Sensex, Nifty Near Day’s High as Reliance Rallies; SBI, Sun Pharma, Axis Bank Lead Gains

Major Indices Surge on Broad-Based Buying Across Sectors

Indian equity benchmarks Sensex and Nifty traded close to their day’s high on Monday, buoyed by gains in index heavyweights like Reliance Industries, SBI, Axis Bank, Sun Pharma, and Tata Steel. Meanwhile, HCL Technologies, Bajaj Finance, UltraTech Cement, Hindustan Unilever, and TCS were among the key laggards. The broader BSE Midcap index climbed nearly 1 percent, while the Smallcap index rose by around 0.5 percent. Sectorally, except for the IT sector, all major indices traded in the green, with Metal, Oil & Gas, Pharma, and PSU Banks leading gains with an uptick between 1 and 3 percent.

Highlights:

• Sensex up over 1,000 points; Nifty trades above 24,300.

• BSE Midcap index up 1%, Smallcap index up 0.5%.

• Metals, Oil & Gas, Pharma, and PSU Banks outperform, IT sector lags.

Reliance Industries Powers Rally with Strong Q4 Earnings

A sharp rally in Reliance Industries provided substantial support to the markets after the conglomerate reported strong financial results for the March quarter. Reliance shares surged 4 percent, becoming the top gainer on the Nifty50, after the company’s net profit attributable to shareholders grew 2.4 percent year-on-year to ₹19,407 crore in Q4 FY25, surpassing market expectations. The company’s revenue rose 8.8 percent to ₹2.88 lakh crore, driven by strong performances across its digital services, retail, and oil-to-chemicals businesses. The rally in Reliance alone contributed around 220 points to the Nifty 50.

Highlights:

• Reliance Industries’ Q4 net profit rises 2.4% to ₹19,407 crore.

• Revenue growth at 8.8% year-on-year to ₹2.88 lakh crore.

• Reliance stock surge adds 220 points to Nifty’s gains.

Easing India-Pakistan Tensions Lift Market Sentiment

Investors appeared to shrug off earlier concerns about rising geopolitical tensions between India and Pakistan following a terror attack in Jammu and Kashmir, which had caused markets to falter in previous sessions. The resilience of the market indicates that investors do not foresee an escalation into full-scale conflict. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets have demonstrated a historical tendency to climb despite geopolitical uncertainties.

Highlights:

• Investors dismiss fears of India-Pakistan conflict escalation.

• Market sentiment recovers despite recent geopolitical tensions.

• Analysts expect markets to remain resilient amid uncertainties.

Strong Foreign Inflows Boost Domestic Equities

Robust buying by Foreign Institutional Investors (FIIs) further supported the market rally. FIIs bought equities worth ₹2,952.33 crore on Friday, contributing to a weekly inflow of ₹17,425 crore. This inflow followed net investments of ₹8,500 crore during the preceding holiday-shortened week. Analysts attribute this trend to weakening U.S. economic data and a depreciating dollar, which have made emerging market equities, including India’s, more attractive.

Highlights:

• FIIs invest ₹17,425 crore in Indian equities in a week.

• Positive global environment and strong domestic fundamentals drive inflows.

• Weak U.S. economy and softer dollar support FII buying trend.

Positive Global Cues Provide Additional Tailwind

Global markets provided an additional boost to investor sentiment. Asian indices like South Korea’s Kospi, Tokyo’s Nikkei 225, and Hong Kong’s Hang Seng traded in positive territory, although China’s Shanghai Composite showed weakness. Meanwhile, U.S. stock markets rallied sharply last week amid easing trade tensions with China and optimistic negotiations with other trading partners. According to analysts, a firm global backdrop should continue to underpin domestic market strength.

Highlights:

• Asian indices largely positive; US markets post strong weekly gains.

• Easing U.S.-China trade tensions lift global investor sentiment.

• Positive global environment supports Indian market rally.

Nifty Eyes Further Upside if Key Support Holds

From a technical perspective, analysts observed an “evening star” formation followed by a decline, suggesting potential caution ahead. However, Friday’s recovery signals that immediate support levels are holding strong. Anand James, Chief Market Strategist at Geojit Financial Services, noted that if Nifty maintains support above 24,190, the index could target 24,500–24,850 levels. For the opening trades, key pivots to watch are placed at 23,950–24,070.

Highlights:

• Nifty needs to stay above 24,190 to maintain bullish momentum.

• Immediate target zones: 24,500–24,850 if support holds.

• Key opening trade pivots at 23,950–24,070 levels.