 "Chasing highs: Indian stock market closes with big gains again; Sensex up 1500 points, Nifty past 23,800")
Indian equities marked another day of major gains, ending the trading week robustly in green. Benchmark indices in the country rallied sharply for the third consecutive day on Thursday (April 17) on the back of renewed global risk appetite and strong domestic earnings.
The 30-share BSE Sensex leapt 1508.91 points or 1.96 per cent to end the day at 78,553.20. In this pack, the top gainers were Eternal (Zomato), ICICI Bank, Bharti Airtel, Sun Pharmaceuticals, and SBI. Tech Mahindra and Maruti Suzuki were the only two laggards.
The broader Nifty 50 index closed at 23,851.65, up 414.45 points or 1.77 per cent from yesterday’s closing levels.
Gains in large-cap stocks on the back of financials drove the market rally today. Vinod Nair, Head of Research at Geojit Financial Services attributed to this to “expectations of improved margins stemming from changes in savings deposit interest rates.”
He pointed out that the optimism surrounding the domestic market remains, enhanced further by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tensions.
“Positive sentiment was further supported by a reversal in FII flows, although the sustainability of this trend remains uncertain[…]Additionally, a moderating inflation trajectory towards more comfortable levels is further enhancing market sentiment.”
Sensex, Nifty 50 this week
Last week, Sensex closed at 75,157.26, while Nifty 50 ended at 22,828.5.
In the span of just three days in this trading week (taking into account the holidays for Dr BR Ambedkar Jayanti and Good Friday), the 30-share benchmark index has gone up 4.5 per cent. Nifty 50 has risen 4.4 per cent in the same time period.
Impact Shorts
More Shorts“Investor sentiment remains positive, supported by strong domestic fundamentals and the absence of any major global concerns[…]We continue to advocate a ‘buy on dips’ strategy, with a preference for rate-sensitive sectors for long trades, while remaining selective in other segments,” said Ajit Mishra – SVP, Research, Religare Broking.
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