Sensex Rallies Over 1,500 Points, Nifty Bank Nears Record High
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Synopsis
On April 17, the Indian stock markets soared, with the Sensex rising by over 1,500 points and the Nifty nearing an all-time high. Strong banking sector performance drove this momentum, showcasing robust investor sentiment amidst global uncertainties.
Key Takeaways
- Sensex gained 1,509 points, closing at 78,553.
- Nifty surged 414 points, ending at 23,852.
- Banking stocks were the primary drivers of the rally.
- Broad sectoral gains were seen across various industries.
- The Indian rupee closed stronger against the dollar.
Mumbai, April 17 (NationPress) The Indian stock markets finished significantly higher on Thursday, marking a fourth consecutive day of gains as robust buying in banking stocks propelled the domestic indices to impressive heights.
The Sensex, celebrating its 150th anniversary on April 17, began slightly lower at 76,968, dipping to a day's low of 76,666 during early trading. However, the index swiftly recovered, reaching an intra-day peak of 78,617, which is a remarkable increase of 1,951 points from the low.
By the close of the session, the Sensex registered a solid gain of 1,509 points, or 1.96%, settling at 78,553.
The Nifty index also experienced a strong rebound. After hitting an intra-day low of 23,299, the Nifty surged to a high of 23,872, ultimately closing the day 414 points higher at 23,852, marking an increase of 1.8%.
Leading the charge on the Nifty were companies such as Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma, and Eternal.
Conversely, stocks like Wipro, Hero MotoCorp, Tech Mahindra, and JSW Steel experienced some profit-taking, ending in the negative.
Buying interest spanned all major sectors, with telecom, PSU banks, oil and gas, pharmaceuticals, auto, energy, and private banks rising between 1% to 2%.
The broader market also showed strength, with the BSE Midcap and Smallcap indices each gaining approximately 0.5%.
As per Ruchit Jain, Vice President of Technical Research at Motilal Oswal, this rally seems more substantial than a mere short-term rebound, as it is backed by widespread participation, particularly from large-cap and banking stocks.
"The Bank Nifty index is now trading near its all-time high, indicating strong sectoral support," Jain noted.
Additionally, the Indian rupee displayed some resilience, closing 31 paise higher at 85.37 against the US dollar, up from Wednesday’s close of 85.68.
"Despite global concerns, domestic sentiment remains optimistic, fueled by strong purchases in heavyweight stocks and hopes for economic stability," analysts observed.
