Indian stock market rebounds: Sensex sees 1,000-point jump, Nifty soars over 24,300

Benchmark indices began the trading week strongly on Monday (April 28), rebounding from the previous session’s decline.

The 30-share BSE Sensex rose by over 1,000 points, or around 1 per cent, from its previous closing level at 12:20 pm. The index was hovering above the 80,200 mark. The broader Nifty 50 index gained about 300 points from its previous close to trade above 24,300.

Among the Sensex pack, Reliance Industries, M&M, SBI, and ICICI Bank were the top gainers, trading 1-2 per cent higher than Friday’s levels. HCL Tech, Nestle India, Maruti Suzuki, Asian Paints, and UltraTech Cement saw losses.

Reliance Industries was the biggest gainer after reporting fourth-quarter earnings that were above expectations, boosted by robust growth in its retail and digital services divisions.

Broader market faring well

The market capitalisation of all companies listed on the BSE increased by Rs 2.9 lakh crore to Rs 424.46 lakh crore, according to a report by News18.

All broader market indicators were firmly in the green, indicating a strong market mood.

Except for Nifty IT, all sectoral indices traded higher, with the Nifty PSU Bank, Consumer Durables, Oil & Gas, and Private Bank indexes rising by more than 1 per cent.

FIIs driving market rise?

There are multiple factors behind the bullish sentiment in the market today. However, the one that stands out the most is the strategy of Foreign Institutional Investors (FIIs).

For a little over a week now, FIIs have remained sustained buyers in the Indian market despite the heightened India-Pakistan tensions. “The cumulative buy figure through the exchanges during this eight-day period is Rs 32,465 crores,” said Dr VK Vijayakumar of Geojit Financial Services.

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He attributes these strong FII inflows in India to two factors: “One, the sustained rise is dollar which triggered the momentum trade towards US equities has reversed with the dollar index falling from a peak of 111 in mid-January this year to around 99 now. Two, the steep decline in US growth expected this year will impact corporate earnings in US while the Indian economy will continue to remain resilient with growth of above 6 per cent accompanied by recovery in corporate earnings,” he said.