Indian stock markets witnessed a rise for the fifth consecutive day today on Monday, 21 April. In early trade, the Sensex jumped above 1,000 points and the Nifty also crossed 24,000 points. Strong buying was seen in all sectors. The BSE Sensex rose 1,057.83 points to 79,611.03, while the NSE Nifty 50 was trading 330.00 points higher at 24,181.65.
Investors’ confidence is gradually returning
This rise in the fifth consecutive session is an indication that investors’ confidence is gradually returning. Both Sensex and Nifty touched their highest level since January 6. Banking stocks gained in early trade after excellent March quarter results of several big banks, but by afternoon IT stocks surged.
This rise is being supported by the return of foreign investors and hopes of successful trade talks between the US and India. Apart from this, the strength in the rupee is also a major reason for this rise, which rose 33 paise to 85.05 against the US dollar on Monday.
Banking and IT Stocks Lead the Charge
The reason for this rise in the stock market today is the excellent performance of banking stocks. In the Nifty 50 index, shares of ICICI Bank and HDFC Bank rose by 1.3 percent and 0.9 percent respectively. Both touched record high levels after the announcement of better-than-expected quarterly results. Due to this, the Bank Nifty index reached a new high of 55,200 during trading today. IT stocks also performed well today.
Tech Mahindra, ICICI Bank, and HCL Tech Among Top Gainers
Tech Mahindra was the best performing stock on the BSE Sensex, registering a gain of 6.14 percent. After that IndusInd Bank registered a gain of 4.45 percent. Apart from this, Bajaj Finserv gained 4.04 percent and HCL Technologies gained 3.83 percent. Axis Bank made its place in the top-5 with a gain of 3.81 percent. With this, the total market valuation of companies listed on BSE increased to Rs 6 lakh crore.
Strong growth in IT sector too
Nifty IT saw the highest gain in afternoon trade, with a jump of 3.25 percent. Nifty PSU Bank index recorded a gain of 2.67 percent and Nifty Private Bank recorded a gain of 2.44 percent, making IT the best trading sector of the day.
Nifty Midcap 100 recorded a gain of 2.33 percent and Nifty Smallcap 100 recorded a gain of 1.96 percent. Other sectors also did well. Nifty Oil & Gas recorded a gain of 2.31 percent and Nifty Metal recorded a gain of 2.18 percent. Financial services and automobile stocks also performed well.
Also Read – Indian Stock Market Bounces Back – What’s Driving the Sensex Rally?
