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.
(This is a developing story. Please check back for fresh updates.)
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