Dalal Street shrugged off global jitters and delivered a blockbuster Tuesday, with frontline indices charging higher for the fourth straight session. Buoyed by steady FII inflows and hopes of a US-Iran thaw, the bulls took charge from the opening bell and refused to look back.
INDEX ACTION: Green Tide Lifts All Boats
Nifty 50: Breathes Fire Above 24,500
The Nifty 50 closed with swagger at 24,580.60, up 215.75 points or 0.89% on 21 Apr, 3:31 pm IST. After opening at 24,374.55, a whisker above its previous close of 24,364.85, the index carved a steady uptrend, kissing an intraday high of 24,601.70 before settling near the day’s peak. The low was 24,354.90, showing buyers defended every dip. With a 52-week high of 26,373.20 still some distance away, momentum traders see more headroom.
Sensex: 79K In Sight As Heavyweights Flex
The BSE Sensex mirrored the mood, ending at 79,273.33, up 753.03 points or 0.96% at 3:30 pm IST. Starting the day at 78,617.16 versus a previous close of 78,520.30, the 30-share pack sprinted to 79,367.08 and held firm, with the day’s low at 78,522.96. The rally added heft to the market cap and put 80K firmly on the radar.
Early cues were muted though. Gift Nifty had hinted at a flat-to-negative start at 24,411.00, down 0.12%, and both indices opened little changed as investors weighed US-Iran talks and Q4 report cards. But once cash markets opened, domestic buying quickly overpowered the caution.
CORPORATE COCKPIT: Earnings Cheer, Banks Steady
Q4 Scorecard: PNB Housing Lights Up NBFC Lane
Stock-specific action stole the spotlight. Non-bank lender PNB Housing Finance jumped 4.7% after posting a 19% rise in fourth-quarter profit, riding strong home loan demand and sharper asset quality. The result set a positive tone for financials and reaffirmed that housing credit remains robust despite rate volatility.
PSU Banking: Indian Bank Cools Off
Not all counters joined the party. Indian Bank saw mild profit booking, with the NSE-listed scrip closing at ₹921.30, down 0.75% from its previous close of ₹928.30. The BSE quote too slipped 0.79% to ₹921.65. Traders booked gains after the recent run-up toward its 52-week high of ₹1000.90. 29561a10
Breadth Barometer: Broad Markets Join The Rally
It was not a two-horse race. Eleven of the 16 major sectors logged gains at the open, and both small-caps and mid-caps added about 0.3% each. Steady FII buying over recent sessions offered a cushion, even as DII selling kept some checks on exuberance. India VIX edged higher, signaling a dash of caution despite the green screen.
GEOPOLITICAL RADAR: RBI Eases, Hormuz Clouds Linger
RBI’s FX Playbook: Curbs Rolled Back, Rupee On Watch
The Reserve Bank of India partially rolled back FX curbs after market hours Monday, withdrawing directions that barred banks from offering non-deliverable forwards to resident and non-resident users. The restrictions were introduced three weeks ago to curb onshore-offshore arbitrage and had helped the rupee recover from an all-time low of 95.21 in late March. Traders now expect the rupee to open in the 93.08-93.14 range versus the dollar, but warned the rollback may put “a bit of pressure on the rupee and push premiums higher”.
US-Iran Talks: Ceasefire Clock Ticks
Global mood hinged on West Asia. Investors are eyeing prospects of peace talks between the United States and Iran as a two-week ceasefire nears expiry. Iran is considering attending talks in Pakistan, after Islamabad moved to end a US blockade of Iran’s ports. MUFG Bank noted markets are “priced for de-escalation”, but flagged that any military action around Hormuz could spike oil and trigger risk-off. Crude hovered near $95 a barrel, with Brent adding 24 cents to $77.40 per barrel in global trade.
GLOBAL CUES: Asia Up, Europe Sober
While European markets ended sharply lower in the previous session, Asian equities were mostly higher Tuesday, tracking US equity futures. The MSCI Asia-Pacific index traded 0.8% higher, giving Indian bulls an extra tailwind.
STREET VIEW: Cautious Optimism Rules
Technically, Nifty’s close above 24,580 keeps the near-term bias positive, with 24,600 acting as the immediate launchpad. Sensex holding 79,200 sets up 79,500 as the next magnet. Yet, with India VIX inching up and global oil on the boil, traders expect stock-specific moves over broad-based euphoria.
For now, Dalal Street is dancing, but with one eye on Hormuz and the other on the RBI’s next move. As long as FII flows stay friendly and Q4 surprises outnumber shocks, the bulls have the microphone.
