Stock market today: Sensex, Nifty extend gains into 2nd straight session; investors earn

Stock market today: The Indian stock market benchmarks, the Sensex and the Nifty 50 extended their gains into the second consecutive session on Monday, April 22, tracking positive global cues amid easing concerns over geopolitical tensions in West Asia.

No further escalation of tensions between Israel and Iran has provided comfort to the market, and investors’ risk appetite appears to have been reignited given the bright prospects of the Indian market.

“The biggest positive for the market in the near term is that the feared escalation in the Israel-Iran tension is unlikely to happen. Israel didn’t officially confirm its strike in Iran and Iran downplayed the Israeli strike by ignoring it. The takeaway is that both sides don’t want an escalation of tensions,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex opened at 73,666.51 against its previous close of 73,088.33 and touched its intraday high and low of 73,767.80 and 73,227.32 respectively. The index closed 560 points, or 0.77 per cent, higher at 73,648.62.

The Nifty 50 opened at 22,336.90 against its previous close of 22,147 and touched its intraday high and low of 22,375.65 and 22,198.15 respectively. The index ended the day at 22,336.40, up 189 points, or 0.86 per cent.

Mid and smallcap indices outperformed the benchmarks. The BSE Midcap index rose 0.93 per cent while the Smallcap index jumped 1.26 per cent.

Nearly 240 stocks, including Bharti Airtel, Eicher Motors, Mahindra and Mahindra and Siemens, hit their fresh 52-week highs in intraday trade on BSE.

The overall market capitalisation of BSE-listed firms rose to nearly ₹398 lakh crore from nearly ₹393.5 lakh crore in the previous session, making investors richer by about ₹4.5 lakh crore in a single session.

Meanwhile, crude oil prices declined further on easing concerns over geopolitical tensions. Brent Crude traded about half a per cent down near the $87 per barrel mark around 4 pm.

Top Nifty gainers today

As many as 44 stocks ended in the green in the Nifty 50 index among which Tata Consumer Products (up 3.29 per cent), BPCL (up 3.11 per cent) and Larsen & Toubro (up 2.89 per cent) were at the top.

Top Nifty losers today

Shares of NTPC (down 1.80 per cent), HDFC Bank (down 1.11 per cent) and JSW Steel (down 0.98 per cent) ended as the top losers in the Nifty index.

Sectoral indices today

The Indian stock market witnessed across-the-board buying as most sectoral indices ended with gains.

Nifty PSU Bank surged 3.07 per cent, ending as the top gainer among sectoral indices. It was followed by Nifty Consumer Durables which rose 2.40 per cent

Nifty Bank closed 0.74 per cent higher.

Nifty Pharma (up 1.30 per cent) and Healthcare (up 1.08 per cent) rose over a per cent each.

Expert views on markets

“The Indian market extended last Friday’s relief rally as Middle East tension saw some respite, though the situation remains fluid. 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,” said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

“Last Friday, prices rebounded sharply from the critical 89 EMA (exponential moving average) support, forming a bullish ‘piercing line’ candlestick pattern. With the start of the new week, bullish sentiment seems revived, especially with broader market participation. Nifty has now swiftly recovered more than 50 per cent of last week’s losses from its all-time high of 22,775. However, uncertainties persist, particularly regarding geopolitical developments and the onset of the election season, which heavily influence market direction,” said Rajesh Bhosale, Technical Analyst, at Angel One.

“Traders are advised to remain vigilant and avoid complacent bets. Key levels to monitor for Nifty are around 22,400 – 22,500, coinciding with a bearish gap and the key 61.8 per cent retracement level, while the bullish gap around 22,200 – 22,150 is expected to provide immediate support,” said Bhosale.

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