Market Extends Gains to Fourth Day
The Indian stock market continued its positive momentum on Thursday, April 17th, marking the fourth consecutive session of strong gains for the benchmark Sensex and Nifty indices. Investor sentiment appeared buoyant, primarily fueled by robust performance in banking and oil & gas stocks, leading to a significant increase of approximately ₹4.96 lakh crore in overall market capitalisation.
Strong Index Performance
Both headline indices closed with substantial gains. BSE Sensex jumped 1,508.91 points, a significant rise of 1.96%, to settle at 78,553.20. The NSE Nifty 50 climbed 414.45 points, or 1.77%, closing above a key technical level at 23,851.65. Market breadth remained positive, although less overwhelmingly than the previous session, with about 2,340 shares advancing against 1,468 declining shares.
The positive trend was also visible, albeit moderately, in the broader market segments. The Nifty Midcap 100 index gained 0.6%, while the Nifty Smallcap 100 index rose by 0.4%.
Sectoral Strength, Led by Banks
The banking sector was the clear leader for the day. The Bank Nifty index surged over 2%, propelled by strong gains in heavyweight constituents like HDFC Bank and ICICI Bank. This investor enthusiasm comes just ahead of the scheduled release of fourth-quarter earnings results for major banks on April 19th.
Beyond banking, several other sectors posted solid gains of over 1%, including Auto, Pharma, Oil & Gas, and PSU Banks. Nifty FMCG, Metal, and Realty indices also clocked respectable gains of around 0.7%. However, bucking the overall positive trend, the Nifty IT index was the sole sectoral loser, declining by 0.35%, reportedly influenced by a cautious outlook shared by Wipro.
Stock-Specific Developments
- Gensol Engineering: Shares of the EPC company continued their decline, falling another 5%. This follows an interim order from the Securities and Exchange Board of India (SEBI) against the firm and its promoters regarding alleged fund diversion, imposing restrictions on their market activities and directorial roles.
- HDFC AMC: The asset management company's stock saw a late-session gain of about 2%. This came after reporting an 18% year-on-year increase in standalone net profit for Q4FY25 (reaching Rs 638 crore) and a 30% rise in revenue (to Rs 901 crore). However, the company did report a decline in its other income for the quarter.
Top Movers
Leading the gains on the Nifty 50 were Zomato (Eternal), ICICI Bank, Bajaj Finserv, Bharti Airtel, and Sun Pharma. On the losing side, the top drags included Wipro, Tech Mahindra, JSW Steel, Hero MotoCorp, and Coal India.
Thursday marked another strong day for Indian equities, extending the rally with broad participation, particularly from the influential banking sector ahead of earnings. Positive technical indicators are emerging, suggesting potential for further upside. While the IT sector showed weakness and specific stocks faced negative news, the overall market sentiment appeared decidedly positive as the week progressed.
