Markets rise for 6th day:Sensex up 200pts Nifty above 24,150

Despite global jitters, the RBI’s liquidity boost appears to be cushioning domestic sentiment for now, especially in rate-sensitive pockets like banking.

Markets rise for 6th day: Sensex up 200 pts, Nifty above 24,150; bank, metal stocks rally

Indian equity benchmarks traded on a flat-to-negative basis on April 22, backed by supportive liquidity measures from the Reserve Bank of India (RBI) offsetting the cautious global cues. The Sensex and Nifty inched higher only about 0.3 percent at intraday, amid subdued sentiment in Asian markets and overnight losses on Wall Street. This extends the market rally to sixth straight session.

At 12:46 pm on April 22, the Sensex was up 207.53 points or 0.26 percent at 79,616.03, and the Nifty was up 56.9 points or 0.24 percent at 24,182.45. About 2314 shares advanced, 1087 shares declined, and 121 shares unchanged.

At the sectoral level, while the BSE Metal rose about a percent upon steel import duty of 12 percent, Nifty PSU Bank index led the charge, climbing over 2% intraday after the RBI relaxed final Liquidity Coverage Ratio (LCR) norms, lifting sentiment across banking names, with SBI rallying over 2% and Kotak Mahindra Bank and HDFC Bank gaining between 1.3 to 1.8 percent.

On the Nifty, TATA Consumer Products led the gainers with a 2.01% rise, followed closely by SBI, Kotak Mahindra, M&M, and HUL, all up over 1.5 percent. Meanwhile, IndusInd Bank was the biggest loser, sliding 4.52 percent after a weak earnings outlook. Other notable laggards included Hero MotoCorp, Power Grid Corp, and Infosys.

On the Sensex, IndusInd Bank’s 4.47 percent fall was followed by declines in Infosys, Power Grid, and Bharti Airtel. Tech stocks struggled across the board, with the Nifty IT index down 0.19%, and the BSE IT index slipping 0.21 percent.

Broader markets were marginally upbeat, with both midcap and smallcap indices clocking close to 1 percent gains. Volatility also eased, as the India VIX slipped over 2 percent.

The metals sector was another standout, rising nearly 3 percent after the government imposed a 12% safeguard duty, supporting domestic producers. Meanwhile, the Nifty IT index lagged the broader rally, dipping marginally by 0.19 percent.

On the commodities front, gold prices hit a fresh record high, reflecting persistent global risk aversion.

A slew of earnings releases is lined up through the day, with HCLTech, M&M Financial Services, AU Small Finance Bank, Havells India, Tata Communications, Cyient DLM, and Waaree Energies set to report quarterly results.

Stocks such as HUL, Tata Power, Tata Motors, Coal India, and Brigade Enterprises are also in focus ahead of their financial updates.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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