Indian stock markets continued their robust upward trajectory on Thursday, April 17, capping off a fourth consecutive session of gains with significant advances across the board.
Buoyed by strong buying interest, particularly in financial stocks, and supported by positive global cues, the benchmark indices closed firmly in positive territory, reaching notable milestones.
The bullish sentiment was palpable throughout the trading day. At the closing bell, the BSE Sensex stood tall at 78,553.20, having surged an impressive 1,508.91 points, or 1.96%.
The broader NSE Nifty 50 index mirrored this strength, climbing 414.45 points, or 1.77%, to settle comfortably at 23,851.65.
Market breadth was decidedly positive, with approximately 2,340 shares advancing compared to 1,468 decliners on the BSE, while 149 shares remained unchanged.
This broad participation added heft to the rally, pushing the total market capitalization of BSE-listed firms up by a substantial Rs 4.33 lakh crore to Rs 419.33 lakh crore, according to media reports.
Financials and banks lead the charge
Spearheading the day’s advance were banking and financial stocks.
The Bank Nifty index climbed nearly 2.2%, propelled by strong buying in heavyweight constituents like HDFC Bank and ICICI Bank.
Significantly, these gains materialized just ahead of the banks’ scheduled release of their fourth-quarter earnings on April 19.
The collective contribution of key banking players – HDFC Bank, ICICI Bank, Axis Bank, SBI, and Kotak Mahindra Bank – accounted for a massive 730 points of the Sensex’s overall 1,500-point surge, highlighting their pivotal role in the rally.
Adding significant fuel to the fire was the sustained buying interest from Foreign Institutional Investors (FIIs).
Data showed FIIs remained net buyers for the second day running, snapping up Indian equities worth Rs 3,936 crore on Wednesday.
This brought their total net purchases over just two days to more than Rs 10,000 crore, signaling robust confidence in the Indian market outlook.
Supportive global backdrop and trade talk optimism
Positive cues also emanated from the international stage.
Asian markets generally rose as investors assessed ongoing trade negotiations between the United States and Japan.
While overarching uncertainty regarding President Donald Trump’s tariff policies kept sentiment somewhat fragile, signs of progress offered support.
Japan’s Nikkei index gained 1.35% as talks commenced, with President Trump unexpectedly joining the discussions and declaring “big progress” alongside Japanese negotiator Ryosei Akazawa.
Weaker dollar and stable oil lend support
A depreciating US dollar further bolstered sentiment towards emerging markets like India, as a weaker greenback typically encourages foreign capital inflows and supports the domestic currency.
The dollar index stood near 99.57 on Thursday, down significantly from levels around 109.88 seen in early February, lifting risk appetite.
Furthermore, relative stability in global oil markets provided comfort. With Brent crude hovering around $66.46 a barrel and US WTI near $63.2, concerns about import-driven inflation eased somewhat.
Lower crude prices are generally beneficial for India, a major oil importer, helping alleviate pressure on its current account deficit and inflation.
The continued positive sentiment stemming from President Trump’s earlier decision to postpone additional tariffs on many countries, including India, until July 9, also contributed to the supportive market environment.
Sectoral strength and stock movers
The bullishness was widespread across sectors, with all major indices ending in the green.
Telecom, PSU Banks, Oil & Gas, Pharma, Auto, Energy, and Private Banks posted gains ranging from 1% to 2%. Midcap and Smallcap indices also participated, each adding 0.5%.
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