The Indian stock market sustained its upward momentum for the sixth consecutive trading session on 22 April, with both Sensex and Nifty 50 posting modest gains.
The rally was supported by strong buying interest in FMCG, financials, and auto stocks, even as global markets remained under pressure due to political and economic uncertainties in the United States.
The 30-share BSE Sensex climbed 187.09 points or 0.24 per cent to settle at 79,595.59. During the day, it jumped 415.8 points or 0.52 per cent to 79,824.30.
The NSE Nifty went up by 41.70 points or 0.17 per cent to 24,167.25. The Nifty Bank index hit a new all-time high of 55,961 after the Reserve Bank of India issued its final guidelines on the Liquidity Coverage Ratio (LCR), easing requirements for banks with digital deposit channels.
This regulatory move was seen as a positive step for credit growth and boosted investor sentiment in the banking space.
Among sectors, real estate stocks led the rally, with the Nifty Realty index surging by 2.42%, continuing its winning streak for a sixth straight day.
FMCG stocks also rebounded strongly, posting gains of nearly 2%, followed by upward moves in consumer durables, PSU banks, pharma, and auto sectors.
Metal stocks received a boost after the government imposed a 12% provisional safeguard duty on certain steel products for 200 days.
Meanwhile, IT stocks saw profit booking, with the Nifty IT index declining by 0.57%, ending its three-day winning run. Oil and gas shares also edged lower.
Despite weak cues from global markets, which saw US benchmarks fall over 2% after President Donald Trump reiterated his criticism of US Federal Reserve Chair Jerome Powell, Indian equities remained resilient.
Trump’s comments have sparked concerns over the independence of the Federal Reserve and the potential politicisation of monetary policy.
Gold prices, meanwhile, soared to a record high of $3,490 per troy ounce amid rising geopolitical tensions between the US and China and fears of an economic slowdown in the US. The weakening of the US dollar has further enhanced gold's appeal as a safe-haven asset.
Vinod Nair, Head of Research at Geojit Financial Services, said domestic optimism continues to support the market despite global challenges. He highlighted the RBI’s lenient LCR rules, sustained foreign portfolio investor inflows, and expectations of a rate cut as key positives.
Looking ahead, market analysts believe the Nifty may continue to trade with a bullish bias as long as it holds above 24,000.
Rupak De, Senior Technical Analyst at LKP Securities, noted that while the index ended the day with an indecisive candle, the overall trend remains positive. A break above 24,500 could open the door to further upside, while a drop below 24,000 might trigger a short-term correction.
With macroeconomic indicators showing improvement and investor sentiment buoyant, the market’s current rally may still have room to extend — though analysts caution that global developments and profit booking at higher levels could bring intermittent volatility.
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