Indian Stock Market Rallies on April 21st. The Sensex surged 855 points to close at 79,408, while the Nifty climbed 273 points to reach 24,125. Banking stocks showed significant strength.
Closing Market: The Indian stock market witnessed a significant rally on Monday, April 21st. Domestic markets performed exceptionally well despite weakness in Asian markets and subdued Nifty movements. The rise in major banking stocks, including ICICI Bank, Axis Bank, and HDFC Bank, provided b support to the market. Additionally, gains in some IT stocks contributed to the positive market sentiment.
Sensex and Nifty Performance
The BSE's flagship index, Sensex, opened at 78,903.09 and showed an upward trend from the start of trading. It reached a high of 79,635 and ultimately closed at 79,408.50, up 855.30 points (1.09%). Meanwhile, the Nifty also opened bly and climbed to 24,189.55 during trading. The Nifty finally closed at 24,125.55, up 273.90 points (1.15%).
Reasons for Market Surge
- Banking Stock Gains: Strong March quarter results from companies like ICICI Bank, HDFC Bank, and Axis Bank led to a rise in their share prices by up to 5%. This surge in banking stocks fueled the overall market rally.
- India-US Trade Deal Prospects: The four-day visit of US Vice President Kamala Harris and the possibility of a bilateral trade agreement between the two countries boosted positive market sentiment.
- India's Resilience Amidst Global Economic Uncertainty: Despite US trade policies and global uncertainties, the resilience of the Indian economy has instilled confidence in the market.
Top Gainers and Losers
Of the 30 Sensex stocks, 23 registered gains. Top gainers included Tech Mahindra, IndusInd Bank, Power Grid Corporation, Bajaj Finserv, and Mahindra & Mahindra, with increases of up to 4.91%. Conversely, shares of companies like Adani Ports and Hindustan Unilever experienced declines.
Global Market Overview
Regarding global markets, Japan's Nikkei 225 fell by 0.74%, while South Korea's Kospi rose by 0.5%. Australian and Hong Kong markets were closed due to the Easter holiday. US index futures declined, with futures tied to the S&P 500, Nasdaq-100, and Dow Jones indices down by 0.5%.
Record High in Gold Prices
Gold prices reached a new record high today. Spot gold touched $3,368.92 per ounce, an all-time high. This surge is attributed to global economic uncertainties and investors' flight to safety.
