Sensex soars by over 1500 points; Nifty closes above 23,850

MUMBAI, APRIL 27 (STC): Markets closed at a high on Thursday after opening at a slight low after being on an upward trend for the week.
The benchmark indices extended their winning streak for the fourth straight session, with the BSE Sensex soaring over 1,500 points and the Nifty50 closing above 23,850. The rally was driven by strong buying in financial stocks, even as concerns lingered over U.S. tariff policies and a global economic slowdown.
The 30-share BSE Sensex surged 1,509 points or 1.96% to settle at 78,553, while the broader NSE Nifty gained 414 points or 1.77%, ending at 23,851.
The total market capitalisation of BSE-listed companies jumped by Rs 4.33 lakh crore to Rs 419.33 lakh crore.
The market surged because of following factors:

• Bank Nifty led the rally, climbing nearly 2.2%, driven by gains in heavyweight financials like HDFC Bank and ICICI Bank. These gains came ahead of their Q4 earnings, scheduled for April 19.
  Notably, HDFC Bank, ICICI Bank, Axis Bank, SBI and Kotak Mahindra Bank together contributed 730 points to the Sensex’s 1,500-point surge.
• Foreign Institutional Investors (FIIs) remained net buyers for the second consecutive day, purchasing equities worth Rs 3,936 crore on Wednesday. In just two days, total FII inflows have crossed Rs 10,000 crore, signalling strong confidence in Indian equities.
• Asian markets rose as traders assessed ongoing trade negotiations between the U.S. and Japan, even as uncertainties surrounding tariffs imposed by President Donald Trump kept sentiment fragile.
  Japan’s Nikkei gained 1.35%, while the yen weakened as Japan kicked off talks with the U.S. Trump, who unexpectedly joined the negotiations, declared “big progress” in discussions with lead Japanese negotiator Ryosei Akazawa.
• A falling dollar has boosted investor sentiment in emerging markets like India. A weaker dollar typically encourages foreign inflows and supports the rupee.
  The dollar index today stood at 99.57, down from 109.88 in early February. This helped lift appetite for risk assets, especially in sectors like metals that are sensitive to currency movements.
• Investor sentiment continues to benefit from U.S. President Donald Trump’s earlier decision to postpone additional tariffs on 75 countries, including India, until July 9. The temporary relief, announced earlier this week, came as a breather amid rising global trade tensions. While the move initially triggered a relief rally in global equities, its impact remains supportive for Indian markets.
• Oil prices traded near $66 a barrel on Thursday, helping ease inflation concerns. Brent crude hovered around $66.46, while U.S. West Texas Intermediate (WTI) stood at $63.2. Lower crude prices are positive for India, which imports the majority of its oil, as they help reduce pressure on both the current account and inflation.
  (Inputs from Economic Times / agencies)