Market Close Report: BSE Surges 639 Points, NSE Almost Reclaims Psychologically Important 24,100 As Stocks Rally Across the Board

Mumbai, April 27:Equity benchmarks staged a strong comeback on Monday as gains across the board boosted stocks despite concerns continuing around rising oil prices.

The BSE Sensex surged 639 points to close at 77,304, while the Nifty 50 climbed 195 points to settle at 24,093, almost reclaiming the psychologically important 24,100 mark.

Decisive Turnaround

Today’s rally comes after three straight sessions of losses as markets took off at the start tracking positive Asian cues before climbing higher as the day progressed, the sentiment aided by broad-based buying.

The gains were not limited to a couple of heavyweights as most sectoral indices ended in the green with IT stocks staging a strong rebound after the carnage on Friday and featuring among the top risers of the day. Pharma also saw good buying with metals, realty, auto, FMCG and banks adding to the momentum.

Broader Outperformance

Broader markets ran past the benchmarks as the Nifty Midcap and Smallcap indices rose 1.5% and 1.8% respectively.

Sun Pharma featured among top movers and shakers clocking huge gains after announcing a large overseas acquisition, while IT stocks such as Tech Mahindra and Wipro rebounded strongly from Friday’s carnage.Top losers includes Shriram Finance and Axis Bank which reacted negatively after results. Select stocks like Paytm remained under pressure due to regulatory developments, but managed to pare losses somewhat, highlighting continued stock-specific volatility amid earnings season.

Concerns Remain

Despite the strong close, underlying concerns have not entirely faded. Elevated crude oil prices — hovering above the $100 per barrel mark continue to cast a shadow over markets, particularly for an import-dependent economy like India. Rising oil prices tend to stoke inflation, widen the current account deficit and weigh on the rupee, making them a key risk factor for equities.

Foreign institutional investor (FII) flows also remain a key monitorable, with recent sessions seeing bouts of selling amid global uncertainty. However, Monday’s rally suggests that domestic investors stepped in to absorb supply and support the market.

The Indian rupee, meanwhile, ended marginally higher at around 94.19 per dollar, offering some stability to sentiment on the currency front.

Analysts note that the rebound reflects a mix of technical pullback and value buying after the recent correction, rather than a complete shift in the underlying macro narrative. With geopolitical tensions and oil prices still elevated, markets may continue to see bouts of volatility.

For now, though, Dalal Street appears to have shaken off its recent gloom. Monday’s session delivered a clear message: the bulls are back — and this time, they didn’t come alone, bringing the broader market along for the ride.

Source:

• NSE
• BSE