Nifty Nears 24,300, Sensex Jumps 850 Points as Reliance Industries and ICICI Bank Lead Gains

Domestic equity benchmarks Nifty 50 and Sensex made a strong comeback on April 28, opening firmly in the green after two consecutive sessions of losses. Sustained buying from foreign institutional investors (FIIs) played a key role in lifting market sentiment early in the day.

At 10:19 AM, the Sensex was trading 840.65 points higher, or 1.06 percent up, at 80,053.18, while the Nifty 50 surged 236.55 points, or 0.98 percent, to reach 24,275.90. This sharp uptick reflected renewed optimism across the markets, particularly led by heavyweight stocks.

Reliance Industries and ICICI Bank were among the top contributors to the rally, providing strong support to the benchmarks. Their positive movement helped offset the weakness seen earlier this week and gave a solid start to the trading day.

Market breadth was positive, with 1,744 shares advancing, 1,398 shares declining, and 176 shares remaining unchanged. This showed a broadly favorable sentiment, though it wasn’t entirely one-sided.

In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 indices underperformed compared to the main benchmarks. While the midcap index managed to inch up by 0.15 percent, the smallcap index traded largely flat, indicating that the rally was more concentrated in large-cap stocks rather than being broad-based across segments.

Sector-wise, auto and pharma stocks stole the show in early trade.
The Nifty Auto index jumped by half a percent, benefiting from positive outlooks in the automobile space. At the same time, the pharma sector saw a stronger move, with the Nifty Pharma index climbing 0.7 percent during the early hours of trading.

The recovery in Sensex and Nifty 50 signals a strong start to the day, supported by heavyweight performances and sectoral resilience. Investors will closely watch if this momentum continues through the day, especially with global cues and institutional flows remaining key drivers for the market.