Benchmark indices extended their winning streak for the fifth consecutive session on Monday, with the Sensex closing 855.30 points or 1.09 per cent higher at 79,408.50, and the Nifty 50 rising 273.90 points or 1.15 per cent to end at 24,125.55. The rally was fueled by strong quarterly earnings from key private sector banks and renewed foreign institutional buying.
Tech Mahindra emerged as the top gainer on the NSE, surging 5.14 per cent to close at ₹1,374. Other major gainers included Trent (4.32 per cent), IndusInd Bank (4.06 per cent), Power Grid (3.56 per cent), and Hero MotoCorp (3.49 per cent). On the losing side, Adani Ports declined 1.27 per cent, followed by HDFC Life (-1.12 per cent), ITC (-1.01 per cent), Hindustan Unilever (-0.97 per cent), and Asian Paints (-0.94 per cent).
The broader market significantly outperformed the headline indices, with the Nifty Midcap 100 rising 2.50 per cent to 53,974.45 and the Nifty Smallcap 100 gaining 2.21 per cent. Market breadth was overwhelmingly positive, with 2,918 stocks advancing against 1,168 declines on the BSE, while 161 remained unchanged. A total of 115 stocks hit 52-week highs, compared to 48 touching 52-week lows.
“Benchmark indices opened on a positive note amid mixed global cues. The Nifty opened with a gap-up, maintained its bullish momentum, and eventually settled at 24,126,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.
Sectoral performance was broadly positive, with banking and financial stocks leading the charge. Nifty Bank surged 1.87 per cent to 55,304.50, reaching a record high, while Nifty Financial Services gained 1.39 per cent. Nifty IT climbed 2.5 per cent, led by Tech Mahindra and HCL Tech. Only the FMCG sector closed in the red, dragged down by losses in ITC and Hindustan Unilever.
“Bank Nifty hit record highs after the earnings announcements. Coupled with this, the US Dollar has weakened significantly owing to the pressure from Trump on the US Fed and chair Powell to cut rates, likely threatening its independence. Weakening USD is positive for emerging markets like India,” noted Satish Chandra Aluri from Lemonn Markets Desk.
The Indian rupee continued its upward momentum for the fifth consecutive day, appreciating by 24 paise against the US dollar to close at 85.13, its strongest level since December 2023.
“The Indian rupee commenced the week with upward momentum, marking its fifth consecutive day of gains. This positive trend was fuelled by a weakening US dollar against major global currencies,” said Dilip Parmar, Senior Research Analyst at HDFC Securities.
Jateen Trivedi, VP Research Analyst at LKP Securities, added, “Rupee traded very strong with gains of 0.30rs at 85.05, backed by continued weakness in the dollar, which fell to 98.00, and Crude prices slipping below $62.50, providing dual support to the local currency.”
In the commodities market, gold prices continued their record-breaking rally. “Gold prices extended their record-breaking rally as the fresh week kicked off with strong early buying. Comex gold approached the $3,400 mark, trading near $3,395, while MCX gold surged to ₹96,775, registering fresh all-time highs,” commented Trivedi.
From a technical perspective, analysts remain optimistic about the market’s near-term outlook. “The Nifty has given a clean breakout above the previous swing high on the daily chart as optimism among investors increases. Sentiment is expected to remain positive as long as the index sustains above the critical moving average,” said Rupak De, Senior Technical Analyst at LKP Securities.
Shrikant Chouhan, Head Equity Research at Kotak Securities, believes the short-term market texture is bullish but cautioned about potential profit-booking at higher levels. “For traders, the 24,200-24,325/79700-80000 range would act as key resistance areas, while 24,000/79000 and 23,900/78700 could serve as crucial support zones,” he advised.
Looking ahead, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, sees further upside potential: “The underlying trend of Nifty continues to be strong. A sustainable move above 24,200, Nifty could advance towards the next resistance of 24,550 levels in the near term.”
The market’s strong performance comes amid the ongoing quarterly earnings season, with focus likely to remain on company-specific actions in the coming days. The technical breakout above key resistance levels suggests continued momentum, though some analysts advise caution after the rapid ascent of over 2,400 points in just eight trading sessions from the recent low of 21,743.
Published on April 21, 2025
