Mumbai, April 21 – Indian equity markets extended their winning streak for the fifth consecutive trading session on Monday, buoyed by strong buying in banking and IT stocks. The benchmark BSE Sensex surged 855.30 points, or 1.09 percent, to close at 79,408.50, crossing the 79,000 mark. The broader NSE Nifty also advanced 273.90 points, or 1.15 percent, to end at 24,125.55, surpassing the 24,100 level.
As per agency report, the sustained rally was driven by strong quarterly earnings, positive foreign institutional investment (FII) inflows, and optimism surrounding a potential India-US bilateral trade deal. Over the past five trading sessions, the Sensex has gained more than 5,561 points, or over seven percent, while the Nifty has climbed 1,726 points, effectively recovering losses triggered by U.S. President Donald Trump's announcement of retaliatory tariffs earlier this month.
Top gainers on the Sensex included Tech Mahindra, IndusInd Bank, Power Grid, Bajaj Finserv, Mahindra & Mahindra, HCL Technologies, State Bank of India, Kotak Mahindra Bank, Infosys, and Reliance Industries. Meanwhile, Adani Ports, Hindustan Unilever, ITC, Asian Paints, and Nestle India ended in the red.
Shares of HDFC Bank rose over one percent following the announcement of a seven percent increase in its consolidated net profit to Rs 18,835 crore for the March quarter. Reliance Industries also gained nearly two percent, adding to the market’s bullish momentum.
The BSE Midcap Index rose by 2.20 percent, while the Smallcap Index advanced by 1.67 percent, reflecting broad-based participation in the rally.
According to market analysts, improving asset quality and strong loan growth in the banking sector have attracted investors to financial stocks. Positive sentiment was also supported by the continued interest of FIIs, who bought shares worth Rs 4,667.94 crore on Thursday.
Vinod Nair, Head of Research at Geojit Financial Services, noted that the market is witnessing a strong bullish trend, with Nifty finally breaking past the 24,000 level after multiple attempts. He also emphasized that renewed hopes for a bilateral trade agreement with the U.S. are providing further support to investor confidence.
Market breadth on the BSE was significantly positive, with 2,918 stocks advancing, 1,168 declining, and 161 remaining unchanged.
Among other Asian markets, South Korea’s KOSPI and China’s Shanghai Composite ended higher, while Japan’s Nikkei closed in the red. The Hong Kong market remained shut for a holiday.
In the U.S., equity markets closed lower on Thursday and remained shut on Friday due to Good Friday. Meanwhile, Brent crude, the global oil benchmark, fell 2.71 percent to $66.25 per barrel.
