Stock market rally: 5 factors that pushed Sensex, Nifty higher today
L&T, Axis Bank, Bajaj Finance, Ultratech Cement and Wipro shares were the top Sensex gainers, rising up to 2.67 per cent. Of 30 Sensex stocks, 25 ended in the green.
- Apr 22, 2024,
- Updated Apr 22, 2024 4:30 PM IST
The Indian market extended its relief rally for the second straight session on Monday. Sensex gained 560 pts to 73,648 and Nifty added 189 pts to 22.336. Market cap of BSE-listed firms rose to Rs 398.15 lakh crore. L&T, Axis Bank, Bajaj Finance, Ultratech Cement and Wipro shares were the top Sensex gainers, rising up to 2.67 per cent. Of 30 Sensex stocks, 25 ended in the green.
Shares of NTPC, Axis Bank, JSW Steel, IndusInd Bank and Tata Steel were the only Sensex losers, falling up to 1.82%. Market breadth was positive with 2036 stocks rising against 1811 stocks falling on BSE. 96 shares were unchanged.
On Friday (April 19), Sensex and Nifty snapped a four-day losing streak. Sensex rose 599.34 pts or 0.83 per cent to 73,088.33 and Nifty climbed 151.15 pts or 0.69 per cent to end at 22,147.00,
Here’s a look five factors that pushed the indices in green today/
Relief rally
The Indian market extended last Friday's relief rally as tensions between Iran and Israel in Middle East saw a big respite over the weekend. According to reports, Israel did not make any public comment on airstrikes in Iran last week. Iran too played down the Israel attack.
"What happened last night was no attack," Iranian Foreign Minister Hossein Amir-Abdollahian was quoted as telling NBC News.
Analyst take
Vinod Nair, Head of Research, Geojit Financial Services said, "The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels. Hawkish remarks from the US FED, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near-term."
Brent crude prices fall
Oil prices slipped over 1% as the market focus switched to fundamentals after Israel and Iran downplayed the risk of an escalation of hostilities following Israel's apparently small strike on Iran. Brent futures fell $1.21, or 1.4%, to $86.08 a barrel. The front-month U.S. West Texas Intermediate (WTI) crude contract for May , which expires on Monday, fell 97 cents, or 1.2%, to $82.17 a barrel.
FII/ DII data
While DIIs sold shares worth Rs 52.50 crore, FIIs bought equities worth Rs 129.29 crore , according to NSE data.
Capital goods, consumer durables shares rally
Capital goods, consumer durables, auto and banking shares led the gains in the current trading session with their BSE indices rising 1325 pts, 1,000 pts, 454 pts and 501 pts, respectively.
The Indian market extended its relief rally for the second straight session on Monday. Sensex gained 560 pts to 73,648 and Nifty added 189 pts to 22.336. Market cap of BSE-listed firms rose to Rs 398.15 lakh crore. L&T, Axis Bank, Bajaj Finance, Ultratech Cement and Wipro shares were the top Sensex gainers, rising up to 2.67 per cent. Of 30 Sensex stocks, 25 ended in the green.
Shares of NTPC, Axis Bank, JSW Steel, IndusInd Bank and Tata Steel were the only Sensex losers, falling up to 1.82%. Market breadth was positive with 2036 stocks rising against 1811 stocks falling on BSE. 96 shares were unchanged.
On Friday (April 19), Sensex and Nifty snapped a four-day losing streak. Sensex rose 599.34 pts or 0.83 per cent to 73,088.33 and Nifty climbed 151.15 pts or 0.69 per cent to end at 22,147.00,
Here’s a look five factors that pushed the indices in green today/
Relief rally
The Indian market extended last Friday's relief rally as tensions between Iran and Israel in Middle East saw a big respite over the weekend. According to reports, Israel did not make any public comment on airstrikes in Iran last week. Iran too played down the Israel attack.
"What happened last night was no attack," Iranian Foreign Minister Hossein Amir-Abdollahian was quoted as telling NBC News.
Analyst take
Vinod Nair, Head of Research, Geojit Financial Services said, "The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels. Hawkish remarks from the US FED, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near-term."
Brent crude prices fall
Oil prices slipped over 1% as the market focus switched to fundamentals after Israel and Iran downplayed the risk of an escalation of hostilities following Israel's apparently small strike on Iran. Brent futures fell $1.21, or 1.4%, to $86.08 a barrel. The front-month U.S. West Texas Intermediate (WTI) crude contract for May , which expires on Monday, fell 97 cents, or 1.2%, to $82.17 a barrel.
FII/ DII data
While DIIs sold shares worth Rs 52.50 crore, FIIs bought equities worth Rs 129.29 crore , according to NSE data.
Capital goods, consumer durables shares rally
Capital goods, consumer durables, auto and banking shares led the gains in the current trading session with their BSE indices rising 1325 pts, 1,000 pts, 454 pts and 501 pts, respectively.