Stock Market Highlights: Sensex Ends 2,303 Points Higher, Nifty Above 22,600 as Bulls’ Recovery Stalls; All Sectors in Green

Mumbai, 15th April 2023:

Indian equity markets witnessed a bullish rally on Friday, driven by all major sectors. The benchmark indices, Sensex and Nifty, ended the day significantly higher, building on the previous day’s gains.

Sensex Rises 2,303 Points

The S&P BSE Sensex, a 30-stock index, surged by 2,303.18 points, or 4.09%, to close at 58,964.42. This marked the biggest single-day gain in over two months. All the Sensex constituents ended in the green, led by Reliance Industries, HDFC Bank, and ICICI Bank.

Nifty Above 22,600

The Nifty 50 index, which comprises the 50 most liquid stocks on the NSE, also had a strong day, climbing 713.85 points, or 3.28%, to settle at 22,609.40. All Nifty sectors contributed to the rally, with the Nifty Financial Services index leading the gains.

Bulls’ Recovery Stalls

Despite the impressive gains, market analysts noted that the bulls’ recovery faced some resistance later in the day. Profit-booking emerged in some sectors, leading to a modest correction towards the end of the trading session.

All Sectors in Green

All the major sectors on both the Sensex and Nifty ended in the green. The Nifty Financial Services index surged by 4.55%, followed by the Nifty IT index, which gained 3.60%. Other sectors that witnessed strong gains included Nifty FMCG, Nifty Pharma, and Nifty Media.

Factors Driving the Rally

The market rally was attributed to several factors, including: * Positive global cues from Wall Street, where the Dow Jones Industrial Average closed at a record high. * Strong corporate earnings reported by several companies, which boosted investor sentiment. * Expectation of a positive budget from the government, which could provide further impetus to economic growth.

Outlook

Analysts said that the market is likely to remain volatile in the near term, with investors closely watching global developments and the upcoming budget. However, the underlying bullish momentum is expected to continue, driven by strong corporate earnings and economic recovery.