Markets rally: Sensex surges, Nifty reclaims 24,000 on banking boost

Mumbai, April 10:Indian equity markets ended sharply higher on April 10, staging a strong rebound after recent volatility, with benchmark indices lifted by gains in financial and oil-linked stocks amid easing global concerns.

The BSE Sensex surged 918.60 points or 1.20 per cent at 77,550.25, while the Nifty 50 reclaimed the crucial 24,000 level, up 275.50 points or 1.16 per cent. About 3,245 shares advanced, 889 shares declined, and 126 shares remain unchanged.

Market breadth remained firmly positive, with advancing stocks outnumbering decliners on the exchanges. Volatility cooled during the latter half of the session, indicating improving investor confidence after a choppy start.

Global cues

The rally was largely driven by improving global cues after signs of de-escalation in geopolitical tensions between the US and Iran, which helped cool crude oil prices and boosted risk appetite across markets.

Banking and financial stocks led the upmove, with both Nifty bank and Nifty Financial Services rising around 2 per cent as heavyweights witnessed strong buying interest as investors rotated into domestic-facing sectors. Oil marketing companies and select auto stocks also contributed to the gains, benefiting from softer crude prices, which are positive for India’s import-heavy economy.

IT under pressure

In contrast, IT stocks remained under pressure during the session, shedding 1.7% with frontline names seeing profit booking after a recent rally. The divergence between sectors highlighted a broader shift in market positioning, with investors favouring cyclicals and financials over export-oriented technology stocks.

Nifty Midcap and Smallcap indices rose 1.5 per cent each. Biggest Nifty gainers were Asian Paints, Eicher Motors, ICICI Bank, Bajaj Auto, Shriram Finance, while losers included Coal India, Sun Pharma, Infosys, TCS, and Tech Mahindra.

Broader markets also participated in the rally, with midcap and smallcap indices ending in the green, reflecting improved market breadth and renewed investor confidence.

Globally, sentiment improved after reports of a ceasefire easing tensions in West Asia, which had earlier roiled markets and pushed crude prices sharply higher. The pullback in oil prices reduced inflationary concerns and supported emerging markets like India.

Foreign institutional investor (FII) activity remaineda key monitorable after recent bouts of selling.

Caution remains

Despite the sharp rebound, analysts remain cautious about the sustainability of the rally, pointing out that markets remain sensitive to geopolitical developments and upcoming corporate earnings, which are expected to set the tone for the next leg of the market.

Overall, the session marked a strong comeback for Dalal Street, with easing global risks and sectoral rotation driving gains, even as underlying uncertainties keep investors on guard.

Source: NSE, BSE