Indian Markets Open Strong: NIFTY50 Crosses 24,000, SENSEX Surges Over 600 Points; Nifty Bank Hits Record High
Mumbai, April 21 – Indian equity markets kicked off the week on a buoyant note, tracking positive sentiment from Asian peers and boosted by strong corporate earnings from leading financial institutions. The benchmark indices opened significantly higher on Monday, with the NIFTY50 breaching the 24,000 mark for the first time since January 6, 2025, and the SENSEX rallying over 600 points in early trade.
By 9:41 AM, the S&P BSE SENSEX climbed 622.35 points or 0.79% to reach 79,175.55, while the NSE NIFTY50 rose 167.40 points or 0.70% to trade at 24,019.05. The market momentum was led by robust gains in the banking and IT sectors, with the Nifty Bank index scaling new heights above the 55,000 mark.
Strong Sectoral Performance and Market Breadth
Among sectoral indices, Nifty Private Bank rose by 1.70%, Nifty PSU Bank gained 1.16%, and Nifty IT added 0.90%, leading the early surge. The broader market followed suit, with midcap and smallcap indices trading in the green. Market breadth was decisively positive, with 1,484 stocks advancing, 946 declining, and 73 remaining unchanged out of 2,503 traded stocks on the NSE.
Foreign Portfolio Investors (FPIs), despite net outflows of ₹23,103 crore in April so far, pumped ₹8,472 crore into equities in the holiday-shortened week ending April 18, indicating selective optimism.
Top Gainers and Stocks in Focus
Tech Mahindra, Axis Bank, Infosys, HDFC Bank, and SBI emerged as top gainers on the NIFTY50, rising up to 2.92%. On the downside, Adani Ports, Tata Consumer Products, and Titan were among the biggest laggards.
Notably, HDFC Bank shares hit a record high of ₹1,950 after reporting a stellar Q4 performance with a sharp drop in loan provisioning. Provisions fell 76.4% year-on-year, boosting investor confidence.
Infosys also gained over 2% despite an 11.8% dip in Q4 net profit, thanks to its record free cash flow and improved operating margin. Tata Elxsi, meanwhile, rose nearly 4% following its Q4 results, even as revenue declined sequentially. Investors reacted positively to its steady YoY income growth and continued strength in the engineering services sector.
Global Market Cues
Global cues were mixed following the Easter weekend. Tokyo’s Nikkei 225 fell 1.25%, while the Shanghai Composite rose 0.35%. Taiwan’s Taiex declined 1.2%, and South Korea’s Kospi remained flat. Markets in Hong Kong and Australia were closed for the holiday.
In the US, Wall Street ended last week on a cautious note. The S&P 500 edged up 0.13%, while the Dow Jones dropped 1.33%. The Nasdaq fell slightly by 0.13% amid uncertainties over tech earnings and trade policies.
Outlook and Volatility
India VIX, the volatility index, was up by 1.60% at 15.72, reflecting mild investor caution ahead of upcoming earnings and macroeconomic indicators. Market analysts remain optimistic about the medium-term trajectory, especially with improving corporate balance sheets and favorable global cues.
As investors look ahead to further earnings releases and policy updates, Monday’s rally signals continued bullishness in India’s capital markets despite global headwinds and domestic FPI concerns.
