Updated April 22nd, 2024 at 15:57 IST

Sensex surges 560 points, Nifty crosses 22,300 led by financials, FMCG

The blue-chip S&P BSE Sensex ended 560.29 points higher at 73,648.62 while the broader NSE Nifty 50 closed 189.40 points higher at 22,336.40.

Reported by: Business Desk
Stock market news | Image:Republic
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Stock market news: Indian benchmarks kicked off the trading week on a positive note, tracking a rebound in Asian peers, as IT major Wipro rose post earnings and falling crude prices helped oil marketing companies, but a fall in top private lender HDFC Bank capped gains.

The blue-chip S&P BSE Sensex ended 560.29 points higher at 73,648.62 while the broader NSE Nifty 50 closed 189.40 points higher at 22,336.40.

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Last week witnessed a downturn in the benchmarks, experiencing a 1.6 per cent decline amidst concerns surrounding the Middle East conflict and speculations regarding a delay in US rate cuts. Reflecting this sentiment, Asian shares dipped by 3.7 per cent over the week. However, Monday saw a reversal in fortunes, with Asian shares edging up by 0.9 per cent, coupled with a decline in gold prices as overall risk sentiment improved over the weekend.

Analysts at OCBC noted, "There was no follow-through escalation in geopolitical tensions in the Middle East as Iran attempted to defuse tensions."

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Wipro (WIPR.NS) led the charge, surging by 2 per cent following the software services provider's announcement of a larger-than-expected quarterly revenue. State-run oil marketing companies, including Bharat Petroleum Corp (BPCL.NS), Hindustan Petroleum Corp (HPCL.NS), and Indian Oil Corp, also registered gains ranging from 2.5 per cent to 3.5 per cent as falling oil prices provided a boost.

However, gains were capped by a 1.25 per cent drop in HDFC Bank shares after the bank reported a smaller-than-expected quarterly profit due to higher provisions.

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Mohit Khanna, fund manager at Purnartha Investment Advisors, said, "After the profit-booking due to weak global cues last week, the upcoming key earnings and management commentaries will remain the key triggers for domestic markets."

Reliance Industries, the second-heaviest Nifty 50 stock, closed 0.78 per cent higher ahead of its earnings report. Additionally, the more domestically-focused small- and mid-caps saw gains of 1.31 per cent and 0.82 per cent, respectively.

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Abhijit Bhave, managing director, and chief executive of Equirus Wealth, cautioned, "The sustainability of the rebound in small- and mid-caps in April is dependent on earnings growth. The worst may not be over for the broader markets yet."

(With Reuters inputs.)

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Published April 22nd, 2024 at 15:46 IST