Market Wrap, April 28: SENSEX surges over 1,000 pts to reclaim 80K level, NIFTY50 tops 24,300 mark; Reliance Industries jumps 5%

Snapping its two days of decline, the Indian benchmark equity indices on Monday, April 28, settled higher after a surge in the banking stocks and midcap index. Rally in the Reliance Industries shares also contributed to the indices.

SENSEX closed above the 80,000 mark, while the NIFTY50 index reclaimed the 24,300 level.

At close, the S&P BSE SENSEX stood at 80,218.37, soaring 1,005.84 points, or 1.27%, while the NSE's NIFTY50 index ended at 24,328.50, surging 289.15 points, or 1.2%.

Meanwhile, though the broader market opened mixed, it ended the session with gains as both the midcap and smallcap gauges ended in the green.

Among sectors, oil and gas saw the highest gains, followed by banks and pharma indices.

Last week, foreign investors infused ₹17,425 crore into 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, Asian markets on Monday traded mixed as investors were cautious ahead of earnings week along with expectations of major economic data amid trade tariff easing.

Hong Kong's Hang Seng was down 0.04% at the 21,971.96 level, while the Shanghai Composite Index lost 0.20% to close at 3,288.41.

Japan’s Nikkei 225 added 0.37% to 35,839.99, and the Kospi in South Korea settled at 2,548.86, rising 0.10%. Taiwan's Taiex gained 0.81% to end at the 20,034.41 level.

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; 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.

As many as 2,992 stocks traded on the NSE on Monday. Out of this, 1,532 advanced, and 1,375 stocks declined, while 85 scrips remained unchanged.

A total of 24 stocks hit their 52-week highs, while 28 stocks touched their one-year lows. Besides, 67 stocks hit their upper circuit limits, and 88 touched their lower circuit bands on Monday.

At the end of the session, NSE-listed firms market capitalisation stood at ₹423.58 lakh crore.

The volatility index India VIX was down by 1.26% to 16.94 levels.

The Nifty Midcap 100 index surged 1.62% to 54,440.25 levels, while the Nifty Smallcap index closed at 16,676.90, rising 0.78%.

Except for Nifty IT (-0.22%), all the other sectoral indices ended positive. Nifty Oil and Gas (3.18%), Nifty PSU Bank (2.44%), Nifty Pharma (1.98%), Nifty Auto (1.63%) and Nifty Metal (1.40%) were the top gainers.

Reliance Industries was the top contributing stock on the 50-share index, jumping 5.07%, followed by Sun Pharma (3.07%), JSW Steel (2.91%), Bharat Electronics (2.59%) and Dr Reddy’s (2.35%).

On the other hand, Shriram Finance (-5.13%), Eternal (-0.92%), UltraTech Cement (-0.89%), HCL Technologies (-0.65%) and Hindustan Unilever (-0.633%) were the top losing stocks.

The stock closed 5.07% higher at ₹1,366.30 apiece on the NSE. It was a top contributor to the benchmark indices' sharp rally.

At close, shares of RBL bank ended 9.89% higher at ₹206.70 apiece on the NSE.

Shriram Finance was the top losing stock on the NIFTY50 index. It closed at ₹621.60 apiece on NSE, tanking 5.13% on Monday.