Sensex, Nifty 50 rise for 4th consecutive session— Key highlights from stock market

Domestic equity benchmarks- the Sensex and the Nifty 50- ended with healthy gains on Tuesday, April 7, extending gains for the fourth consecutive session even as the US-Iran war continues, crude oil prices stay up, and foreign institutional investors (FIIs) continue selling Indian stocks.

The Sensex closed the day at 74,616.58, gaining 510 points, or 0.69%, while the Nifty 50 rose by 155 points, or 0.68%, to settle at 23,123.65.

While the benchmarks ended with healthy gains, the mid and small-cap segments failed to mirror the same performance. The BSE 150 Midcap index inched up by 0.03%, while the BSE 250 Smallcap index rose by 0.16%.

The overall market capitalisation of firms listed on the BSE rose to slightly more than ₹429 lakh crore from ₹427.5 lakh crore in the previous session, making investors richer by more than ₹1.5 lakh crore in a single session.

"The domestic market extended its recovery trend, although the session opened on a weak note amid elevated crude prices and caution ahead of Trump’s deadline for Iran. Gains remained largely confined to IT, FMCG, and metals, while broader market breadth stayed weak, reflecting persistent caution," Vinod Nair, Head of Research, Geojit Investments, observed.

"IT stocks advanced on valuation comfort and support from INR-related benefits, while FMCG gained on positive pre-result commentary from large players. Investors are also awaiting the RBI policy decision, with rates widely expected to remain status quo," Nair added.

Stock market today: Key highlights

Sensex, Nifty rise for 4th session in a row

The Sensex and the Nifty ended higher for the fourth consecutive session despite persisting uncertainties over the US-Iran war, the reopening of the Strait of Hormuz, elevated crude oil prices, and relentless foreign capital outflow.

In these four sessions, the Sensex has gained 2,669 points, or 3.71%, while the NSE counterpart has jumped by 792 points, or 3.55%.

The market rebound could be attributed to the rupee's improving health and buying in oversold segments amid reports of diplomatic efforts to end the US-Iran war.

According to Nair, the near-term market direction may remain driven by geopolitical developments and selective value buying, with the focus gradually shifting to the earnings season to assess potential downgrade risks arising from higher crude prices and currency volatility.

Rupee extends gains

According to Bloomberg data, the Indian rupee ended 8 paise higher at 92.98 per dollar on Tuesday. From the record low of 95.23, the domestic currency has strengthened by 225 paise, or 2.4%.

Crude oil prices remain above $108 a barrel

Brent Crude prices eased about a per cent but stayed above the $108 per barrel mark as US President Donald Trump's final Tuesday deadline to reopen the Strait of Hormuz fast approaches, while the exchange of missiles from both sides continues.

Top gainers and losers in the Nifty 50 index

As many as 35 stocks in the Nifty 50 index ended in the green, among which Wipro, Hindalco Industries, TCS, HCL Technologies, Infosys, and Bharti Airtel ended at the top, rising 2-4%.

On the flip side, Dr. Reddy's Laboratories, InterGlobe Aviation (IndiGo), and Adani Enterprises ended as the top losers in the index, falling 1-2%.

Sectoral indices today

Except for Nifty PSU Bank (down 0.71%) and Consumer Durables (down 0.19%), all sectoral indices on the NSE ended higher.

Nifty IT (up 2.50%) ended at the top, followed by Realty (up 1.67%) and Metal (up 1.55%).

Nifty Bank ended with a modest gain of 0.20%, while the Financial Services index rose by 0.34%.

Most traded stocks on the NSE

Vodafone Idea, Ola Electric Mobility, PC Jeweller, Brainbees Solutions, Tata Gold Exchange Traded Fund, Tata Silver Exchange Traded Fund, Jaiprakash Power Ventures (JP Power), YES Bank, Reliance Power, and HDFC Bank were the most traded stocks, or most active stocks in terms of volume, on the NSE on Tuesday.

Stocks at 52-week high and low

As many as 70 stocks, including Natco Pharma, MTAR Technologies, CCL Products (India), and Anand Rathi Wealth, hit their 52-week highs in intraday trade on the BSE.

On the other hand, some 45 stocks, including JSW Infrastructure, Max Healthcare Institute, and Hariom Pipe Industries, hit their 52-week lows in intraday trade on the BSE.

Nifty's technical outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, on the hourly chart, the index has given a consolidation breakout. It has moved above the critical moving average on the lower timeframe, confirming a positive near-term outlook.

"On the higher end, resistance is placed at 23,200; a decisive move above this level may trigger the next bullish leg towards 23,500–23,800. On the downside, support is placed at 23,000," said De.

As per brokerage firm Angel One, the next key resistance for the Nifty is placed in the 23,500–23,600 zone, which coincides with a minor swing high on the daily chart, a bearish gap, and the 20 DEMA.

Angel One's analysts believe immediate support is near the 23000 mark, followed by today’s low around 22,700.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.