Indian Stock Market Extends Gains Amid Global Positivity

Indian Stock Market Extends Gains Amid Global PositivityImage: PTI

VoM News Desk | April 22, 2024 | 06:33 PM IST | Breaking News | Follow on Google News

Indian Stock Market Extends Gains Amid Global Positivity

Indian Stock Market Extends Gains: Positive Amid Global Positivity Global Cues and Market Sentiment

The Indian stock market, represented by the Sensex and the Nifty 50, continued its upward trajectory into the second consecutive session on Monday, April 22. This positive momentum was driven by favorable global cues and a decrease in geopolitical tensions in West Asia. The absence of further escalations between Israel and Iran provided reassurance to investors, reigniting risk appetite and brightening prospects for the Indian market.

Sensex and Nifty Performance

The Sensex opened at 73,666.51, touching an intraday high of 73,767.80 and a low of 73,227.32 before closing at 73,648.62, marking a significant gain of 560 points or 0.77%. Similarly, the Nifty 50 opened at 22,336.90, reaching an intraday high of 22,375.65 and a low of 22,198.15, ultimately closing at 22,336.40, up by 189 points or 0.86%.

Market Capitalization and Sectoral Performance

Mid and smallcap indices outperformed the benchmarks, with the BSE Midcap index rising by 0.93% and the Smallcap index jumping by 1.26%. Notably, nearly 240 stocks, including Bharti Airtel, Eicher Motors, Mahindra and Mahindra, and Siemens, hit their fresh 52-week highs. The overall market capitalization of BSE-listed firms saw an impressive rise to nearly ₹398 lakh crore, making investors richer by about ₹4.5 lakh crore in a single session.

Sectoral Highlights and Top Gainers/Losers

Most sectoral indices witnessed across-the-board buying, with Nifty PSU Bank leading the gains by surging 3.07%, followed by Nifty Consumer Durables rising 2.40%. Additionally, Nifty Bank closed 0.74% higher. Notable performers included Tata Consumer Products, BPCL, and Larsen & Toubro among the top gainers, while NTPC, HDFC Bank, and JSW Steel were among the top losers in the Nifty index.

Oil Price Movement

Crude oil prices experienced a decline, contributing to market optimism, with Brent Crude trading around $87 per barrel. This downward trend in oil prices further eased concerns over geopolitical tensions, contributing to the positive market sentiment.

VoM News Desk

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