Daijiworld Media Network - Mumbai

Mumbai, Apr 8: Indian equity markets continued their upward momentum for the fifth consecutive session, with both the Nifty 50 and the BSE Sensex registering sharp gains amid improving global and domestic conditions.

The Nifty jumped 3.78 per cent, rising 873.70 points to close at 23,997.35. Meanwhile, the Sensex surged 3.95 per cent, gaining 2,946.32 points to settle at 77,562.90.

Market experts noted that the 23,700–23,600 range remains a crucial support zone for the Nifty. A drop below this level could trigger profit booking, while a strong breakout above the 24,500 mark may confirm the continuation of the ongoing rally.

Investor sentiment was buoyed by easing geopolitical tensions and stable domestic policy signals. Among the top gainers on the Nifty were Shriram Finance, Tata Motors Passenger Vehicles, and Adani Enterprises, which witnessed strong buying interest.

The rally was broad-based, with wider market indices also performing well. The Nifty MidCap index climbed 4.03 per cent, while the Nifty SmallCap index rose 4.39 per cent, indicating robust participation beyond large-cap stocks.

Sectorally, real estate and automobile stocks led the gains, with the Nifty Realty and Nifty Auto indices emerging as top performers. However, the Nifty IT index lagged behind and recorded comparatively modest gains.

On the domestic front, the Reserve Bank of India maintained policy stability in its April review. The central bank kept the repo rate unchanged at 5.25 per cent, while the Marginal Standing Facility (MSF) and Standing Deposit Facility (SDF) rates were also held steady at 5 per cent and 5.5 per cent, respectively.

Global developments further supported the rally after Donald Trump announced a temporary pause in planned military escalation involving Iran, easing investor concerns.

Analysts believe that a combination of supportive domestic policies and improving global cues played a key role in driving the sustained rally in Indian equities.