Market Soars for Fourth Straight Session Led by Banks, Energy, and Pharma
Indian benchmark indices extended their bullish momentum for the fourth consecutive session on April 17, with the Sensex surging 1,502 points and the Nifty scaling a fresh peak above 23,850, bolstered by strong performances across banking, oil & gas, and pharmaceutical sectors. The Nifty Bank index emerged as the day’s standout performer, rising over 2 percent, reflecting robust buying ahead of upcoming Q4 earnings.
The gains contributed to a ₹4.96 lakh crore jump in market capitalisation, underscoring bullish investor sentiment amid expectations of favourable macro trends, strong domestic consumption, and recovery in foreign institutional flows.
Highlights:
Sensex rose 1,502 points (1.95%) to 78,546.30.
Nifty gained 420 points (1.79%) to 23,857.45.
Market cap up by ₹4.96 lakh crore.
2144 stocks advanced, 1259 declined, and 121 remained unchanged.
All sectoral indices closed in green except IT.
Bank Nifty Near All-Time High as Q4 Earnings Optimism Grows
The Bank Nifty index soared over 2 percent, led by heavyweights HDFC Bank and ICICI Bank, ahead of their Q4 results scheduled for April 19. Financials have been key drivers of the rally, benefitting from a positive interest rate environment and sustained loan growth. Private banks, PSU banks, and NBFCs saw strong inflows.
Market experts noted this sectoral leadership as a sign of institutional confidence. According to Ruchit Jain of Motilal Oswal, the structure of higher highs and higher lows on the charts signals a sustainable trend. He added that FIIs, previously net sellers, have started showing renewed interest, even though their index futures positions remain short-heavy with a long-short ratio of 28%.
Highlights:
Bank Nifty up 2%, near record highs.
ICICI Bank, SBI, HDFC Bank lead financials.
FIIs beginning to cover short positions, suggesting further upside potential.
Broad-Based Rally: Auto, Pharma, PSU Banks, Oil & Gas Outperform
The bullish sentiment wasn’t limited to large-cap banking stocks. Most sectoral indices participated in the rally:
Auto, Pharma, PSU Banks, and Oil & Gas gained over 1%.
Nifty FMCG, Metal, and Realty indices added 0.7%.
Only Nifty IT ended in the red, falling 0.35%, dragged by Wipro and Tech Mahindra following a cautious sector outlook.
Midcaps and smallcaps also extended gains, with the Nifty Midcap 100 up 0.65% and the Smallcap 100 up 0.4%, reflecting participation across the broader market.
Highlights:
Oil & Gas, Pharma, and Auto sectors up over 1%.
Broader markets positive: Midcap +0.65%, Smallcap +0.4%.
IT sector lags amid weak guidance from Wipro.
Top Movers: ICICI Bank, Eternal (Zomato), SBI, Airtel Shine; Angel One, Gensol Fall
Among the Nifty50 constituents, top gainers included:
Zomato (Eternal), up sharply amid momentum in consumption themes.
ICICI Bank and SBI, buoyed by bullish sentiment in financials.
Bharti Airtel and Sun Pharma, also among leaders.
On the flip side, Wipro, Tech Mahindra, and JSW Steel were among the top losers, reflecting IT sector weakness and selective profit-booking.
Outside the index:
Angel One shares plunged 6% after reporting a 48.7% YoY drop in Q4FY25 net profit to ₹174.5 crore.
Gensol Engineering tanked another 5%, continuing its decline following SEBI’s interim order banning promoters Anmol Singh Jaggi and Puneet Singh Jaggi from managerial roles and market participation amid allegations of fund diversion.
Highlights:
Top Gainers: Zomato (Eternal), ICICI Bank, SBI, Bharti Airtel, Sun Pharma.
Top Losers: Wipro, Tech Mahindra, JSW Steel, HCL Tech, Coal India.
Angel One profit falls 49% YoY, revenue down 22% YoY.
Gensol under regulatory pressure, shares crash 5%.
Macro Tailwinds and Geopolitical Signals Support Sentiment
According to Kranthi Bathini of WealthMills Securities, India’s consumption-led growth model positions it to be among the least impacted economies amid global tariff disputes. Bathini noted India’s favourable geopolitical positioning as a key US ally, which could facilitate new bilateral trade agreements if global tensions persist.
The broader rally is being seen not as a temporary rebound, but a sustained uptrend supported by domestic liquidity, earnings optimism, and macro stability. As the Nifty surpasses the 23,800–23,850 resistance zone, technical analysts now eye 24,200 as the next upside level.
Highlights:
India seen as resilient to global trade frictions, likely to benefit from US-China tensions.
Technically, Nifty breakout above 23,850 confirms bullish structure.
Next resistance level seen at 24,200.
