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Sensex closes above 80,000, Nifty tops 24,270 as Reliance, M&M, and ICICI Bank power the rally
On April 28, 2025, a massive rally was witnessed in the Indian stock market, wherein the benchmark indices closed at record highs. The BSE Sensex soared by 831.28 points or 1.05% to settle at 80,043.81, while the NSE Nifty50 registered a gain of 234.75 points or 0.98% to close at 24,274.10. The upswing was aided by strong performances in key sectors along with favorable external cues.
Market Drivers
The hallmark of the breakthrough was the huge gains amassed by heavyweights such as Reliance Industries, Mahindra & Mahindra (M&M), and ICICI Bank. Shares of Reliance Industries gained 4.56%, reaching ₹1,359.70, buoyed by unexpectedly good Q4 results. M&M shares firmed up by 1.35%, reaching ₹2,903.00, on news that it will be purchasing a 58.96% stake in SML Isuzu for ₹555 crore. Share prices of ICICI Bank surged by 1.8% to ₹1,430.10, thus also powering up the indices.
Sectoral Performance
The BSE Metal index was a trendsetter in the sectors by gaining 1.7%. Major contributors included JSW Steel, whose intraday gains were up by 2.63%, Tata Steel, which gained 2.49%, and SAIL, which saw intraday gains of 2.36%. The banking sector displayed a vigorous performance too, as the Nifty Bank index rose by 1.04% into the close at 55,231.10 on a stellar performance by IndusInd Bank and HDFC Bank.
Midcap and Smallcap Indices
Confirming the trend was the broader market, with the Nifty Midcap 150 and Nifty Smallcap indices on the rise. In contrast, Poonawalla Fincorp plummeted on heavy trading volumes.
Investor Sentiment
Foreign Institutional Investors (FIIs) were buying for the eighth consecutive session, aided by a weak US dollar and a favorable economic outlook for India. Domestic Institutional Investors (DIIs) also bought, thus increasing the buoyancy of investor sentiment.
Technical Indicators
Technical indicators suggest that on an immediate basis, Nifty50 has a support level at 24,000 and resistance at around 24,370. Support on the Bank Nifty index is listed at 54,100 and resistance near 55,350. At present, the Relative Strength Index (RSI) of Nifty Bank is at 69.43, signaling strong bullish momentum.
The performance of the Indian stock market on April 28, 2025, conveys the ecstatic faith of the investors based on positive corporate earnings and global cues. Geopolitics may still remain a concern for the market, but its strength foretells a possible bullish scenario in the immediate term.