Markets Rally For Fourth Straight Day; Sensex Surges Over 1,500 Points, Nifty Nears 24,000

Bank Nifty led the sectoral indices with a gain of over 2 per cent, powered by strong performances from heavyweights HDFC Bank and ICICI Bank, ahead of their Q4 earnings scheduled for Thursday

Broader markets mirrored the upbeat sentiment, with the Nifty Midcap 100 and Smallcap 100 rising 0.6 per cent and 0.4 per cent, respectively

Source : ABPLIVE AI

Benchmark indices extended their winning streak for a fourth consecutive session on Thursday, driven by robust gains in banking and oil & gas stocks. The rally added a massive Rs 4.96 lakh crore to the overall market capitalisation, reflecting strong investor sentiment.

The Sensex soared 1,508.91 points, or 1.96 per cent, to close at 78,553.20, while the Nifty 50 advanced 414.45 points, or 1.77 per cent, to end at 23,851.65. Market breadth remained positive with 2,340 stocks advancing, 1,468 declining, and 149 remaining unchanged.

Top gainers on the Nifty included Zomato (Eternal), ICICI Bank, Bajaj Finserv, Bharti Airtel, and Sun Pharma. On the other hand, Wipro, Tech Mahindra, JSW Steel, Hero MotoCorp, and Coal India were among the key laggards.

Sectorial Update

Bank Nifty led the sectoral indices with a gain of over 2 per cent, powered by strong performances from heavyweights HDFC Bank and ICICI Bank, ahead of their Q4 earnings scheduled for April 19. The bullish sentiment also spilled over to other sectors—Auto, Pharma, Oil & Gas, and PSU Banks all posted gains of more than 1 per cent. Nifty FMCG, Metal, and Realty indices also ended higher, each adding around 0.7 per cent. The lone underperformer was Nifty IT, which slipped 0.35 per cent amid cautious commentary from Wipro.

Broader Market Update

Broader markets mirrored the upbeat sentiment, with the Nifty Midcap 100 and Smallcap 100 rising 0.6 per cent and 0.4 per cent, respectively.

From a technical perspective, the Nifty breaking above the 23,800–23,850 resistance zone is a bullish sign. Analysts now expect the index to potentially move toward the 24,200 mark. The formation of higher highs and higher lows on the charts signals a strengthening uptrend—one that hasn’t been seen since October last year.

Expert Comment

Bajaj Broking Research noted, "Benchmark indices witnessed strong rally during previous week rallying 4.5 per cent amid firm global cues and sustained foreign fund inflows. Banking stocks were the standout performers, rallying on the back of easing CPI data and normal monsoon forecast, which boosted hopes of a deeper rate cut cycle by the Reserve Bank of India. US President Donald Trump announced tariff exemptions for smartphones and computers and signalled a possible pause on auto tariffs which boosted sentiments. Nifty started the week on a strong note and gained momentum as the week progressed to close the week at 23,851.65 levels up by 4.5 per cent. On Thursday’s session extended their fantastic run for a fourth straight session on April 17 buoyed by strong gains in bank and oil & gas stocks that lifted market sentiment. Nifty was up 414.45 points or 1.77 percent at 23,851.65. In today's session, the Nifty Midcap and Small cap 100 indices also mirrored positive trends with gains of 0.6 and 0.3 per cent, respectively.