In a display of sustained positive momentum, India’s key equity benchmarks, the Sensex and Nifty, soared for the third successive session on April 23, propelled upwards by robust performances in the telecom, technology, and consumer durables sectors, which echoed the upbeat sentiments reigning in the global markets.
The trading day bore witness to the 30-share BSE Sensex mounting a spirited rally of over 400 points before settling at a modest increase of 89.83 points or 0.12%, to close at 73,738.45. At one juncture during the session, it reached an intraday high, spiking 411.27 points or 0.55%, to 74,059.89.
The Nifty, on the other hand, despite trimming most of its substantial early gains, managed to end on a positive note. The broader NSE Nifty edged up by 31.60 points or 0.14%, to close at 22,368, having earlier in the day climbed as much as 111.15 points or 0.49%, peaking at 22,447.55.
However, the upward march was not broad-based. It was limited by significant selling pressure on the index heavyweight Reliance Industries, where investors engaged in profit-booking, causing a drag on market indices. Shares of Reliance Industries fell by more than one percent, ultimately ending the day at ₹2,918.50 per scrip.
Amongst the constellation of gainers from the Sensex pack, prominent names included Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints, and the State Bank of India.
Conversely, several constituents languished in the red. This group included Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra, and Bajaj Finance.
Shifting focus to Asian equities, Tokyo and Hong Kong indices wrapped up the day positively, while counterparts in Seoul and Shanghai did not fare as well, ending the day in negative territory.
In a similar optimistic note, European markets showed strength and were trading higher, resonant of the affirmative finish on Wall Street the preceding Monday.
The global oil benchmark, Brent crude, mirrored the upward trend, increasing 0.41% to settle at $87.36 a barrel.
In terms of investment flow, Foreign Institutional Investors (FIIs) withdrew equities worth ₹2,915.23 crore on Monday, as per the data available from stock exchanges. This sale came after a brief respite from such offloading activities.
To summarize the stock movement at the beginning of the week, the BSE benchmark leaped 560.29 points or 0.77%, to settle at 73,648.62 on Monday. Its broader counterpart, the NSE Nifty, also witnessed a considerable surge, going up by 189.40 points or 0.86%, ending at 22,336.40.
The unfolding of these trading sessions reflects a market responding to the rhythms of the international financial beats, underpinned by strong buying in key sectors, despite the isolated pockets of profit booking leading to some heavyweight index stocks experiencing a dip. As we advance, investors and market spectators alike remain attuned to global market cues, oil price dynamics, and FII behaviors for shaping their strategies and expectations in the ever-volving marketplace.
