 24,125.55.
Among the 30 stocks comprising the Sensex, the leading gainers were Tech Mahindra, IndusInd Bank, Power Grid Corporation, Bajaj Finserv, and Mahindra and Mahindra. Some of these stocks experienced gains of up to 4.91 per cent during the day.
Over the last five trading sessions, the Sensex has increased by 7.5 per cent, translating to 5,562 points. In the same timeframe, the Nifty has risen by 7.7 per cent, or 1,726 points.
The broader markets outperformed the main indices, with the Nifty Midcap100 climbing 2.50 per cent and the Nifty Smallcap100 increasing by 2.21 per cent.
Demand for banking stocks remained strong, as the Bank Nifty index reached a new peak of 55,461.65 during intraday trading. It ultimately closed at 55,304.50, marking a rise of 1.87 per cent.
The top gainers in the banking sector included AU Small Finance Bank, IDFC First Bank, IndusInd Bank, and Federal Bank, which saw gains ranging from 3.72 per cent to 7.32 per cent.
Additionally, both the Nifty Private Bank and PSU Bank indices concluded the day with gains exceeding 2 per cent each.
Besides banking, most other sectors on the NSE also finished in the green, with Nifty IT, Auto, Realty, and Oil and Gas indices all rising by more than 2 per cent.
Conversely, the Nifty FMCG index was the only one to finish slightly lower. Meanwhile, the Indian rupee began the week with positive momentum, achieving its fifth consecutive day of gains.
This favorable trend was supported by a weakening US dollar against major global currencies. Additionally, strong performance in domestic equity markets, steady inflows from foreign investments, and a decline in crude oil prices contributed to the rupee's appreciation, according to Dilip Parmar, senior research analyst at HDFC Securities.
