Indian equities extended their winning streak for a third straight session, recovering sharply and ending near the day’s high amid improving global cues linked to West Asia developments.
The Sensex rose 787 points to close at 74,107, while the Nifty gained 255 points to settle at 22,968, reclaiming the 22,950 mark. Broader markets outperformed, with the advance-decline ratio firmly favouring gainers at 4:1.
Banking stocks led the rally, with the Nifty Bank index jumping 1,060 points to 52,609, as all its constituents ended in the green. Axis Bank surged 4%, while HDFC Bank gained 3% after reporting stronger-than-expected Q4 business growth.
Heavyweights including HDFC Bank, Axis Bank, Larsen & Toubro,ICICI Bank and Titan emerged as key contributors to the Nifty’s gains.
Among other movers, Trent rallied 8% after reporting a 20% jump in March quarter revenue, while TVS Motor gained 3% after an upgrade by Goldman Sachs. Senco Gold surged over 11% on strong Q4 revenue growth, and NMDC rose more than 4% following an iron ore price hike.
In the midcap space, L&T Finance climbed 6% after reporting strong retail disbursement growth. On the downside, Chennai Petroleum and MRPL fell up to 5% after refiners cut product prices, while Eicher Motors extended losses.
The rupee ended marginally stronger at 93.06 against the US dollar, supported by RBI measures and improved risk sentiment.
“Rupee traded stronger by 30 paise at 93.00, supported by RBI’s recent measures to curb speculation and improve dollar supply, which triggered a sharp rebound from recent lows near 95. The recovery is also aided by improving risk sentiment on initial US–Iran de-escalation hopes, although uncertainty remains elevated,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
