Market extends gains; SENSEX surges over 750 points, reclaims 80,000; NIFTY trades above 24K as RIL jumps 4%

The Indian stock market on Monday, April 28, opened the week on a positive note as both the equity indices advanced during the opening session led by gains in the heavyweight companies like Reliance Industries (RIL) and banking sector.

At 10:10 AM, the S&P BSE SENSEX surged 790.31 points, or 1%, at the 80,002.84 level, while NSE’s NIFTY50 was at the 24,260.15 level, rising 220.80 points, or 0.92%.

This week, market investors will focus on further developments in the geopolitical situations between India and Pakistan, quarterly earnings, and macro data.  

During the early session, the broader market was trading mixed. NIFTY Midcap 100 was marginally up by 0.03%, while NIFTY Smallcap 100 was trading down 0.68%.

Among sectors, Nifty IT remained under pressure the most, falling 0.90% while Nifty PSU Bank was the top gainer, rising 1.14%.

Last week, foreign investors infused ₹17,425 crore in the equity markets, supported by a combination of favourable global cues and strong domestic macroeconomic fundamentals.

According to the data with the depositories, Foreign Portfolio Investors (FPIs) made a net investment of ₹17,425 crore in equities from April 21 to April 25.

Globally, the US markets closed the previous week with more than 6% gains as Beijing exempted some US imports from its 125% tariffs but denied Trump's negotiation claims.

On Friday, the Dow Jones Industrial Average rose 20.10 points, or 0.05%, to close at 40,113.50 levels, the S&P 500 gained 40.44 points, or 0.74%, to end at 5,525.21 and the Nasdaq Composite advanced 216.90 points, or 1.26%, to 17,382.94.

The Asian markets on Monday were trading mixed as investors were cautious ahead of earnings week along with expectations of major economic data amid trade tariff easing.

Japan's Nikkei rose 0.39%, while South Korea inched marginally higher by 0.10%. Hong Kong’s Hang Send index was trading 0.02% lower and Shanghai Composite was also down 0.03%.

This indicated that the market breadth was in favour of the positive.

Meanwhile, 10 stocks hit their one-year highs in the early trade, while only 18 stocks touched their 52-week lows.

Further, 37 stocks hit their upper circuits while 43 hit their lower circuits.

India VIX, the volatility gauge, was trading 0.61% higher at 17.26 levels.

Reliance Industries was the top gainer on the NIFTY50 index, surging 2.5% followed by Dr.Reddy’s (1.23%), State Bank of India (1.23%), ICICI Bank (1.22%) and Bharat Electronics (1.18%).

On the other hand, Shriram Finance, Maruti Suzuki, HCL Tech, Hero MotoCorp, and Tech Mahindra were the top losing stocks during the opening session on the 50-share index, tumbling as much as 7.73%.

The stock in the pre-opening deals surged as much as 3.35% to ₹1,344 apiece on the NSE. In the early trade, the stock was trading at ₹1,323.00, up ₹22.60, or 1.74%. It was the biggest contributing stock on the NIFTY50 index.

M&M, on the other hand, surged as much as 2.82% to ₹2,945 on the NSE.

Shares of the firm were trading at ₹600.70 apiece on NSE, falling 8.32%.

The company’s net interest income (NII) climbed 9.4% YoY to ₹5,565.5 crore in the January-March quarter of FY25 as compared to ₹5,089 crore in the same quarter of last year.